InsurTech

bolttech Acquires AVA Insurance to Accelerate Its Growth in Singapore

									by Fintech News Singapore
February 16, 2022

Singaporean insurtech unicorn bolttech has completed the acquisition of AVA Insurance Brokers and AVA Insurance Agency, a Singapore-based insurance intermediary and specialist broker.
The acquisition of AVA will accelerate the deployment of bolttech’s insurance exchange in Singapore, connecting insurers, distributors and customers, making it easier and more efficient to buy and sell insurance.
Yen Yen Koh, General Manager for bolttech in Singapore, will oversee AVA’s operations, which will be integrated with bolttech and subsequently rebranded later this year.
The change in ownership has no impact on AVA’s service to its partners or customers, and the existing team will remain intact when after the deal has been finalised.

The acquisition follows bolttech’s completion of its US$247 million Series A last year, with strategic investors including Singapore’s EDBI.
Based in Singapore, bolttech has grown its global footprint to 30 markets since its inception in 2020.
According to a Bloomberg report in January this year, bolttech is looking to raise US$200 million to US$300 million this year to to support its expansion plans.
The insurtech is also said to be considering going public in the US or in Asia.
Rob Schimek
Rob Schimek, Group Chief Executive Officer of bolttech said,
“We are delighted to welcome AVA to our growing team. Singapore has served as our home base and a crucial springboard for our global expansion since we launched in early 2020.

We will continue to invest in Singapore, both as an international hub for innovation and as a market that presents bolttech with significant opportunity to enhance the insurance experience for local customers and partners.”
Michael Chew
Michael Chew, Chief Executive Officer of AVA added,
“Together with bolttech, we will significantly increase our ability to bring new, innovative solutions to customers in Singapore and the greater region through bolttech’s pioneering insurtech capabilities.

I am very proud to see AVA enter a new chapter with bolttech to provide insurance solutions to our clients on a global platform.”

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Project Management
Regtech

Walking the Tightrope Between Legal Compliance and User Experience in the Financial Sector

									by Fintech News Singapore
February 23, 2022

The digital revolution has upended the business practices of countless companies operating in almost every industry imaginable – but perhaps none have been quite as affected as the financial sector. With data security and cyber crime such high priorities for customers and banks alike, it’s imperative that the latter ensure the former have access to the best products and services for guaranteeing their safety online.
This is not only crucial for protecting their reputation among their existing and prospective customer base, but also for complying with the latest national and international regulations surrounding Know Your Customer (KYC) and anti-money laundering (AML) legislation. Nonetheless, banks must still strive to achieve that compliance without impacting on the user experience of their customers.
image via Pixabay
The importance of user experience
Indeed, these days, it’s not enough for a bank to keep the assets of their customers safe and protect them from fraudsters and would-be thieves. At the same time, they must also ensure that the banking experience they provide is second to none, meeting and exceeding consumer expectations at every turn.
Indeed, research by one former Gartner Analyst has revealed that not only do a majority of consumers switch from one service provider to another due to a dissatisfaction with service levels, but that it’s six to seven times more expensive for a company to attract new customers than it is to retain existing ones. Clearly, prioritising user experience should be a chief goal for any bank.

Compliance infringing on convenience?
When it comes to achieving legal compliance on data security and identity verification, the friction created by traditional onboarding processes can negatively impact the user experience. For example, asking an applicant to upload copies of their passport, driving license or other identifying information might be easier to overcome for some people than others – but it creates obstacles for all.
The same is true for in-person agent-based verification. If a person does not reside close to a branch, works hours which make it difficult or impossible for them to attend or simply has no desire to frequent a brick-and-mortar establishment, they may refrain from doing business with a specific bank. This can happen regardless of the motives behind the identity checks, which are often in place to safeguard the customer themselves.
Tech to the rescue
Thankfully, the modern march of technology has provided solutions to sidestep these issues. For example, AI-powered ID verification for financial services has revolutionised the way banks are able to onboard new clients, by handling everything remotely and with precision efficiency. By leveraging digital identity cards, biometric scanning capabilities and near-field communication (NFC), the whole process becomes far more streamlined.
Even if a customer isn’t entirely comfortable using AI to verify their ID, the advent of video chat greatly facilities remote verification by a banking agent. It is solutions such as these which empower banks with the tools they need to walk the tightrope between a happy customer base and a tight ship that is covered from a practical and legal standpoint.
While fulfilling the ever-increasing list of data security, KYC and AML obligations might seem like a thankless task which only alienates the client, there are digital solutions to these digital problems which can help.

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Blockchain
Digital Assets
Wealthtech

Sygnum Singapore Gets In-Principle Approvals to Expand Digital Asset Offerings

									by Fintech News Singapore
March 9, 2022

Sygnum, the digital asset technology group based in Singapore and Switzerland, has received in-principle approvals from the Monetary Authority of Singapore to expand its digital asset product offerings.
The company already has an existing Capital Markets Services (CMS) license and will now be able to conduct three additional regulated activities under it.
Upon obtaining full approval to conduct the additional activities, Sygnum will be able to provide asset managers and Web3 players in Singapore a fully-regulated capital raising solution covering the entire value chain.
Sygnum will be able to provide corporate finance advisory services to companies seeking to raise capital.

This includes the technical expertise to tokenise capital markets products and digital assets, as well as digital asset focused legal and capital structuring advice
Additionally, Sygnum will be able to provide access to a wider base of accredited and institutional investors in Singapore seeking fully-regulated investment opportunities into tokenized capital market products and digital assets.
The firm will also offer custodial services for asset and security tokens.
Sygnum intends to focus initially on the tokenisation of fund units, starting with its recently-launched SBI-Sygnum-Azimut Digital Asset Opportunity fund.
This will enable accredited and institutional investors to subscribe to the fund with significantly smaller ticket sizes.
Sygnum’s future initiatives include providing corporate finance advice to Web3 platforms and digital creators, and to securitise their rare digital collectibles, non-fungible tokens (NFTs) and metaverse assets like in-game items and virtual land.
Gerald Goh
“With the recent conclusion of our Series B fundraise, we are committed to accelerating the expansion of our suite of offerings in the financial hub.

These three additional activities that Sygnum will be able to conduct enable us to provide asset managers and Web3 players in Singapore a new, fully-regulated platform to raise capital and attract a wider investor base by leveraging blockchain technology.”
said Gerald Goh, Sygnum Co-Founder and Singapore CEO.

Featured image: Edited from Unsplash

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Funding
Regtech

Silent Eight Secures US$40 Million in Series B Funding Round

									by Fintech News Singapore
March 10, 2022

Silent Eight, a Singaporean regtech startup leveraging artificial intelligence (AI), announced the closing of a US$40 million Series B funding round, bringing its total funds raised to US$55 million.
This round brings the firm’s total valuation to four times its previous value in October 2020. The company said that in that time revenue has grown sixfold and headcount has tripled.
The round was led by TYH Ventures who will have its Managing Partner Kolya Miller join Silent Eight’s board.
The company also welcomed its client HSBC Ventures who will have its representative Tom Caine joining its board.

OTB Ventures, Wavemaker Partners, SC Ventures, Aglaia, and Koh Boon Hwee, Chairman and General Partner of Altara Ventures, continued their investment from previous funding rounds.
Silent Eight said that the funding will predominantly be used to expand technology functions to support its rapidly expanding customer base.
The firm expects to hire over 150 data scientists, developers and engineers in 2022.
Martin Markiewicz

“We are here to support our customers and the policy makers of the world by ensuring that the benefits of the most advanced Artificial Intelligence systems are available on the frontlines of crime fighting,”
said Martin Markiewicz, Silent Eight CEO and Founder.

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Funding
InsurTech

Igloo Raised US$19 Million Series B, Promotes Raunak Mehta as Co-founder and CEO

									by Fintech News Singapore
March 10, 2022

Regional insurtech firm Igloo announced that it has raised US$19 million in Series B funding round and promoted Raunak Mehta as its new Co-founder and Chief Executive Officer (CEO).
The round was led by Cathay Innovation with participation from ACA and other existing investors including Openspace, bringing Igloo’s total funds raised to over US$36 million.
With its Series B raise, Igloo plans to drive product innovation and will continue to invest in reinforcing its full-stack capabilities, along with innovating its dynamic risk assessment and AI-powered claims assessment tools.
Additionally, the funds will also be used to focus on acquiring intermediary assets which bring synergies to Igloo’s business model.

Raunak Mehta, who was previously the Chief Commercial Officer, will work alongside the Co-Founder of Igloo, Wei Zhu, who is on the company’s board of directors.
He has extensive experience in the e-commerce and technology space, having held leadership roles at Flipkart and Zalora.
Since joining Igloo in 2018, he has spearheaded its market entry into the Philippines, Vietnam, Thailand, Indonesia, Australia and Malaysia while establishing partnerships with Lazada, Shopee, Bukalapak, AIS, RedDoorz, foodpanda, Lotte Finance and Ahamove across a range of insurance products.
In 2021 alone, Igloo said that its insurance solutions helped underwrite over 75 million policies in Southeast Asia.
Raunak Mehta
Raunak Mehta, Co-founder and Chief Executive Officer, shared,
“Igloo has seen tremendous growth in 2021, where we drove an aggressive market entry strategy helped by our strong company fundamentals – grounded in people and technology.

With the continued backing of our investors, we are well-positioned to expand our operations in countries like Vietnam, the Philippines, and Malaysia, and provide a highly localised offering for each Southeast Asian market.”

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Digital Assets
Payments

Paxos Secures MAS’ In-Principle Approval for Digital Payment Tokens Services

									by Fintech News Singapore
March 14, 2022

Paxos, a regulated blockchain infrastructure platform, announced it has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate digital payments token services under the Payment Services Act.
With this license, Paxos is now able to offer its digital asset and blockchain products and services to customers domiciled in Singapore.
The license will also help Paxos to support its current partners in expanding their services into Asia.
MAS’ in-principle approval follows Paxos’ success in securing the limited purpose trust charter for digital assets from the New York Department of Financial Services in 2015.

The regulator has so far granted four full licenses to Australian cryptocurrency exchange Independent Reserve, DBS Vickers which is the brokerage arm of DBS Bank, QR code payment solution provider FOMO Pay, and crypto payments company TripleA.
MAS had also issued an in-principle approval to cryptocurrency platform Coinhako.
Rich Teo
Rich Teo, Co-Founder and CEO, Paxos Asia said,
“We founded Paxos in Singapore in 2012 because of this jurisdiction’s forward-thinking approach to innovation and oversight. We believe it’s the only way for consumers and financial institutions alike to truly experience the benefits of the blockchain and digital assets.

We’re excited to have MAS as our regulator, and with their oversight, we’ll be able to safely accelerate consumer adoption of digital assets globally by powering regulated solutions for the world’s biggest enterprises.”

Featured image: Edited from Unsplash

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Digital Assets
Payments

Hodlnaut Gets MAS’ In-Principle Approval for Digital Payment Tokens Services

									by Fintech News Singapore
March 16, 2022

Cryptocurrency platform Hodlnaut announced that it has received in-principle approvals from the Monetary Authority of Singapore (MAS) to be a Major Payment Institution License under the Payment Services Act.
Hodlnaut currently offers two digital payment tokens (DPT) services, namely its borrowing and lending services as well as Token Swap feature.
Currently, MAS is only regulating Hodlnaut’s DPT Token Swap feature, and not its DPT borrowing and lending services.
Hodlnaut said that it will continue working towards meeting MAS’ requirements to secure a full license.

MAS has so far granted four full licenses to Australian cryptocurrency exchange Independent Reserve, DBS Vickers which is the brokerage arm of DBS Bank, QR code payment solution provider FOMO Pay, and crypto payments company TripleA.
The regulator had also issued an in-principle approval to cryptocurrency platform Coinhako and Paxos.
Juntao Zhu
“We are thrilled to have received the in-principle approval (IPA) of the Monetary Authority of Singapore to provide digital payment token (DPT) services as a Major Payment Institution.

This aids with regulatory clarity and allows us to continue to serve our users through our existing DPT services. With this, we are confident about the growth of Hodlnaut,”
said Juntao Zhu, CEO, and Co-founder of Hodlnaut.

Featured image: Edited from Unsplash

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Blockchain
Digital Assets
Payments

Digital Treasures Center Gets In-Principle Approval for Digital Payment Token Services

									by Fintech News Singapore
March 16, 2022

The Monetary Authority of Singapore (MAS) has granted in-principle approval to Digital Treasures Center (DTC), a payment company based on distributed ledger technology.
With a license under the Payment Services Act to offer Digital Payment Token services, DTC will be able to provide fiat-to-crypto pairing.
This allows merchants to accept cryptocurrencies—including Bitcoin, Ethereum and Tether—and convert them into fiat including SGD and USD.
Once DTC has fulfilled all the criteria listed under the approval, the company will be able to offer account issuance, merchant acquisition, domestic money transfer, cross-border money transfer, e-money issuance as well as digital payment token services.

Founded in 2019, DTC began as a Singapore payment company offering a payment solution that enables merchants to connect online and offline payment, as well as accept cryptocurrency payments.
MAS has also granted in principle approvals to crypto platforms Coinhako and Hodlnaut as well as blockchain infrastructure platform Paxos.
Desmond Yong
“We are delighted to receive MAS’ nod of approval. It is a testament to DTC’s strong compliance and regulatory culture.

This demonstrates that DTC can comply with regulations around digital payment tokens and other payment services while achieving a sustainable business model,”
said Desmond Yong, Chief Strategy Officer, DTC.
El Lee
“The crypto industry is a multi-trillion-dollar market experiencing exponential adoption rate with the growth of DeFi, NFT and Metaverse.

We seek to empower merchants to do business globally by opening a secure payment gateway to seamlessly accept crypto, cash and card.”
said El Lee, Chief Operating Officer and Co-founder of DTC.

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Open Banking

Enterprise IT Teams Are Increasingly Shifting to Open Source Solutions

									by Fintech News Singapore
March 24, 2022

Businesses are increasingly shifting to open source software solutions to address COVID-19-related challenges and tackle new market demands for quality, speed and as well as an evolving cybersecurity landscape.
This is the finding drawn from a survey of nearly 1,300 IT decision makers at medium and large enterprises worldwide conducted by IBM subsidiary and open source software provider Red Hat.
The results, which are shared in the 2022 State of Enterprise Open Source report, show a clear improvement in enterprises’ perception and awareness of open source software, which many now view as a superior form of software with more innovation and better security than alternatives.
92% of IT leaders surveyed feel enterprise open source solutions are important to address COVID-related challenges, and 95% believe that enterprise open source is important to their organization’s overall enterprise infrastructure. These figures stand both at 95% for IT leaders in Asia-Pacific (APAC).

Shifting away from proprietary software
The survey also sought to understand if IT leaders cared about whether or not their tech vendors contributed to open source communities. The response was overwhelmingly positive, with a total of 82% of the respondents almost evenly split between saying they were “much more likely” and “somewhat more likely” to select a contributing vendor. In APAC, the number stood at 77%. These result showcase that enterprises’ preferences are shifting and that they are now privileging tech vendors involved in open source.
Do IT leaders care whether their vendors contribute to open source projects?, Source: 2022 State of Enterprise Open Source, Red Hat
When asked why enterprise open source vendors are preferred, IT leaders cited their familiarity with open source processes (49%), the belief that they are helping sustain healthy communities (49%), effectiveness in helping to face technical challenges (48%) and that they are helping to influence the development of features that they needed (46%).
Top reasons why enterprise open source vendors are preferred, Source: 2022 State of Enterprise Open Source, Red Hat
Results also show that businesses are increasingly moving away from proprietary software. Over the next two years, proprietary software as a percentage of the software already in use in respondents’ organizations is expected to drop significantly by eight points. In tandem, enterprise open source is projected to shoot up five points, with community-based open source also rising three points.
Expected change in software, Source: 2022 State of Enterprise Open Source, Red Hat
Security as a key benefit of enterprise open source
Organizations are increasingly moving to open source for a number of reasons, including the perceived level of security these software offer. The decision to adopt open source also comes oftentimes in unison with a desire to embrace new, cutting edge technologies, and as part of a broader digital transformation push.
32% of respondents cited security as the top benefit of using enterprise open source, neck and neck with higher quality software. 89% of respondents further indicated that enterprise open source software is as secure or more secure than proprietary software.
When asked why they believe security is a benefit of open source, 55% of respondents said their “team can use well-tested open source code for their in-house applications”, reflecting the increasingly widespread use of open code source code for internal applications.
Other top benefits cited include “security patches are well-documented and can be scanned for” (52%), and “vendors make vulnerability patches for enterprise open source available promptly” (51%), demonstrating the confidence that IT leaders have in how enterprise open source software is created and delivered in general.
Top benefits of using enterprise open source, Source: 2022 State of Enterprise Open Source, Red Hat
The research also found that adopting enterprise open source adoption is generally part of a broader push to modernize IT infrastructures (62%) and digital transformation efforts (54%).
Reflective of that is the proportion of IT leaders that indicated planning to use enterprise open source for new emerging technology. 80% of respondents said they are planning to increase their use of enterprise open source in areas such as artificial intelligence (AI), machine learning (ML), edge computing, and the Internet of Things (IoT).
Use of enterprise open source software for emerging technologies, Source: 2022 State of Enterprise Open Source, Red Hat

Featured image credit:Keyboard typing photo created by jannoon028 – www.freepik.com

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Digital Assets
Payments

FOMO Pay Partners With Circle to Integrate USD Coin Into Its Services

									by Fintech News Singapore
March 24, 2022

Singapore-based major payment institution FOMO Pay has entered into a strategic agreement to collaborate with Circle Internet Financial, a global financial technology firm and sole issuer of USD Coin (USDC).
FOMO Pay will integrate USDC into its services, allowing its merchant, corporate and financial institution clients to seamlessly convert between USDC and fiat currency.
Circle had announced its intention to establish a regional hub in Singapore and its participation in a Lighthouse Project with the Monetary Authority of Singapore (MAS) in November 2021,
The initiative aims to demonstrate how digital currencies, open payment systems, and regulation can solve business and regulatory challenges while fueling economic growth and Web 3.0 financial innovations.

In September last year, FOMO Pay was granted a Digital Payment Token (DPT) Service license by MAS.
The company now holds four out of seven key regulated activities under the Payment Services Act’s (PSA) licensing framework.
Additionally, FOMO Pay was among the first DPT licensees to join the DBS Digital Exchange as a member.
Louis Liu
“FOMO Pay is glad to collaborate with Circle. As USDC is one of the fastest growing stablecoins in the world, we are pleased to be the first official major payment institution in Southeast Asia to collaborate with Circle to integrate USDC into our payment products and ecosystem.

With our newly-acquired DPT license, this collaboration fits FOMO Pay’s plans to build Web 3.0 payment infrastructure for the crypto economy that will also support a more inclusive society with broader access to financial services made possible by the efficiency of our crypto payments and commerce solutions,”
said Louis Liu, Founder and Chief Executive Officer, FOMO Pay.
Jeremy Allaire

“Working with FOMO Pay is a natural fit for Circle’s mission to raise global economic prosperity through the frictionless exchange of financial value, and to connect the world more deeply by building a new global economic system on the foundation of the internet.

We are delighted to be part of FOMO Pay’s industry-leading initiative to establish digital payments integration in Southeast Asia.”
said Jeremy Allaire, Co-Founder and CEO of Circle.

Featured image: Edited from Unsplash

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Funding
InsurTech

Insurtech Unicorn bolttech Invests in Digital Insurance Advisory Sherpa

									by Fintech News Singapore
March 25, 2022

Digital insurance advisory Sherpa announced it has received a strategic investment from bolttech, an international insurtech unicorn. The sum was not disclosed.
This is part of a collaboration to expand the international presence of its digital insurance and protection advisory tool, Sherpa Score.
Sherpa Score is a data-driven advisory platform that provides consumers with a highly customised visualisation of their insurance and protection gaps to inform their decision making.
Businesses selling insurance can integrate the Sherpa Score platform into their own channels to drive increased engagement and understanding for a better experience for their customers.

The Sherpa Score platform will expand further into Asia and the U.S., leveraging bolttech’s ecosystem that powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products.
bolttech has a presence in 30 markets across 3 continents namely North America, Asia, and Europe.
Chris Kaye
Chris Kaye, Sherpa’s Chief Executive Officer said,
“Our collaboration with bolttech has already shed light on the enormous opportunity there is to bring our offering to more customers and partners.

Combining Sherpa Score’s AI-driven technology with the impressive reach of bolttech’s insurance exchange will enable us to seamlessly integrate customer education and awareness into insurance purchasing journeys, equipping more customers with the insights and information they need to make better insurance decisions.”
Rob Schimek
Rob Schimek, bolttech’s Group Chief Executive Officer said,
“Our strategic investment in Sherpa will deepen our collaboration to enhance customers’ experience and drive engagement within our tech-enabled insurance exchange.

By integrating Sherpa Score’s personalised insights into bolttech’s ecosystem of products and services, customers will better understand their protection needs and have the access and choice of relevant insurance products to meet those needs.”

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InsurTech

Insurtech Igloo Appoints Grab’s Former Exec as Its Chief Business Officer

									by Fintech News Singapore
March 31, 2022

Insurtech firm Igloo announced that it has appointed Wilson Tseng as its new Chief Business Officer.
Tseng will be responsible for driving Igloo’s commercial strategy, expanding partnerships with business and insurer partners, as well as identifying and developing new growth opportunities and revenue streams.
He will work closely with Igloo’s commercial teams across Malaysia, Vietnam, the Philippines, Thailand and Indonesia.
Additionally, he will work closely with product, engineering, and insurance teams to facilitate new initiatives, products, and services across all markets and product lines.

Tseng will be reporting to Raunak Mehta who was recently promoted as Igloo’s Co-founder and Chief Executive Officer.
With previous senior roles at Grab and Alibaba, Tseng brings valuable commercial strategy, partnerships expansion, and tech experience to support Igloo’s ambitions.
He played a crucial role in growing Grab’s commercial team in the SEA region, working with multiple partners across Grab’s marketplaces, payments, and ads businesses.
Tseng has over 15 years of experience across various industries and has held several leadership positions in Europe and Asia.
Raunak said the addition of Tseng to Igloo’s leadership team, coupled with the US$19 million raised during its Series B, is timely as the company prepares to further strengthen its position in Southeast Asia while also building an engineering center and hiring talents in India.
As of 2021, Igloo’s insurance solutions helped underwrite over 75 million policies in Southeast Asia.
Raunak Mehta
Raunak added,
“Wilson brings a wealth of commercial partnerships expertise from a diverse career spanning startups, financial services, and e-commerce.

This strategic appointment will help us maximise value creation for our partners as we scale and build rigour and efficiency into our commercial operations.”
Wilson Tseng
Wilson Tseng, Igloo’s new Chief Business Officer said,
“It’s an exciting time to join Igloo as it continues its ambitious growth. What attracted me to the role is the team’s drive to always do better, both for its partners and its end customers.

I look forward to leveraging my experience to further grow Igloo’s journey and can’t wait to launch new innovative initiatives alongside a fantastic team and partners.”

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Digital Assets

MAS to Take Action Against Crypto Exchanges Who Bypass Russia Sanctions

									by Fintech News Singapore
April 5, 2022

The financial measures that were imposed by the Singapore Government in relation to Russia applies to all financial institutions in the country, including digital payment token (DPT) service providers, according to a Parliamentary reply yesterday.
Tharman Shanmugaratnam, Senior Minister and Minister in charge of Monetary Authority of Singapore (MAS) said this in response to questions whether Singapore’s regulation of cryptocurrencies and decentralised finance (DeFi) will prevent sanctioned individuals and companies from using non-traditional forms of finance to circumvent the sanctions.
The query arose in light of the financial sanctions that have been imposed against Russia in opposition to its invasion of Ukraine.
Tharman went on to add that MAS requires all financial institutions to ensure compliance with these measures, regardless of whether transactions are facilitated using traditional financial channels, or through cryptocurrency exchanges or “decentralised finance” protocols.

To guard against circumvention, these financial measures specifically prohibit DPT transactions that may be used to facilitate any prohibited activity or transaction.
In short, financial institutions will not enable sanctioned parties to use non-traditional forms of finance to bypass the measures.
MAS will take appropriate regulatory actions against financial institutions found to have breached these financial measures.
Tharman Shanmugaratnam
Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS said,
“Both licensed and exempted DPT service providers must have robust controls to avoid facilitating prohibited transactions. These include procedures to know their customers and the beneficial owners of customers, and to screen these persons and their counterparties.

MAS has issued a circular to DPT service providers to underscore the importance of proper implementation of these controls, and the need to be vigilant against potential circumvention of the financial measures.”

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Digital Transformation
InsurTech
Sponsored Post

Comarch’s Latest Study Reveals Why It Is Critical for Insurers to be Digital First

									by Fintech News Singapore
April 8, 2022

Changes in customer behavior are causing a fundamental shift in the insurance business. Consumers are embracing digital channels and online tools which are now becoming critical not only to ensure that existing customers get the experience they want but also to attract new customers.
These are the findings of a survey of 500+ consumers conducted in 2020 by software house and systems integrator Comarch for the “How Insurers Can Build Better Relationships With Their Customers” report.
The research which sought to understand the evolving relationship between insurance companies and their clients, found that policyholders have turned to the online world with digital tools now becoming the main, if not the only, touchpoints between the insurer and its client.
The survey found that the policyholders with access to customer portals were the most satisfied with their insurance providers.
Out of policyholders with access to online accounts, 68% indicated being active users of the accounts, and approximately one in four of the insured respondents said they actively use their online accounts.
Usage rate of online accounts was found to be the highest for respondents aged 25-39, showcasing millennials’ clear preferences for digital experiences and platforms.
Are your insurers providing you with an online account? Source: How insurers can build better relationships with their customers, Comarch
In tandem, results show that the role of call centers continued to diminish throughout the years. Across all age groups, both among men and women, purchasing policy through a call center was found to be equally unpopular. This implies that policyholders are becoming independent and now prefer to buy their insurance online, all by themselves.
How did you buy your policies? (up to 3 answers), Source: How insurers can build better relationships with their customers, Comarch
With a majority of policyholders (64%) stating that they have access to online channels, findings suggest that insurers have realised the need to invest in digital channels and interactions to differentiate themselves from competitors and boost customer loyalty.
However, results also show that many insurers have not sufficiently promoted their digital tools or made their clients aware of them, with 20% of respondents stating that they did not know whether or not they had access to an online account.
Policyholders were also asked about the areas they believed needed improvement. Two main areas stood out; the first one relating to policy coverage, online client tools and client communication, and the second one relating to COVID-19 coverage as part of the existing insurance policies.
These results show that customers are looking for simplified insurance experiences, notably when it comes to policy purchases and claims. 14% of respondents said their insurance provider should put more effort into making the processes easier, and 11% said they should invest more in online customer service tools.
The findings also indicate a gap in protection for pandemic-related risks and show that policyholders are still feeling heightened concern about both their personal and financial health.
Results from the Comarch survey are consistent with other research conducted around the world. A Swiss Re study conducted in 2021 polled 7,000 respondents in Asia Pacific and found that COVID-19 has pushed consumers towards digital channels, with the momentum expected to continue building in the future.
In H2 2022, just as many people bought insurance online (39%) as those who used an agent or broker (38%). These results suggest that consumers are now gravitating towards digital channels, with one in two respondents indicating that they were more likely to buy via online platforms than any other channels.
Since the start of the pandemic, one third of respondents on average across the region indicated having used some sort of digital platform or app to manage their health. Online management of an insurance policy (67%), online research of new/additional policy (61%) and usage of health and wellness apps (66%) were found to be the top three digital touchpoints.
Download Comarch’s How Insurers Can Build Better Relationships With Their Customers report here.

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Regtech
Wealthtech

New Wealth Partners With Apiax for Real-Time Cross-Border Compliance Checks

									by Fintech News Singapore
April 11, 2022

New Wealth, a Singaporean B2B wealthtech company, announced that it has tied up with Switzerland’s regtech firm Apiax to embed actionable compliance knowledge into its software to ensure relationship managers are compliant at all times.
This collaboration will help banks and wealth managers gain significant operational efficiencies, starting with cross-border marketing and distribution of investment funds.
To meet the comprehensive needs of relationship managers in private banking and their high-net-worth clients, New Wealth will now integrate with Apiax’s API to provide cross-border compliance checks in real-time.
Apiax and New Wealth added that this partnership will also allow for future deploys of joint use cases and further expand the productivity gains for Asian private banks.

Yvonne Ngai
Yvonne Ngai, APAC Business Lead, Apiax said,
“We are pleased to embed actionable compliance answers into New Wealth’s digital wealth solution to make it smoother for banks in Asia to serve their clients globally in a compliant way.“
Loïc Pitrou
Loïc Pitrou, Co-founder and CEO of New Wealth said,
“Relationship managers can truly tailor the screening of investment products to the context of each client and interaction.

Timely compliance checks and guidance from the tool save time for front liners and bring both clarity and transparency to the end customer.”

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InsurTech

Singlife With Aviva Taps Matter’s ESG Platform for a Full View of Its Sustainability Performance

									by Fintech News Singapore
April 12, 2022

Homegrown insurer Singlife with Aviva has appointed European sustainability data provider Matter to provide a comprehensive view of its sustainability performance.
Matter’s ESG platform will help Singlife understand the sustainability impact and performance of its global investments.
With Matter’s platform, Singlife will be able to monitor key environmental risks to its investments and in future, present more extensive reports to the Monetary Authority of Singapore (MAS) as part of its disclosure requirements.
Singlife said that this aligns with its commitment to create a positive impact and support Singapore’s commitment towards Net Zero by 2050.

Matter has worked with financial institutions in Singapore since 2020, in part through collaborations with MAS and the Investment Management Association of Singapore.
The firm is an official partner of Nasdaq and has provided clients across Asia, Europe and North America with ESG analytics since 2019.
Singlife recently announced a US$50 million investment in the Altrium Sustainability Fund I, a private equity fund of funds managed by Azalea Investment Management, which is wholly owned by Temasek. It enables institutional and other accredited investors to build an ESG-focused investment portfolio.
The insurer is a supporter of the Task Force on Climate-Related Financial Disclosures and is working to become a signatory of the United Nations Principles for Sustainable Insurance by Q4 2022.
Kim Rosenkilde
Kim Rosenkilde, Singlife’s Group Chief Investment Officer said,
“Monitoring, mitigating and disclosing various environmental risks in our investments is a complex task, requiring transparent data and precise analyses. Matter’s platform helps us gain some of these insights in a fast and transparent way.

We see a big potential to enable ESG reporting in more of our services. We ultimately want to help our clients achieve financial freedom, and we also want to help them understand exactly where and how their money is being invested in”,
Emil Fuglsang
Emil Fuglsang, Chief Operating Officer and Co-Founder of Matter said,
“Compared to the European scene, ESG investing in Singapore is in an emerging and rapidly growing stage.

We are seeing how companies like Singlife think beyond risk management and compliance, which is in line with our core belief at Matter – that sustainability and ESG insights need to be more transparent and intuitive, so that more people can use them to make decisions”,

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Covid19
Regtech

APAC Regulators Accelerate Fintech Regulatory Efforts Amid Rapid Digitalisation

									by Fintech News Singapore
April 19, 2022

In Asia Pacific (APAC), regulators have been redrawing the regulatory perimeter to take account of new products and services emerging as a result of fintech innovation and emerging technologies.
But with COVID-19 accelerating the adoption of digital financial services, financial regulators have moved fintech up the regulatory agenda, responding to the trend with a number of measures, according to a new study by the Cambridge Centre for Alternative Finance (CCAF), a research institute part of the Cambridge Judge Business School of the University of Cambridge in the UK.
The Fintech Regulation in Asia Pacific (APAC) report reviews how regulators in APAC have responded to the opportunities and challenges associated with fintech and digital financial services through regulatory efforts and processes, as well as innovation initiatives.
The study draws on data from two surveys issued to a select number of regulators and encompasses a qualitative review of regulatory frameworks relating to fintech activities in 20 sampled jurisdictions across APAC.

It is the third in a series of three studies exploring regional fintech regulatory landscapes and follows on from published reports for the Middle East and North African (MENA) and Sub-Saharan Africa (SSA) regions.
According to the report, the COVID-19 pandemic has accelerated the adoption of fintech in APAC. In response, financial regulators have increased the regulatory priority of the sector, and launched a number of measures, focusing primarily on ensuring economic relief (50%), cybersecurity (50%), customer onboarding and due diligence (44%), and business continuity (44%).
Looking at regulatory innovation initiatives, the study found a significant increase in the number of regulatory sandboxes, innovation offices, as well as regtech and suptech initiatives in 2022, compared to the previous mapping conducted by CCAF in 2019.
In 2019, only 13 regulatory sandboxes were identified as operational in APAC. As of early 2022, 25 jurisdictions had at least one operational regulatory sandbox. 11% of respondents indicated having introduced a regulatory sandbox during the pandemic, while 37% said they had accelerated their sandbox initiative during the period, indicating that COVID-19 has played a catalytic role in the establishment of regulatory sandboxes.
Similarly, the number of jurisdictions with innovation offices in place increased from nine in 2019 to 16 in 2022. 40% of sampled APAC jurisdictions that responded to the survey indicated that the COVID-19 pandemic has accelerated their planned innovation office initiatives.
As of regtech and suptech, the study found that the number of initiatives has almost doubled in the last two to three years, rising from eight initiatives in 2019 to 15 in early 2022.
Fintech regulations across APAC
Looking at existing fintech-specific regulations in place, the findings indicate that the digital payments, e-money and remittances sectors have the widest coverage in APAC, with more than 80% of sampled jurisdictions in the region having frameworks in place for each sector.
Equity crowdfunding and peer-to-peer (P2P) lending are other widely covered sectors, with 78% and 50% of sampled jurisdictions in APAC, respectively, having frameworks in place.
Four jurisdictions are planning to introduce a further five frameworks across fintech verticals: Pakistan is planning to introduce a P2P lending framework, Fiji is planning to introduce an equity crowdfunding framework, Nepal wants to introduce an remittance framework, and the Marshall Islands are looking to introduce frameworks covering payments and e-money.
Regulatory frameworks in sample APAC jurisdictions, Source: Fintech Regulation in Asia Pacific (APAC), Cambridge Centre for Alternative Finance (CCAF), 2022
Open banking is another emerging trend which regulators across the region are increasingly looking into. Australia, Singapore, Hong Kong, India and Japan are amongst the seven countries in APAC with an open banking framework in place. China, Indonesia, Malaysia, the Philippines, and Thailand are amongst the seven jurisdictions looking to introduce one.
Open banking: Existing and forthcoming open banking frameworks, Source: Fintech Regulation in Asia Pacific (APAC), Cambridge Centre for Alternative Finance (CCAF), 2022
Looking at cross-sector verticals, the study found that regulatory frameworks in the anti-money laundering (AML) and data protection verticals are the most prevalent, with nearly complete coverage across the sample. In contrast, electronic know-your-customer (eKYC) has the greatest instances of missing regulatory frameworks, with only 12 jurisdictions having this in place.
Of the sampled APAC jurisdictions, Pakistan, Australia, Taiwan, China, Japan, Hong Kong, Thailand, New Zealand and Malaysia have frameworks in place for all investigated cross-sectoral issues, namely eKYC, data protection, AML, consumer protection and cybersecurity.
Bhutan is planning to implement AML and eKYC frameworks; India is planning to introduce a data protection framework; Indonesia, the Philippines and Samoa are looking to introduce cybersecurity frameworks; Sri Lanka and Singapore are planning to implement an eKYC framework; and the Marshall Islands are looking to introduce a consumer protection framework.
Cross-Cutting Regulatory Frameworks in Sample APAC jurisdictions, Source: Fintech Regulation in Asia Pacific (APAC), Cambridge Centre for Alternative Finance (CCAF), 2022

Featured image credit: Freepik

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Payments
Regtech

Thunes Snaps up Majority Stake in Regtech Firm Tookitaki for US$20 Million

									by Fintech News Singapore
April 19, 2022

Global cross-border payments firm Thunes announced that it has taken a majority stake in the anti-money laundering (AML) and compliance technology firm, Tookitaki, by making an investment of over US$20 million.
Thunes made this move in the wake of rising transaction costs for cross-border payments of which regulatory compliance forms a significant percentage.
The company said that any reduction will deliver crucial savings for Thunes’ customers.
Adding Tookitaki to Thunes’ global network addresses the need for payments and other financial institutions to embed automated, streamline compliance processes, and decrease risks.

Thunes will be able to extend Tookitaki’s compliance and anti-money laundering (AML) capabilities to further safeguard the businesses and create more transparency around the payment flows of its global customers.
The company tracks over 180 million transactions annually.
Additionally,  this partnership also allows Tookitaki to deepen its presence in core APAC markets, the Middle East, Europe and the Americas.
Thunes and Tookitaki businesses will continue to operate independently, with the alliance strengthening both companies and enabling them to accelerate their global business expansion.
Peter De Caluwe
“This alliance will give all Thunes customers access to next-generation tech compliance systems, reducing the cost of transferring money across borders. At the same time, all Tookitaki’s banking and fintech clients will automatically gain access to Thunes’ network, unlocking pathways to scale globally.

We’ve already identified multiple ways to grow faster together, increasing the value we provide to our customers. We’ll be working to accelerate our growth plans jointly,”
said Peter De Caluwe, CEO of Thunes.
Abhishek Chatterjee
“At Tookitaki, we have been passionate about fighting financial crime and expanding our AML capabilities globally.

Thunes is recognised for its far-reaching global network, and the alliance provides us with an ‘unfair’ opportunity to offer our proven and powerful AML solution to banks and fintechs across the fastest growing economies as well as the biggest,”
said Abhishek Chatterjee, Founder and CEO of Tookitaki.

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InsurTech

Manulife and DBS Launch Insurance Starter Plan ‘ProtectFirst’ for Young Singaporeans

									by Fintech News Singapore
April 25, 2022

Manulife Singapore and DBS Bank announced the launch of their co-developed insurance starter plan, ProtectFirst, designed to help young Singaporeans kickstart their protection journey affordably at a lower premium.
Customers can assess their protection gaps via the bank’s digital AI-powered financial planning tool DBS NAV Planner or consult with the bank’s wealth planning managers to find out more.
After which, they can purchase ProtectFirst through internet banking or via the DBS digibank app.
Customers will be able to choose from three personas that offer varied coverage across the big 5 critical illnesses (including early stage), life protection and serious accidents.

The three personas – Advocate, Adventurer, and Defender – are created to suit different financial needs and lifestyles.
DBS said that customers who sign up for ProtectFirst are encouraged to review their protection needs regularly in view of changing lifestyle and life-stage needs so as to ensure adequate coverage.
From now till 30 June 2022, customers who sign up for ProtectFirst will receive a 50% discount on their premiums for the first 2 years.
Darren Thompson
“With the launch of ProtectFirst in partnership with DBS, our customers can get their protection coverage right from the start and select a plan that best prioritises their coverage according to their needs and preferences.

ProtectFirst is designed to be affordable for first-time insurance buyers, so hopefully, this encourages our younger customers who may be worried about affordability to take the first step towards getting themselves protected.”
said Darren Thompson, Chief Customer Officer and Chief Product Officer, Manulife Singapore.
Evy Wee
“In an environment where inflation and the cost of living are rising, it is important that we help our younger customers with their protection needs in the most cost-efficient manner.

The key here is to achieve a balance, and we would advise them to first evaluate their protection gaps either via our digital AI-powered financial planning tool DBS NAV Planner, or consult with our wealth planning managers to find out more.”
said Evy Wee, Head of Financial Planning, Investments and Insurance Solutions, DBS Bank.

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InsurTech

NTUC Income Launches Travel Insurance Plan for Protection by the Hour

									by Fintech News Singapore
April 27, 2022

NTUC Income, an insurance cooperative in Singapore, launched its new travel insurance offering called “FlexiTravel Hourly Insurance”.
As indicated by its name, this insurance enables travellers to purchase travel protection as needed by the hour.
Available for those who are travelling only to Bintan and Batam (Indonesia) as well as Malaysia, this is a flexible and affordable way for travellers to insure themselves for short or impromptu regional trips by land or sea that range from a few hours to a full weekend.
The FlexiTravel Hourly Insurance charges a minimum of SG$1.80 for six hours of protection, with the option for travellers to add on coverage at a rate of SG$0.30 for every additional hour, capped at a maximum charge of SG$3 per day.

Accessible via the ‘My Income’ mobile app, travellers can activate and stop their insurance coverage at anytime.
With its geolocation feature, the app is designed to push notifications to travellers and remind them to activate their insurance plan when it detects that they are departing Singapore, and to terminate their plan upon arrival in Singapore.
Alternatively, travellers can update their travel details manually in the app without the need to turn on the geolocation feature.
Annie Chua, Vice President and Head of Personal Lines, NTUC Income said,
“Travelling always involves a certain level of risk, be it short or long trips as unforeseen circumstances can occur any time. Based on a recent survey we conducted, we found travellers to be most concerned about seeking assistance when mishaps occur such as catching COVID or getting injured while overseas and needing medical treatment, as well as losing their personal belongings.

However, despite these concerns, majority of the respondents still find purchasing travel insurance for such short trips expensive or cumbersome. With this in mind, we designed FlexiTravel Hourly Insurance to offer a pay-by-the-hour proposition to solve travellers’ pain point so they can continue enjoying their short trips while staying protected.”

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Digital Assets
Payments

Luno Secures MAS’ In-Principle Approval to Offer Crypto Services

									by Fintech News Singapore
April 27, 2022

Global cryptocurrency company Luno has been granted in-principle approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA) to provide Digital Payment Token (DPT) services in Singapore.
MAS has granted in-principle approvals to Coinhako, Hodlnaut, Paxos, Digital Treasures Center and Revolut so far.
Meanwhile, four full licenses were given to Australian cryptocurrency exchange Independent Reserve, DBS Vickers which is the brokerage arm of DBS Bank, QR code payment solution provider FOMO Pay, and crypto payments company TripleA.
Luno is regulated by the Securities Commission of Malaysia and is registered with the authorities in Indonesia.

Since being founded in 2013, Luno said that it has garnered over 10 million customers across 40 countries, with over 1 million added within the last six months.
The company witnessed its global customer base grow by 35% year-on-year and aims to bring cryptocurrency to over 1 billion customers by 2030.
Sherry Goh
“We are thrilled to receive MAS’ in-principle approval to provide Digital Payment Token (DPT) services in Singapore as a Major Payment Institution.

With this IPA (in-principle approval), we hope to instill greater trust and confidence in the market, so that customers can continue to trust and use our platform safely and securely”,
said Sherry Goh, Global Expansion Manager and Country Manager for Singapore, Luno.

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Digital Assets
Payments

Revolut Singapore’s Customers Will Soon Be Able to Trade Crypto Within the App

									by Fintech News Singapore
April 27, 2022

Challenger bank Revolut has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate a fully regulated cryptocurrency service, along with merchant acquiring services.
Revolut Technologies Singapore (RTS) is already licensed as a Major Payment Institution (MPI) in Singapore, while its sister company Revolut Securities Singapore (RSS) holds a Capital Markets Services (CMS) license.
As a result of this approval, RTS will be able to provide digital payment token services, which include allowing customers in Singapore to buy, sell, and hold cryptocurrency in their Revolut app.
Revolut said that its customer base in Singapore has grown 6-fold since the onset of the Covid pandemic, and its revenue run rate has more than doubled in the past 12 months.

Nik Storonsky
Nik Storonsky, Revolut Group’s CEO and Co-founder said,
“It’s clear from the assessment progress of license applications, that while Singapore has received an impressive number of applications, the MAS has focused on issuing an IPA (in-principle approval) to those it considers to be robust, well-governed, high-growth businesses, who can best leverage the strengths of Singapore while contributing to increased employment and capital deployment for the nation,”
James Shanahan
James Shanahan, Revolut Singapore CEO added,
“We have a superb, highly engaged team in place, every one of whom continues to expand their already market-leading skills and knowledge at an impressive pace.

Combined with these new MPI license extensions, Revolut Singapore is ideally placed to advance and deliver on our financial services super-app ambition.”

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India
InsurTech

India’s Insurtech Scene Sees Record Breaking Year for Funding

									by Fintech News Singapore
May 10, 2022

2021 was a record-breaking year for India’s insurtech industry which saw equity funding volume more than double and two startup reaching unicorn status.
Moving forward, the industry is set to grow even more, on the back of supportive initiatives and rising demand among new customer segments, according to a new report by the Boston Consulting Group and the India Insurtech Association.
The report, titled India Insurtech Landscape and Trends, looks at the growth the industry witnessed in 2021 and identifies the current trends in the sector. According to the paper, India’s insurtech industry recorded strong growth in 2021, driven by a dynamic funding landscape and propelled by the country’s key characteristics, including its low penetration rate of insurance products.
In 2021, Indian insurtech companies raised a total of US$800 million in equity funding. This is more than 2019 (US$380 million) and 2020 (US$290 million) funding sums combined.

India: Equity funding in Insurtechs (in $Mn), Source: India Insurtech Landscape and Trends, BCG/India Insurtech Association, April 2022
The momentum was led by insurtech companies providing general insurance or non-life, and operating under a business-to-consumer (B2C) model. These categories represented 92% and 97% of 2021’s total equity funding amount, respectively.
India insurtech equity funding split by product line and B2C/B2B, Source: India Insurtech Landscape and Trends, BCG/India Insurtech Association, April 2022
India’s new insurtech unicorns and fast-growing startups
Booming funding activity in 2021 pushed valuations to new heights and turned two Indian insurtech companies into unicorns.
Acko reached a US$1.1 billion valuation after closing a US$225 million Series D in October. Founded in 2016, the company claims it is one of India’s first digital-native insurers and among the country’s top embedded insurance providers, having inked partnerships with top digital platforms including Amazon, MakeMyTrip, Ola, Urban Company and Bajaj Finance.
Acko, which provides motor/vehicle insurance, coverage for electronic devices, and health insurance, said at the time that it was serving over 70 million customers, clocking a run-rate of approximately US$150 million in premiums. The company said it will use the proceeds from its Series D to invest in the healthcare vertical and scale its team.
Besides Acko, and more significantly, Indian insurtech startup Digit Insurance saw its valuation almost double in a six month period, which surged to US$3.5 billion in July 2021 after closing a US$200 million round.
Founded in 2017, Digit Insurance offers health, car, bike, and travel insurance, using technology to simplify processes for customers. As of mid-2021, Digit Insurance claimed 20 million users and had processed more than 400,000 claims. In 2020, the company grew by 44%, with a total of INR 3.2 billion (US$42.9 million) in premiums recorded between April 2020 and March 2021.
Digit Insurance said it will be using the proceeds from the fundraising to continue to focus on increasing insurance penetration and enrich its portfolio.
In addition to Acko and Digit Insurance reaching a billion dollar valuation, 2021 also saw several other smaller insurtech players gain strong traction. Invictus Insurance, the operator of insurtech platform Turtlemint, raised a US$46 million Series D in March 2021. This was followed in April 2022 by a US$120 million Series E at a US$900-950 million valuation.
The company said it will be using the capital to expand into new geographies, like Southeast Asia. Recently it expanded into the Middle East.
Founded in 2015, Turtlemint is platform that helps financial advisors understand and distribute insurance to their community of customers. It claims to have onboarded 160,000 advisors so far.
RenewBuy is another Indian insurtech startup that secured funding last year, closing a US$45 million Series C in June to scale technology, add more products and expand its digital network.
RenewBuy, through its subsidiary D2C Insurance Broking, enables retail customers to buy motor, health and life insurance products with a superior end-to-end digital experience. The company claims more than 2.5 million customers across 650 cities and towns, and a network of 50,000 point-of-sale persons.
OneAssist is the third insurtech startup highlighted in the report for witnessing strong growth and receiving investment in 2021. In September, the company closed a INR 2.4 billion (US$31.4 million) Series E for the growth of and expansion of its business.
Founded in 2011, OneAssist offers accidental and liquid damage protection along with extended warranty and theft protection to electronic devices. The company operates in over 615 cities and claims 3 million customers and over 1,000 service agents on its platform.
Growth drivers
Despite the tremendous growth the sector experienced in 2021, the momentum is projected to continue this year onward, building on the emergence of new customer segments, favorable market conditions and initiatives from government bodies to support innovation and financial inclusion.
According to the report, micro, small and medium-sized enterprises (MSMEs), women and tier 2 locations will become the industry’s next growth driver.
In addition, several product segments remain largely untapped including health and life insurance where penetration rates currently stand at 35% and 3%, respectively. This leaves plenty of space for growth, the report says.
Finally, enablers including the India Stack and the upcoming National Health Stack will further provide thrust to the insurance industry, facilitating innovation and boosting adoption of insurtech.
First proposed by the government back in 2018, the National Health Stack seeks to develop the technology backbone for digital health infrastructure in India. The system will serve multiple parties with different levels of involvement, providing, for instance, digitized health records for patients, a health claims exchange for insurers, a health facility registry for doctors, a drug registry, and access to data for hospitals to consume and process.

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Events
InsurTech
Sponsored Post

The InsureTech Connect Asia 2022 Is Back for Its 3-Day Physical Event

									by Fintech News Singapore
May 10, 2022

InsureTech Connect Asia (ITC Asia) will be hosting the first 3-day in-person event since the pandemic from 7 – 9 June 2022 at Suntec Convention & Exhibition Centre, Singapore.
The insurtech event has offered unparalleled access to the largest and most comprehensive gathering of tech entrepreneurs, investors, and insurance industry executives from across the globe.

Exploring the growth potential of the Asia Pacific region, the conference will gather senior industry executives, investors, and startups to share and showcase how they have adapted and accelerated in the face of the pandemic.
Attendees will have access to an enriching conference that will showcase the latest insurtech innovations, world-class content, networking, and meetings with the best minds across the APAC insurance ecosystem at ITC Asia 2022.
Gather insights into what role both insurers and technology will play in the future and understand the must-know regional dynamics when looking to operate successfully from regulators across the region.
ITC Asia will feature industry challengers such as Singlife with Aviva, bolttech, Tokio Marine, Ping An Group, and many more.

Some of the key sessions include:
– Becoming an insurtech unicorn
– How ecosystem thinking is changing Asia’s insurance market
– The role of insurtech in insurance distribution
– Embedded Insurance: getting personal, relevant, and convenient insurance close to the customer
ITC Asia 2022 will be a fully-vaccinated event and will incorporate the use of industry-leading event technology to reduce unnecessary contact while enabling attendees to connect meaningfully.
The event will be held in accordance with the respective government regulations to ensure a safe and enjoyable experience for all.
Attendees are strongly encouraged to exercise social responsibility in taking personal health precautions.
ITC has been attended by over 25,000 people from 65+ countries.
Founded in 2016, ITC has established itself as the biggest insurtech event in its US location in Vegas and has launched a venture in APAC with ITC Asia in Singapore.
To learn more and register for ITC Asia 2022, please visit their website.

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Funding
InsurTech

Insurtech Firm CoverGo Secures US$15 Million in Series A Fundraise

									by Fintech News Singapore
May 11, 2022

Insurtech firm CoverGo announced it has secured US$15 million in a Series A funding round.
The fundraise was led by California-based SemperVirens VC with participation from US venture capital firms SixThirty, Tribeca Early Stage Partners and Fresco Capital.
Strategic investors include pan-African insurance group Old Mutual, Asia-based insurance group Asia Financial Holdings, US-based XN Worldwide Insurance (part of the Henner Group) and Middle East and African insurance fund Noria Capital.
According to CoverGo, existing insurtech investors also participated in the oversubscribed round.

The new investment will help accelerate CoverGo’s international expansion, develop its partner network with consulting companies as well as grow the sales and engineering teams in the US and Asia Pacific.
Caribou Honig, the General Partner of SemperVirens, also the founder of InsureTech Connect conference series, will also be taking a board observer seat as part of the investment.
A growing number of P&C, health and life insurance companies and emerging insurtech companies have adopted CoverGo’s platform to build and launch all types of insurance products within days, develop omni-channel distribution, streamline policy admin and automate claims processes.
As a result, CoverGo reported that its annual recurring revenue grew more than 10x since January 2021.
Caribou Honig
“As carriers lean into enabling innovation, CoverGo is uniquely positioned to accelerate their digital transformation and drive efficiencies across the insurance value chain.

CoverGo’s next-generation platform is providing carriers an unbeatable mix of speed to market, cost savings, and security to succeed both now and in the future. We are excited to support CoverGo on its growth journey and expansion in the US market.”
said Caribou Honig.
Tomas Holub
“Insurance companies realize now more than ever that custom IT development is too slow and costly while off-the-shelf software packages can’t satisfy changing product requirements and customer needs.

This is why we see fast growing demand worldwide for a truly configurable no-code platform allowing companies to be agile and stay relevant in the changing world. The new funding and unique mix of strategic insurance investors will help accelerate adoption of CoverGo by insurance companies globally.”
said Tomas Holub, CEO and Founder of CoverGo.

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Funding
Indonesia
InsurTech

Indonesian Insurtech Qoala Raises US$65 Million in Series B

									by Fintech News Indonesia
May 12, 2022

Indonesian insurtech startup Qoala announced that it has successfully raised US$ 65 million in a Series B funding round led by European investment firm Eurazeo.
With the new funds, Qoala aims to add over 250 employees this year with a focus on building an engineering and product management hub in Gurugram, India.

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Qoala also plans to grant employees with equity compensation and give them the right to acquire shares in the company.
The company distributes retail insurance products to consumers through its omnichannel platform.

It also provides several innovative micro-insurance products through its partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo and Investree among others.
Qoala said that it has grown by 30 times since the Series A round in April 2020 having acquired over 50,000 insurance marketers while managing a platform supported by over 50 insurers.
It has also successfully expanded to Thailand and Malaysia in 2021.
Tommy Martin
Tommy Martin, Co-founder and COO of Qoala said,
“Qoala is the only insurtech with licenses in three markets in SEA and with this new round we are optimistic in sustaining our growth momentum.

Our business in Thailand has also already grown by three times since we joined forces with FairDee in February 2021, which gives us confidence in our expansion capability.”
Harshet Lunani
Harshet Lunani, Founder and CEO of Qoala said,
“We will continue to invest towards scaling up Qoala’s reach in our core markets and focus on enhancing our technology and product experience to greatly reduce the hurdles to accessing insurance that are today still very significant.

Insurance penetration in Indonesia is currently only 2%, far behind the global average of 6%, with most consumers just beginning to understand the value of insurance and hence there is plenty of room for growth.”

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InsurTech

7 Early Stage Insurtech Startups from Asia We’re Keeping an Eye On

									by Fintech News Singapore
May 19, 2022

Asia-Pacific (APAC) has seen the emergence of a dynamic insurtech landscape, fueled by favorable market conditions, low insurance penetration and investors’ bullishness.
Data from S&P Global Market Intelligence show that there are at least 335 private insurtech operating in APAC, with China and India collectively home to nearly half of private insurtech firms in the region.

For this list, we’ve selected seven early-stage insurtech startups which have gained significant traction and which have secured seed funding over the past year.
Cyber Sierra (Singapore)

Founded in June 2021 in Singapore, Cyber Sierra is the developer and provider of cybersecurity tools and insurance services designed to help businesses manage and mitigate cyber risk.
The company delivers cybersecurity and technology insurance offerings to small and medium-sized enterprises (SMEs) with presence on the cloud, providing them with up to US$5 million of cyber and technology insurance coverage.
It also offers a risk management platform featuring automated security alerts, threat intelligence, expert guidance and tools, enabling clients to grow their security posture in the face of current cyber threats.
In February 2022, Cyber Sierra raised US$4.3 million in a seed round, which it said it will use to expand its offerings to include more products and broaden its network of startups and SME customers across Southeast Asia and India. It will also hire fresh talents across its business.
Surer (Singapore)

Founded in 2019 in Singapore, Surer is a cloud-based insurtech platform aimed at solving inefficiencies within the insurance industry. Running under a business-to-business-to-consumer (B2B2C) model, the company provides a digital ecosystem that serves multiple parties within the insurance business, enabling intermediaries to close a deal with greater speed and allowing insurers to distribute their product with better efficiency.
An award-winning company, Surer is a winner of the Partners of Fintech award at the Singapore Fintech Festival Global Fintech Awards 2021 and was named one of the top insurance innovators by Insurance Business Asia.
Since the launch of its first version in September 2020, Surer says that it has recorded over 350 intermediary signups and demo requests, more than 1,000 insurance proposals sent and over S$1.2 million in gross written premiums (GWP) transacted on its platform.
In October 2021, Surer raised a US$1 million seed funding round, which it said it will use to bolster its core technology platform and invest in its tech team to deliver on its product roadmap.
YAS MicroInsurance (Hong Kong)

Headquartered in Hong Kong, YAS MicroInsurance is an Asia Pacific (APAC) insurtech company that applies technologies including blockchain, open APIs and artificial intelligence (AI) to create unique on-demand insurance products for the local market.
As a next-generation insurtech startup, YAS has launched several epochal products over the past year, including RYDE with YAS, a microinsurance product that provides in-app on-demand 90-min protection for passengers anytime, anywhere; and BUS RYDE, the world’s first smart transportation card embedded bus passenger protection auto-connecting transport journeys with insurance policies through open APIs.
In August 2021, the company closed an undisclosed pre-Series A funding round led by 500 Startups which it said it will use to further strengthen its core research and development (R&D) and accelerate its expansion in the SEA market.
In addition to its Hong Kong presence, YAS has operations in Vietnam and is now looking to expand across the broader Asian region, including to Malaysia, Vietnam, India and the Greater Bay Area of China.
Medici (Vietnam)

Founded in 2019, Medici strives to make healthcare and insurance more accessible and affordable to the masses in Vietnam.
The company is building a digital-first, holistic healthcare ecosystem enabling affordable access to doctors, healthcare products, and insurance. Medici’s ecosystem includes telemedicine services connecting users to a curated network of in-house and partner doctors, clinics, and hospitals; an online marketplace for supplements powered by partnerships with pharmaceutical companies; and a network of leading companies in Vietnam distributing their services to their employees.
In 2021, Medici ventured into the insurance space, being the first tech startup in the country to secure an insurance broker license from Vietnam’s Ministry of Finance. This has enabled them to offer affordable policies based on the health data from their ecosystem.
In February 2022, Medici raised an undisclosed amount in its pre-Series A co-led by Wavemaker Partners and Jungle Venture. The company said it will use the proceeds to scale up its insurtech footprint, expand its healthcare offering, and hire across different roles in the organization.
GlobalCare (Vietnam)

Founded in 2017, GlobalCare is an insurtech company from Vietnam that provides solutions for the sales and administrative processes for insurance agencies and business partners selling non-life insurance policies.
GlobalCare’s digital platform allows insurance companies and agents to sell policies via a cloud-based and on-premises app that enables end-to-end service management to monitor transaction history and process claims, among other functions. For consumers, the solution provides a convenient access point for their non-life insurance needs.
GlobaCare claims it provides a complete tech solution for more than 10 major insurance distribution channels and 200,000 agents, and says its distributors and agencies include more than 3,000 offline to online stores, as well as one of the top ride sharing platforms.
At present, more than 15 types of insurance products are available on GlobalCare’s platform, including health, business interruption, mobile phone, car and personal accident policies. Its key insurance partners include Bao Viet, PVI, PTI, Pjico, MIC, and Liberty. In September, the company closed an undisclosed round of funding from VinaCapital Ventures.
Aman (Indonesia)

Founded in 2020 in Indonesia, Aman provides an insurtech platform to simplify the employee benefits experience for employers, employees as well as insurers and brokers.
Using the platform, employers can design benefit strategy to drive their talent management and business performance, while removing administrative hassle from employee enrolment to claim management. For employees, Aman allows them to manage their insurance plans through a mobile app. And for insurers and brokers, the platform lets them digitize their business, allowing them to grow new sales, increase customer retention and streamline operational processes.
Just last week, Aman raised a US$1.2 million pre-seed funding round co-led by Trihill Capital and Global Founders Capital, with participation from 1982 Ventures, Alto Partners Multi-Family Office and Atlas Global Kapital.
Oyen (Malaysia)

Headquartered in Kuala Lumpur, Oyen is a digital-first insurance platform for pet owners.
The platform is aimed at giving pet owners greater convenience in managing their pets’ medical needs via seamless insurance purchase and claims experience, covering illness, accidents, surgeries and more, up to MYR 8,000.
The company’s services are integrated with a panel of veterinary clinic partners in Malaysia, making it easier for owners to access Oyen’s network of vets for quality vet services and quickly seeking medical attention for their pets, especially in case of emergencies.
Striving to become the region’s category leader in pet healthcare insurance, Oyen says it is driving towards having 100,000 pets insured in Southeast Asia within the next three years, half of which is expected to come from the company’s first market, Malaysia.
In June 2021, the startup closed a US$420,000 seed funding round, which it said it will use to enhance its digital insurance platform and reinforce its market position within the country’s pet healthcare insurance ecosystem through recruitment, and by expanding its offering with vet medical protection, preventative care, wellness and more.

Featured image credit: Edited from Unsplash

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InsurTech

How The Insurance Sector is Undergoing a Massive Digital Overhaul

									by Fintech News Singapore
May 18, 2022

Innovation through new technologies has been a critical driver of change in the banking and financial sector, leading to efficiency gains, better risk management and new revenue streams.
The insurance sector is no exception to such developments, with possibilities of new methods of service provision, opportunities for data collection and fraud detection, as well as the potential to reach uncovered segments.
During Fintech Fireside Asia’s latest panel discussion, C-level executives from multinational insurance firm AXA, Singaporean insurtech startup Bolttech, digital insurer OneDegree technology arm IXT, and cybersecurity technology firm OneSpan, shared their views on the most impactful digital trends affecting the insurance industry and delved into how they believe the sector will look like in the future.
Speakers were unanimous on the need to provide contextually relevant and personalized insurance coverage, highlighting how big the embedded insurance trend has become this past year.

“The biggest trend in the sector is around embedded insurance … and new ecosystem platforms are [leading] incumbents by the nose to innovate and look at the technology capabilities to be able to cater to these kinds of solutions,” Shawn Lau, General Manager for Southeast Asia, IXT by OneDegree, said during the panel discussion.
Shawn Lau, General Manager for Southeast Asia, IXT by OneDegree
One key driver of this trend has been COVID-19, said Sameer Hajarnis, Vice President, Growth and Transformation, OneSpan.
While digital adoption had increased prior to the outbreak, the pandemic has undeniably accelerated that trend, changing customer expectations and transforming the way they purchase insurance.
“People want to transact from the comfort of their house. The model of engaging someone has changed,” Sameer said.
“Especially with the new generations, the Millennials, the Gen Z: they are a digital-first kind of buyers, they are not looking to engage in traditional models as their parents.”
Sameer Hajarnis, Vice President, Growth and Transformation, OneSpan
Data and open APIs as major enablers
For Tomasz Kurczyk, Chief Transformation and Digital Officer, AXA and a committee member at the Singapore Fintech Association, initiatives from government agencies aimed at fostering innovation and competition, like new licensing regimes and open banking frameworks, have been the true enabler of innovation in the insurance space, highlighting the opportunities brought about data sharing and analytics.
“The biggest change for the industry that’s allowed the industry to leap a few steps, is the initiatives pushed by the government to establish open APIs, and data standardization,” Tomasz said.
“This is opening a completely different playbook for players, and is enabling them to innovate around products, distribution, and the protection gap.”
Tomasz Kurczyk, Chief Transformation and Digital Officer
Insurers have historically collected a wealth of data but have been slow to monetize this asset.
But now, with the growth in analytics technologies, the declining cost of computing power and data storage, and the explosion of available customer data, the insurance industry is eagerly seeking to exploit that treasure trove to gain a deeper understanding of their customers, and make use of artificial intelligence (AI)/machine learning (ML) to gain in efficiency.
“The amount of data collected today gives you better insights into the customer journey and if you combine that with AI models, you can do better risk modeling, propensity modeling around this, to come up with something more accurate in terms of product and price, and be more competitive around it,” Sameer said.
“From a risk perspective, … you can do a much better job at staying in good books with the regulators, especially with issues such as money laundering and the financing of terrorism. You are actually in a much better position to handle the constraints that regulators put on you with a digital-only channel than with the traditional route because being able to get that data and be able to scale that at real time is very difficult in a traditional model.”
Untapped opportunities
In Southeast Asia, where insurance penetration is less than 3%, digitalization and data can be great levers for the industry to reduce the protection gap, opening up an entirely new spectrum for insurers to cover risk and providing means to overcome the major obstacles for people and businesses to buy insurance, including affordability and ease of access, said Melissa Wong, Group Chief Product Officer, Bolttech.
Having access to more data means the possibility of greater data analytics and in particular improved predictive analytics. This ultimately leads to better suited pricing to the expected risk, fairer premiums, and, potentially, greater availability of insurance for all consumers.
“We see that people are being dropped all the time and this is a common theme around the world,” Melissa said.
“To me, that’s the biggest gap: that there are people out there seeking and demanding for this service and we can’t, as an industry, meet it. If we are able to leverage and see what people need more effectively, we are able to match to the consumer’s needs.”
Melissa Wong, Group Chief Product Officer, bolttech
The future of insurance agents
While it is a fact that policyholders are interacting more and more in the digital realm, the speakers were undivided on the belief that physical agents won’t be displaced anytime soon, noting that customers still view human touchpoints as more trustworthy when in need.
“Across the board, offline is still here to stay,” Melissa said. “In the US, we’re still seeing a 50% to 60% drop from online to offline … Insurance is a financial product it requires trust, and people still want that human touch.”
Echoing Melissa, Shawn said “digital will never overtake physical agents,” adding that complex products will still require some kind of human intervention to close a sale.
“It will always be a blended approach to make sure that the customers are better served.”
For Tomasz, though insurance agents won’t be going away, their role will change significantly. Digital channels will remain convenience leaders, offering customers quick and 24/7 access to relevant information, but physical agents will evolve into the go-to channel for customers seeking insurance expertise and personalized advice.
“The future physical agent has three roles: one is to be a ‘fin-fluencer’, second is to be a holistic financial advisor and an advisor on the financial well-being of a customer, and the last one is to become an affiliate and monetize all these steps in educating the customer,” Tomasz said.
The road ahead
Speakers concluded that despite recent strides from incumbents to embrace innovation to tackle the protection gap, offer superior customer experiences and improve efficiencies, there were still room for improvement and some challenges to address.
For one, Tomasz highlighted poor data quality, especially when a physical distribution is involved, as a major hurdle compromising not only insurers’ ability to engage meaningfully with customers but also undermining their risk management.
“There’s a legacy of culture, of incentives, as well as big problems coming from change management that impact data quality,” Tomasz said.
“This has a domino effect on how well you will be able to engage, communicate, retain the customer as well as building a strong foundation of understanding. And later on, [this will impact your ability to] … roll out different products, underwrite the risk, cover the new types of risks that you are not covering, and so on.”
There also needs to be a greater focus on retaining existing customers, an area that’s often overshadowed by customer acquisition.
“Customer retention is a big issue, because around 90% of the time and resources are spent on acquiring customers and only 10% on retaining customers,” Tomasz said.
“This is very surprising and strange in a way because, if you look at the profit generation pool, the relationship is inverse: the most of the money is coming from the existing portfolio not from the new customers.”

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Banks in APAC Are Increasingly Turning to Regtech to Tackle Compliance Challenges

									by Fintech News Singapore
May 27, 2022

In Asia-Pacific (APAC), an increasingly complex regulatory environment, changing customer behaviors and the shift to digital channels brought about COVID-19 have introduced new regulatory challenges to banks, forcing the industry to embrace technology to find more efficient ways to comply.
During a recent panel discussion hosted by Fintech News Malaysia chief editor Vincent Fong, C-level compliance executives representing UnionDigital Bank, the digital bank unit of the Philippines’ UnionBank; Mox Bank, one of the Hong Kong’s eight virtual banks; and Wolters Kluwer, a Dutch information services firm, discussed APAC’s changing regulatory environment, highlighting the main drivers pushing banks to innovate and the tools that are being deployed to further operational efficiency in the regulatory reporting process.
COVID-19 has fundamentally changed the way people work and engage with others, bringing the adoption of new technologies at the forefront. This has prompted regulators to introduce new guidelines to address the challenges brought about the accelerated adoption of digital technologies.

“Three years back, before the pandemic, we didn’t think cloud adoption in the financial industry would be this rapid,” said Subbaiyan Vaithinathan, Director, Regulatory Reporting – APAC, Wolters Kluwer. “[During] COVID-19, cloud and software-as-a-service (SaaS) adoption happened so quickly that everything became fast-track by three to five years.”
Subbaiyan Vaithinathan
For Sim Suen, Lead, Regulatory Compliance, Mox Bank, regulators are trying to find a balance between customer protection, and fostering innovation. On one hand, this rapid regulatory response has allowed banks to swiftly deploy digital solutions such as remote onboarding, but on the other, it also has extended to the list of rules banks must obey by, increasing their compliance load.
“The reporting requirement goes along with industry evolvements, and one of the major themes is the increase in usage of Internet banking, and it involves banking services, data, and so on,” Sim said.
“There’s a lot of new tools and new regulation to allow us to onboard customer remotely, do know-your-customer (KYC) checks remotely, and … the monitoring. […] The credit approval process has also seen new processes emerging, and because the risk assessment is changing, the regulator are seeing an increase in technology risks, the use of cloud, and also the operational risk.”
“Because of these changes and [evolving] customer behaviors, the inherent risks of running a bank changes as well. […] In that new environment, a lot of reporting needs to be provided to make sure that we are doing the right things and doing it safely.”
Sim Suen
How banks are using technology in regulatory compliance
The pace of change, coupled with the increase in the complexity of regulatory reporting requirements, mean that banks are facing more and more pressure on their resources and budgets. This problem is further amplified for financial institutions spanning multiple regulatory jurisdictions.
To address this, financial institutions have started embracing technologies including natural language processing (NLP), robotic process automation (RPA) and artificial intelligence (AI), applying these to an array of use cases ranging from KYC and document search, to compliance tasks automation and monitoring.
The goals here are to fill compliance gaps, reduce costs, get ahead of requirements, and detect risk before the regulators do.
“You can use RPA to improve the workflow to make the process more efficient and the quality,” explained Irene Liu, Chief Governance and Reporting Officer, UnionDigital Bank.
“In the backend, there has been an increase in the use of AI … [in] web screening tools to discover new developments coming out before them being announced, as well as technology tools to look at taxonomy for reporting. And once the report has been generated, you also want to look at how you can extract insights. AI and NLP can be used to describe the differences between what you see today, compared to what you saw in the past.”
Irene Liu
But this journey towards greater efficiency starts with having the right data infrastructure in place, the speakers said. However, most banking and financial services organizations still lag behind in data modernization, a delay partly due to risk and finance functions historically relying heavily on people and manual processes to address compliance, an overarching culture that’s reluctant to changes, and legacy limitations.
“When you migrate to new systems, the whole process of migration can be painful. But the counterfactor is to see the outcome and envision what can benefit you,” Sim said.
“But sometimes, the migration process can be really long. That can be a major pain point in modernizing legacy systems and [changing] old ways of doing things.”
Irene, meanwhile, highlighted the “culture on the ground” and “the resistance to change” as one of the biggest challenges for organizations undergoing digital transformation.
“How do you encourage the old generations to onboard to new systems? There’s a lot of suspicious, doubt, reluctance to [embrace] these changes,” Irene said. “People management is also super important because [employees] are fearful of what could happen to their job.”
Towards granular data reporting
But the urgency of data modernization has now reached a new level as regulators across APAC are looking at granular reporting and near real-time data collection.
Granular data breaks data down into the finest, most detailed level that is practical to use. For regulators, this means greater speed and availability, improved surveillance, and flexibility to re-use data to produce different insights.
For financial institutions, benefits include a reduction in duplication in data collection and a reduction in ad-hoc reporting burden, more accurate reporting, and improved capability of real-time analysis and monitoring.
“Granular reporting is gaining a lot of traction,” Subbaiyan said.
“Australia has published a compliance data collection roadmap where they will collect semi aggregated and granular data; similarly, we have a huge transmission program running in Thailand for regulatory data transmission; China is ahead of this and already has granular reporting going in for the last couple of years; and In Hong Kong, pilot is already in advance stage for granular data repository (GDR).”

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InsurTech
Vietnam

bolttech Expands Its Vietnam Footprint With Viettel Telecom Partnership

									by Fintech News Vietnam
May 25, 2022

Insurtech unicorn bolttech announced that it has partnered with Vietnam’s telecommunications network operator Viettel Telecom.

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The partnership launched insurance offerings, powered by bolttech’s insurance exchange platform, on Viettel’s customer app MyViettel.
The offerings include health, travel, home, car, and motorbike insurance products.

bolttech has cooperated with Viettel and reputable insurers to create an insurance ecosystem that offers a range of product options to meet the different needs of Viettel’s customers.
The partnership with Viettel Telecom is another step in bolttech’s partner-led expansion strategy for the market.
bolttech is currently present in 30 markets across 3 continents namely North America, Asia, and Europe.
Ta Chien
Ta Chien, Chief Executive Officer of bolttech Vietnam said,
“Our partnership with Viettel Telecom, a leading telecommunications provider in Vietnam, is an important milestone for bolttech.

By embedding an insurance platform into the Viettel customer experience, we can reach more customers in Vietnam with a choice of insurance to meet their needs and the convenience to access these products in a simple, easy way.”

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Regtech
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FlexM’s Mehek Weldon Wins Innovator of The Year from International Compliance Association

									by Fintech News Singapore
June 1, 2022

Fintech is an increasingly popular industry which is evolving and changing everyday and it is because of this dynamism that the regulatory and compliance structure of fintech has gained paramount importance.
FlexM, an award-winning Fintech-as-a-Service (FaaS) solutions provider through B2B platforms, has received notable appreciation and recognition recently for its innovative technology and solutions.
On the 19th of May, 2022, FlexM’s Global Head of Compliance and Operations, Mehek Weldon, was honored with the prestigious “Innovator of the Year” award hosted by the International Compliance Association, at the Oval, London.
Established in 2002, the International Compliance Association has played a prominent role in regulating and monitoring compliance policies and practices in the financial sector. With the onset of fintech, the responsibilities of ICA have grown tremendously.
Being recognised as the “Innovator of the Year” is an exalted achievement that deserves to be revered. Mehek’s efforts and strategy in this direction has beckoned the judges’ attention and agreement.

Her outstanding ideas about amalgamating the human aspect with compliance had inspired the judges at the ICA. As quoted by the host, the judges had the following to say on Mehek’s winning entry:
“An excellent submission which focuses on the ‘human’ aspect of compliance, good compliance can and should focus on a positive outcome for the client experience. Highly commended.”
At FlexM, Mehek is responsible for designing and implementing compliance policies and operational procedures for the company, in various countries, to comply with the local regulatory and licensing obligations.
She is an ex-banker and has managed high-net-worth banking clients with adherence to bank’s policies and norms. She has been an ex-founder and director of a startup in Singapore. Her entrepreneurial background coupled with her banking experience has helped her develop a unique combination of fintech agility bundled with bank-grade compliance.
Mehek Weldon said,
“I feel extremely honored to receive this prestigious recognition. Innovation is at the heart of everything that we do at FlexM and to be recognised for it by the ICA shows that the compliance culture can be an integral part of any fintech’s business strategy. When organisations allow compliance to take lead in business reengineering then it prepares the entire industry to fight financial crime due to emerging technology disruptions.”
On the ICA awarding Mehek for her wondrous imagination and efforts, FlexM Global’s Executive Chairman and Founder, Rune Nilsson had the following comments:
“FlexM would like to extend its heartiest congratulations to Mehek on achieving such an honor. Mehek’s determination and persevered efforts have brought her well-deserved recognition. Therefore, it is no wonder that the company is progressing to greater heights under her leadership.
It is an extremely proud moment for the entire company and Mehek’s achievements have inevitably fueled the company’s motivation even further. We wish the company even greater success!”
Incorporated in 2015, FlexM’s operations and role in the fintech industry has broadened and branched into various segments since then. What started as a company solving financial inclusion and banking the unbanked through digital banking and e-remittance has transformed into a platform that now powers other businesses to launch their own fintech use cases.
Being a new-age digital bank, transforming a traditional money transfer business, embedding payments in an existing distribution model or taking your new startup idea to market; FlexM’s modular platform helps financial institutions and businesses to build and scale their unique fintech use-case, with lower investment and time to market.
Initially setup in Singapore and regulated by the Monetary Authority of Singapore (MAS), FlexM has rapidly augmented its global presence by starting operations in India, Canada, the Philippines, Norway and now Bangladesh.
After the success of FlexBank and FlexRemit platforms, which today power over 400 businesses and financial institutions globally, FlexM has now launched their newest product FlexComply which is an all-in-one compliance and risk management system that enables banks, MSBs and other regulated entities to manage and automate their compliance workflows.
A majority of FlexM clients are financial institutions and hence compliance forms a critical part of the solutions these clients use. This is where FlexM excels and this award truly corroborates it.
With Mehek’s incredible contribution getting recognised by the ICA, it leaves minimal doubts about innovation and compliance coalescing together to enhance the industry. The potential of growth of fintech is immense, which only suggests an unending resultant growth of the importance of compliance.

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