[Smart Living@Kenneth] What is MIDAS? Your top 3 questions answered – Making licence renewal easier than ever!

PERSONAL BUSINESS ABOUT AXA

BetterMe Blog

[Smart Living@Kenneth] What is MIDAS? Your top 3 questions answered – Making licence renewal easier than ever!

Lifestyle

2025-02-12

5 Mins Read

What is MIDAS | MIDAS FAQ
Keeping ahead of market trends

According to the latest announcement from the Transport Department, starting from 30 December 2024, vehicle owners will no longer need to present a physical copy or upload a PDF version of their third-party insurance policy during licence renewal. Instead, they can simply verify their valid insurance policy through the new system—MIDAS, which will be successfully authenticated by the Transport Department—significantly speeding up the renewal process.

At AXA, we are committed to providing comprehensive protection for vehicle owners while fully supporting the simplification of the renewal process and contributing to a paperless future. As an insurer already participating in the ‘MIDAS (Motor Insurance DLT-based Authentication System)’ system, AXA customers can now enjoy the safety and convenience of verifying their renewal documents through this platform.

Want to know more about how this system works and how you can use it for your licence renewal? Today, I, Kenneth – Chief General Insurance Officer of AXA, will explain it all.

What is MIDAS?

In recent years, there have been increasing cases of fraud involving fake motor insurance policies. Many vehicle owners only realise they have been deceived when making a claim after an accident or during licence renewal. This not only leaves them without proper coverage but could also result in significant financial losses. To tackle this issue, MIDAS was introduced.

MIDAS is the first blockchain-based motor insurance authentication system in Asia. Through this system, vehicle owners can verify the authenticity of their policies or cover notes in real-time, securely and effectively. Fraudulent policies cannot be registered in the system, and the newly certified records are instant, traceable, and tamper-proof. This allows key stakeholders, including policyholders, the Transport Department, and law enforcement agencies, to verify the documents.

AXA customers can now make use of MIDAS. Simply log into the platform, enter your policy number and basic details, and the system will immediately verifies your policy’s authenticity. Furthermore, this system is now integrated into the Transport Department’s vehicle licence renewal process, making it easier and more convenient for vehicle owners. With MIDAS, vehicle owners can be assured that their policy is valid, offering peace of mind whether they are making a claim or renewing their licence.

How can MIDAS assist with licence renewal?

Currently, to renew a vehicle licence, owners are required to prepare the following documents:

Application for renewal of vehicle licence (form TD558) – not required if applying online
Vehicle Registration Document (Vehicle Registration Book)
Identification documents of the registered owner
Insurance policy or temporary cover note
Address proof
Certificate of Roadworthiness (for vehicles over six years old)

According to the government’s latest announcement, if vehicle owners opt to renew their licence online, they will no longer be required to upload a physical or PDF copy of their insurance policy or cover note. Instead, they can verify the authenticity of their policy instantly via MIDAS.

With backend support from the Hong Kong Federation of Insurers, once the Transport Department successfully verifies the vehicle’s insurance record through the federation’s online system, it will serve as valid proof for completing the renewal process.

Vehicle owners no longer need to gather piles of paperwork for licence renewal. By simply verifying their insurance record through MIDAS, they can complete the entire process from the comfort of their home. This not only saves time but also reduces cumbersome procedures, making the renewal process more streamlined and efficient.

MIDAS FAQ

1. What types of policies can AXA customers check using MIDAS?

Through MIDAS, AXA customers can verify all AXA motor insurance policies, including private cars, commercial vehicles, and motorcycles. Both existing and new policies, as well as temporary cover notes, can be checked on this platform to ensure their authenticity.

2. What types of transactions can AXA customers verify through MIDAS?

AXA customers can use MIDAS to check all types of motor insurance policies and temporary cover notes, including:

Newly issued policies and temporary cover notes
Policy renewals
Policy endorsements/amendments
Policy cancellations (including cancelled temporary cover notes)

3. How can AXA customers verify their policies using MIDAS?

If you are an AXA customer, follow these steps to verify your policy:

(i) Visit the official MIDAS website at https://midas.hkfi.org.hk/ui/enquiry.

(ii) Navigate to the 'Cover Note Authentication' page and enter the policyholder's identification number, the insured vehicle's chassis number, and select AXA as the insurer. Click 'Submit' to search for your motor insurance record (note: policy reinstatements are not included).

(iii) The system will instantly display the policy status:

Valid: The policy record is active.
Void*: The policy record is no longer active.

*Please note: Once a policy or temporary cover note is cancelled, it will be marked as 'Void' in the system, even if the cancellation date has not yet taken effect at the time of the query.

AXA stays ahead with the latest technology, thinking one step ahead for society

At AXA, we stay ahead of market trends by leveraging innovative technologies to provide our customers with more convenient and instant services. As digitalisation continues to evolve, we recognise the increasing demands of our customers and are continuously enhancing our services to ensure you receive tailored and thoughtful protection. That is why, from the very first day of the government’s announcement, AXA has enabled customers to handle their vehicle licence renewal through MIDAS —streamlining the entire process and eliminating the hassle of paperwork.

MIDAS utilises advanced blockchain technology to verify policy authenticity in real time. This not only enhances service efficiency but also significantly reduces paper consumption, contributing to sustainability efforts. At AXA, we remain committed to our purpose—'Act for human progress by protecting what matters.' By embracing digital solutions and pioneering cutting-edge technologies, we are dedicated to creating a better future for the next generation while driving positive social impact.

AXA Hong Kong and its related or holding companies make no warranties or assume any responsibility for the information and materials provided, including the absence of infringement, safety, accuracy, completeness, adequacy, reasonableness, suitability for purpose, or the absence of computer viruses. AXA Hong Kong and its related companies and holding companies will not accept any legal liability for any loss, damage, cost, or other expenses arising from any errors, inaccuracies, or omissions related to the information and materials, whether wholly or partially, directly or indirectly, except to the extent that such liability cannot be excluded by law.