Regtech
Sponsored Press Release

Know Your Customer Celebrates Double Client Win With Volopay and Coda Payments

									by Fintech News Singapore
April 12, 2023

Regtech provider Know Your Customer announced that it has formed two new partnerships in Singapore with Volopay and Coda Payments.
Know Your Customer’s innovative compliance platform will streamline client onboarding and periodic review tasks for both clients, delivering a more seamless due diligence experience to their vast pool of SME and corporate clients.
Founded in 2020 in Singapore, Volopay offers corporate cards as well as receivable and payable management software in order to help businesses streamline approvals and expense workflows, lending complete control and visibility over their expenses. Since then, Volopay has expanded globally to Australia, Indonesia, and India as well.
Meanwhile, Coda Payments is a provider of secure, cross-border monetisation solutions for digital products and services. Founded in 2011 and headquartered in Singapore, the company helps digital content publishers, including some of the biggest names in gaming such as Activision Blizzard, Riot Games and Tencent, unlock new revenue for their games, apps, and services in more than 60 markets worldwide.

Claus Christensen
Claus Christensen, CEO of Know Your Customer commented,
“In a constant effort to lower the cost of compliance and provide access to essential payment services to SMEs and entrepreneurs, more and more fintech companies are turning to regtech providers to help them achieve this goal in a shorter timeframe.

We are proud that both Volopay and Coda Payments have chosen to partner with Know Your Customer to bring to life their ambitious vision for seamless onboarding and periodic reviews and we look forward to working with them to deliver the best possible experience to their vast range of local and international clients.”
Rohit Bhageria
Rohit Bhageria, Founding Member at Volopay added,
“We at Volopay were looking for a comprehensive Identification and Verification software suite coupled with strong watchlist management and enhanced security features, and we have found that Know Your Customer checks all the boxes of our requirements.”
Abhi Sharma
Abhi Sharma, Chief Financial Officer at Coda Payments said,
“At Coda Payments, we’ve always been a solution-focused company that is constantly looking for ways to improve productivity and strengthen our compliance commitments.

We’re confident that our partnership with Know Your Customer will allow us to do exactly that, and look forward to working together to streamline our compliance processes and boost efficiencies across the business.”

Know Your Customer said that the double client win comes at a time where the digital payments industry in Southeast Asia is experiencing unprecedented growth and is expected to reach US$ 1.5 trillion by 2030.
In this environment, the next frontier of innovation is to provide financial services to entrepreneurs, SMEs and corporates in a seamless way, similar to what has now become the standard for consumers.
To support payment providers in their dual objective of seamless onboarding and iron-clad compliance, Know Your Customer has developed a highly modular compliance platform that supports clients’ need for cross-border verification and Know Your Business (KYB) automation.
By providing live access to company registries in 127 countries worldwide and an end-to-end digital compliance platform, Know Your Customer empowers fintech businesses to safely onboard clients across borders, unravel complex company structure charts and constantly stay in control of their regulatory obligations through automated periodic reviews.
Both client wins were celebrated during an official signing ceremony hosted at the Tower Club Singapore, organised in partnership with the Ireland Ambassador to Singapore and Enterprise Ireland.

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InsurTech

FWD Singapore Adds Cyber Fraud Coverage to Its Home Insurance

									by Fintech News Singapore
April 18, 2023

Pan-Asian insurance company FWD Singapore announced the expansion of its home insurance coverage by protecting homeowners from cyber fraud through its complimentary FWD Cyber insurance.
Customers who now purchase or renew FWD Home insurance will receive the complimentary FWD Cyber insurance which is available for twelve months and covers online shopping fraud and fraudulent electronic transfers.
FWD Cyber insurance provides coverage for some of the most common scams; up to S$5,000 in coverage for financial loss arising directly from an online marketplace fraud; and up to S$5,000 in coverage for financial loss to customers’ bank accounts or digital wallets arising directly from a cyber event.
The FWD Cyber insurance covers the person, instead of the device, which means that customers are financially protected regardless of what devices they use.

Upon purchasing or renewing FWD Home insurance, customers will receive their FWD Cyber insurance redemption email within a few days. The customer can then go onto the FWD SG mobile app to complete the redemption.
Adrian Vincent
“Having a peace of mind at home is more than just protecting the physical contents in one’s home, it should also include cyber protection for other activities such as online shopping purchases and electronic transactions.

FWD is committed to meeting the customers’ evolving needs and ensuring that our customer’s ‘home’ is fully protected. We believe it’s crucial for people to protect themselves from potential financial impact resulting from cyber fraud,”
said Adrian Vincent, CEO of FWD Singapore.

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Events
InsurTech
Sponsored Post

Asia’s Insurance Leaders Set to Gather at InsureTech Connect Asia in Singapore

									by Fintech News Singapore
April 25, 2023

The second annual InsureTech Connect Asia will take place in Singapore from 30 May to 1 June 2023 where insurance industry leaders, professionals, and insurtech providers from across Asia and beyond will convene to share their successes, strategies, and plans for the future of insurance.
The event will kick off with an opening keynote by Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore (MAS). Mohanty will share his vision of the future of fintech and its impact on the insurance industry.
Following the opening keynote, there will be a keynote panel on “Developing a Future Proofed Workforce.” The panel will be moderated by Simon Phipps, and will feature Peta Latimer, CEO of Mercer Singapore, Clemens Philippi, CEO Asia of MSIG, and Rishi Srivastava, CEO – Group Agency Distribution of AIA. The panelists will discuss how to develop a workforce that is equipped to tackle the challenges of a rapidly evolving industry.
They will be joined by over 200 leaders representing insurance companies, investors and insurtechs across Asia sharing their insights as they take the stage with interactive panel discussions over the three days.
Alongside the conference, over 100 insurtech solution providers, including Income, Aon, Munich Re, Swiss Re and more will be on-floor to showcase how they are transforming the insurance industry in Asia.
Additionally, the exhibition will also witness insurtech startups across the region compete in the ITC Asia Awards finals and the Pitch Competition hosted by Lloyd’s Labs.
Tricia Wong
“We are thrilled to have such esteemed experts and executives from the insurance world joining us for this event.

Their insights and experiences will provide attendees with a comprehensive understanding of the key issues and opportunities facing the industry, and how to prepare for the future.”
said Tricia Wong, Director of InsureTech Connect Asia.
Founded in 2016, ITC has established itself as one of the biggest insurtech event in its US location in Vegas and has launched a new venture in APAC with ITC Asia in Singapore. ITC has been attended by over 25,000 people from 65+ countries.
The InsureTech Connect Asia 2023 will take place at Sands Expo & Convention Centre in Singapore from 30 May to 1 June 2023. Fintech News Network readers will be entitled to an exclusive discount with the promo code – ‘FNN200’. Find out more information or register for the event here.

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InsurTech

Prudential Singapore Officially Launches Its New Financial Advisory Arm

									by Fintech News Singapore
April 20, 2023

Life insurer Prudential Singapore announced the official launch of its new new financial advisory firm which will enable it to offer a wider range of insurance products including general insurance and wealth solutions.
Through the new Prudential Financial Advisers (PFA), customers will now also have access to travel insurance and motor insurance and wealth solutions such as unit trusts.
This is in addition to Prudential’s core solutions in whole and term life, health, savings, retirement and group insurance.
On top of that, customers can also access complementary solutions and auxiliary services provided by PFA’s partners including estate planning, family office and tax advisory.

With the addition of PFA, Prudential’s distribution ecosystem has expanded to include its tied agency which has more than 5,000 financial consultants who distribute its protection, savings and investment products.
Additionally, Prudential’s works closely with its exclusive bancassurance partners UOB and Standard Chartered to develop and deliver innovative insurance solutions to customers.
The insurer also offers PRUShield and microinsurance plans on its digital health and wellness app ‘Pulse by Prudential’.
The new financial advisory firm will be led by Bernard Chai, an industry veteran of more than 40 years and almost two decades of it was with Prudential.
Bernard Chai
Bernard Chai, CEO of Prudential Financial Advisers said,
“We bring the best of both worlds to our customers – Prudential’s life insurance offerings as well as general insurance and wealth management solutions from our partners.

In this way, we help them to address their healthcare needs, as well as to protect and grow their wealth, so that they can better plan for their retirement.”
Dennis Tan
Dennis Tan, CEO of Prudential Singapore said,
“We are excited to launch Prudential Financial Advisers as it adds to the breadth and depth of our offerings to address people’s enhanced needs for financial security and healthcare at every stage of their life.

The new entity will also strengthen our distribution network as we continue to grow our agency of more than 5,000 financial consultants, to serve the needs of all individuals.”

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Crypto
Digital Assets

Bitcoin Poised to Reach US$100,000 by End-2024, Says StanChart Researcher

									by Fintech News Singapore
April 25, 2023

Bitcoin is likely to reach US$100,000 by the end of next year in a sign that the crypto winter might be waning, according to lead researcher at Standard Chartered, Geoff Kendrick in a note on April 24.
As the bank’s Head of Crypto Research and Western Emerging Markets Forex Research, Kendrick believes that the recent banking sector crisis has helped to re-establish Bitcoin’s core use case as a decentralised, trustless and scarce digital asset. In addition, Kendrick says that troubles faced by stablecoins have aided Bitcoin in regaining its reputation as “digital gold”.
For instance, the USD Coin (USDC) was temporarily de-pegged as Circle, its issuer, held US$3.3 billion with Silicon Valley Bank (SVB), which was triggered by a bank run and had to be bailed out. Earlier in May 2022, the collapse of Terra/Luna resulted in the de-pegging of the Tether (USDT) stablecoin.
Geoffrey Kendrick
“Against this backdrop, Bitcoin has benefited from its status as a branded safe haven, a perceived relative store of value and a means of remittance,”
said Kendrick in his note.

Kendrick expects Bitcoin’s share of the total digital assets market cap to keep rising, most likely back to the 50-60% range, from 40% before the SVB collapse and 45% currently.
Following the SVB incident, Bitcoin surged from below US$20,000 to above US$30,000, increasing the profitability of Bitcoin mining companies, which Standard Chartered estimates are incurring costs of around US$15,000. The broader macro backdrop for risky assets is also gradually improving as the US Fed nears the end of its tightening cycle.
Kendrick believes that while Bitcoin can trade well when risky assets suffer, correlations to the Nasdaq suggest that it should trade better if risky assets improve broadly.
Looking ahead, Kendrick notes that the next Bitcoin halving is due around April to May 2024. Previous halvings have had a successively smaller impact on Bitcoin prices, but prices have bounced around each halving. Kendrick reasons that this should add a “cyclical tailwind to the structural positives at play”.
“Further positive regulatory steps in the US and UK are also likely. While sources of uncertainty remain, we think the pathway to the US$100,000 level is becoming clearer.”
the research head noted.

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Regtech

Fenergo Makes New C-Suite Hires to Fuel Global Expansion Plans

									by Fintech News Singapore
April 26, 2023

Regtech firm Fenergo has made three new appointments for its C-suite; Chris Zingo as Chief Revenue Officer (CRO), Conor Clinch as Chief Financial Officer (CFO), and Stephanie White as Chief People Officer (CPO).
Fenergo is a provider of digital solutions for Know Your Customer (KYC), Transaction Monitoring and Client Lifecycle Management (CLM).
Chris Zingo
With more than two decades of experience, Chris Zingo has experience in transforming go-to-market (GTM) operations and steering firms through growth stages from startup to private equity through to exit.
Before joining Fenergo, Chris spearheaded the merger of Misys and D&H and the subsequent rebrand to Finastra, where he held the role of CRO.

At Fenergo, Zingo has opened the company’s new Miami, Florida, office. His focus is on accelerating Fenergo’s global GTM transformation and defining the strategy, target operating model, and ability to expand routes to markets.
Conor Clinch
Conor Clinch brings over 15 years’ experience as a senior finance leader in high growth tech companies. Clinch spent his early career at PwC before joining ION.
At ION, he held various roles, including Global Head of Sales Operations and Group CFO in a period driven by both organic growth and acquisitions.
During that time, he worked closely with the founder, management, and private equity investors to build strong teams, processes, and systems.
As Fenergo’s CFO, Clinch will contribute to the development of company strategy, as well as provide strategic financial guidance.

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Indonesia
Regtech
Sponsored Post

TOPPAN IDGATE Offers Highly Secure Authentication for Digital Banking

									by Fintech News Singapore
May 9, 2023

Digital technology is increasingly transforming financial services. In the era of mobile devices, digital services through mobile apps have become part of our daily lives. The question now is whether one can trust the system to manage their assets and money via virtual services?
With a zero trust architecture, the internet is never trusted, and digital financial services aim to always verify and authenticate information. Authentication is the most significant element of a digital service structure.

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TOPPAN IDGATE, a Taiwan-based company, joined the TOPPAN group in 2020 and has focused on digital identity authentication for more than 10 years.

Part of the company’s solutions is the unique mobile device binding technology which is a patented push notification mechanism and high-secure face recognition technology.
TOPPAN IDGATE provides digital identity lifecycle management solutions for digital banking services from enrollment and registration to authentication, even for device changes. This is to support device rebinding via biometrics.
TOPPAN IDGATE holds more than 70% market share of Taiwan’s digital banking market

TOPPAN IDGATE has been adopted by more than 70% of digital and virtual banks in the Taiwanese market. In addition, it has been applied to numerous banks in Hong Kong and Southeast Asian (SEA) countries.
By using device-binding technology, TOPPAN IDGATE provides safe and user-friendly multi-factor authentication solutions. Today, the company has more than a million banking customers’ records, which demonstrates IDGATE’s reliability and compatibility.
Offering a highly secure authentication method
In the past, an OTP (One-Time Password) was used to authorise a digital transaction, such as SMS OTP or hardware tokens. However, SMS OTPs are a cybersecurity risk as hackers can forward the codes easily by implanting malicious apps on users’ devices.
Financial institutions pay a great deal of attention to this threat. In terms of hardware tokens, there is no doubt that they are relatively safe, but they are expensive and difficult to store and manage.
For example, Bank Negara Malaysia (BNM) had announced plans to implement five additional measures to combat rising financial scams. The most significant measure will be the migration of SMS One-Time Passwords (OTPs) to more secure authentication.
Other measures include tightening fraud detection rules. Among the new rules are a cooling-off period that will be observed for first-time online enrolments, customers being restricted to one mobile or secure device for authentication as well as the setup of dedicated hotlines by financial institutions for customers to report financial scams incidents.
In light of the above measures, the adoption of more secure methods is expected to be on the rise as there will be a need for a connection between users and their mobile devices for digital identity verifications.
TOPPAN IDGATE develops its own biometric face recognition ‘iDenFace’

TOPPAN IDGATE’s FIDO-certified device binding solution iDenKey is based on regulation-compliant authentication technology. With iDenKey, mobile devices can be used as a strong authentication system for mobile apps, using a risk-based authentication method.
iDenKey supports multi-factor authentication by risk level, including biometric face recognition. TOPPAN IDGATE had developed its own technology referred to as iDenFace, ranked Top 12 by NIST Face Recognition Vendor Test (FRVT), a benchmark evaluating facial recognition algorithms, in 2021.
To support more banking customers in the SEA market, TOPPAN IDGATE aims to draw on its successful experience and reliable cases.
IDGATE has expanded into the SEA market since 2019 and currently has several reference cases in Singapore, Indonesia, Malaysia, Vietnam, and Cambodia as a result.
Learn more about TOPPAN IDGATE here.

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Payments
Regtech

Choco Up Partners Know Your Customer to Accelerate e-KYC for Capital Financing

									by Fintech News Singapore
May 15, 2023

Regtech provider Know Your Customer announced that it has partnered with Choco Up, a revenue-based financing platform with offices in Singapore and Hong Kong.
Through this partnership, Choco Up will be able to streamline client verification and accelerate access to capital financing for e-commerce businesses worldwide.
Know Your Customer offers flexible and scalable Modular Compliance solutions to simplify and automate client onboarding and periodic reviews.
Its platform features real-time connections to company registries in 127 countries, AI-based extraction of company and shareholder information from official company documents, live mapping of Ultimate Beneficial Owners across borders and periodic review automation.

Choco Up’s zero-equity revenue-based financing has a flexible repayment mechanism. By partnering with Know Your Customer, Choco Up would be able to safely accelerate client verification and business KYC procedures.
Brian Tsang
“Our partnership with Know Your Customer is critical to provide flexible, non-dilutive growth capital to our clients in as little as 48 hours, in some cases with instant KYB/KYC verification.

By leveraging Know Your Customer’s automation capabilities and unparalleled live registry access for our compliance operations, we can provide a market-leading and fully streamlined onboarding experience to e-commerce businesses worldwide.”
said Brian Tsang, Co-founder and COO of Choco Up.
Claus Christensen
“A solid digital client onboarding process is a crucial first step for any financial institution looking to offer fast access to capital and services.

We are very proud of the part our technology plays in helping Choco Up deliver fully compliant onboarding and provide vital funding to entrepreneurs and startups globally.”
said Claus Christensen, CEO & Co-Founder at Know Your Customer.

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Open Banking
Personal Finance Mgt (PFM)

How SGFinDex Drives Digital Transformation in Singapore’s Financial Sector

									by Rebecca Oi
May 18, 2023

In a progressively digital world, the essence of open banking has found its way to the heart of Singapore’s financial ecosystem with the introduction of the Singapore Financial Data Exchange (SGFinDEx).
This innovative data-sharing platform serves as a transformative tool, enabling consumers to have a comprehensive, consolidated view of their financial portfolio across different platforms.
This approach not only empowers consumers with a deeper understanding of their financial health, but also heralds a new era of digital transformation in the financial services sector.
By enabling data-driven solutions, it caters to a broad spectrum of consumer needs and preferences, paving the way for a more personalized and efficient financial management landscape.

The power of SGFinDEx: Efficiency, Security, Convenience, Empowerment
Developed by the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG), with support from the Ministry of Manpower (MOM), SGFinDEx exemplifies Singapore’s commitment to digital innovation and empowering consumers in the financial sector.
SGFinDEx represents an efficient, standardized solution, utilizing a centralized gateway for data sharing based on common data and Application Programming Interface (API) standards.
One of its key advantages is the secure infrastructure it operates on, utilizing Singpass, Singapore’s national digital identity, authentication, and a robust consent framework.
By harnessing Singpass, SGFinDEx delivers a seamless, reliable, and user-friendly platform for individuals to manage their financial affairs.
The core of this transformation lies in its ability to provide heightened financial transparency, enabling individuals to make informed choices and strategically plan for their financial future.
Image: Straits Times
Through SGFinDEx, consumers can access various financial planning tools, offering bespoke insights and recommendations based on their financial data.
This, in turn, fosters digital transformation and innovation in the financial services sector, enabling data-driven solutions that cater to a broad spectrum of consumer preferences and needs.
The platform allows customers to securely share their banking data with third-party entities, including other banks or financial planning apps, effectively consolidating their financial information across different platforms.
To ensure data privacy, the transmitted data is encrypted, and only authorized financial planning apps can decrypt it. SGFinDEx itself does not store any personal financial data, assuring users of its commitment to safeguarding their privacy.
At the heart of SGFinDEx is convenience. Gone are the days of juggling multiple platforms and logging in and out of various accounts.
SGFinDEx simplifies the process by providing a single access point to consolidate financial information, resulting in a streamlined and efficient user experience.
Challenges and opportunities with SGFinDEx
Despite its immense potential, SGFinDEx faces several challenges that must be addressed to reach its full potential.
These include raising awareness about its benefits, educating consumers about data privacy and security, and encouraging sharing of financial data with authorized financial planning apps.
It also requires collaboration and coordination among multiple stakeholders, including government agencies, financial institutions, and fintech firms, to align with common goals, standards, and governance.
Yet, these challenges also present opportunities. By providing fintech firms access to rich and comprehensive financial data, SGFinDEx can help them develop personalized products and services for consumers. It also paves the way for collaboration on innovative solutions and enhances consumer choice and convenience through its connectivity with various financial planning apps.
SGFinDEx and fintech: A symbiotic relationship
SGFinDEx not only empowers consumers but also creates opportunities for fintech firms to thrive. With access to a vast pool of financial data, these firms can develop highly personalized, relevant, value-added products and services.
This, in turn, paves the way for collaboration between fintech firms, financial institutions, and government agencies, ultimately fostering innovation and offering consumers an expanded range of choices.
A prime example of SGFinDEx in action can be seen through the integration of various financial planning apps.
Prominent apps such as DBS NAV Planner and OCBC Your Financial OneView have harnessed the power of SGFinDEx to provide users with comprehensive financial overviews and actionable insights.
Additionally, popular personal finance apps like Planner Bee and Seedly have also joined the SGFinDEx ecosystem, offering users a holistic view of their financial status and providing valuable resources for effective financial planning.
Through SGFinDEx, these apps are crucial in empowering users to take charge of their financial well-being.
By consolidating data from multiple sources, individuals can understand their financial landscape holistically, allowing for informed decision-making and more effective financial planning.
Furthermore, these financial planning apps leverage the power of SGFinDEx to go beyond basic financial tracking.
They provide users with actionable insights and recommendations tailored to their financial situations. Whether it’s budgeting, retirement planning, or investment strategies, these apps offer personalized guidance based on the comprehensive financial data available through SGFinDEx.
How Singapore compares to its neighbours?
Like Singapore’s SGFinDEx, both Hong Kong and Malaysia have embraced open banking initiatives, each adopting unique strategies and stages of implementation.
In Singapore and Malaysia, a voluntary model for banks has been employed, fostering a competitive and innovative banking sector in both countries.
Hong Kong’s open banking system, regulated by the Hong Kong Monetary Authority (HKMA), operates via a phased approach. It relies on the iAM Smart digital identity system for secure authentication and data protection, similar to Singpass in Singapore.

However, unlike Singapore’s market-led approach with government support, Hong Kong’s system is more regulatory-driven. The HKMA has issued a four-phased progressive implementation approach for the Open API Framework with non-mandatory deadlines to encourage banks’ adoption of open APIs.
In contrast, Malaysia’s open banking landscape is in its nascent stage and more market-driven, akin to Singapore’s strategy. Malaysia’s initiatives focus primarily on open data APIs, granting access to non-sensitive information.
However, the absence of a clear regulatory framework poses challenges. Efforts are underway to establish a framework, potentially enabling a more comprehensive range of financial services, paralleling Singapore’s SGFinDEx.
The road ahead for SGFinDEx
In essence, SGFinDEx is an example of how Singapore is leading the way in leveraging open banking to empower consumers.
Its secure, efficient, standardized system provides a model from which other countries can learn. As consumer awareness grows and more services integrate with it, SGFinDEx is poised to revolutionize the financial sector in Singapore and potentially worldwide.
By fostering innovation and collaboration among stakeholders and by offering solutions that cater to diverse consumer needs, SGFinDEx exemplifies the transformative power of open banking.
It is a testament to Singapore’s commitment to harnessing technology to improve the lives of its citizens and the efficiency of its financial sector.

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Funding
InsurTech

bolttech Now Valued at US$1.6 Billion With US$196 Million Series B

									by Fintech News Singapore
May 18, 2023

Singapore-based insurtech firm bolttech has raised US$196 million during its Series B fundraise led by Japan’s Tokio Marine with a valuation of US$1.6 billion.
The firm had shared the announcement back in October 2022 that Tokio Marine will be leading its Series B but did not disclose the sum at that time.
Other key investors include global life insurance giant MetLife through its subsidiary MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund Khazanah Nasional, as well as new and existing shareholders.
bolttech said that it will use the proceeds to further fuel its growth through investments in proprietary technology, digital capabilities for business partners and end consumers as well as talent across its 30+ markets.

In addition to that, the funds will also be used to explore opportunities to accelerate its international growth.
Launched in 2020 with a B2B2C model, bolttech has licenses to operate throughout Asia, Europe and all 50 U.S. states with an ecosystem that connects 700 distribution partners with more than 230 insurance providers and offers in excess of 6,000 product variations.
The insurtech claims to have quoted approximately US$55 billion worth of annualised premiums.
Rob Schimek
Rob Schimek, Group Chief Executive Officer of bolttech said,
“We are now one of the fastest growing insurtechs in the world, enabling our partners to find new revenue streams, accelerate their digital transformation, and deepen their customer relationships.

We thank all our Series B investors for their support, and we are excited to welcome our new investors, reputable leaders in their respective spaces, and look forward to strong partnerships that will fuel bolttech’s continued growth on our path to profitability in 2024.”

Featured image credit: Rob Schimek, Group Chief Executive Officer of bolttech

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InsurTech
Malaysia

Malaysian Startup Wants to Improve Road Safety

									by Fintech News Singapore
December 12, 2016

120   3

“I always been passionate of improving road safety and we were thrust into action by the tragic death of a schoolmate earlier this year. My friend and his brother were killed in a road accident, and I still remember how inconsolable the mother was when burying her two sons. Malaysia has an average of more than 6,800 deaths caused by road accidents from 455,000 accidents each year – statistics by Malaysian Institute of Road Safety Research (MIROS).” said Koh Mui Han, CEO of DraVA
“Shanmuga Pillaiyan (DraVA CTO) and I came together to develop an app to provide insights to drivers on their own driving behavior. This was based on our belief that people can’t improve if they don’t know what they are doing wrong. In the corporate world, we always have this saying, “you can only control what you measure”.
Koh Mui Han, CEO of DraVA and Shanmuga Pillaiyan, CTO of DraVA
DraVA app will be able to detect and record dangerous driving behaviors such as exceeding speed limits, hard breaking, abrupt swerving and etc. The system also analyses driving habits such as usual routes taken and driving time to assess risky driving habits. All these data are then consolidated into the DraVA Safety Score, which indicates how safe a person drives.
DRaVA’s key technology lies in the proprietary machine learning algorithms developed to accurately detect drivers’ behavior. The robustness of this technology allows DraVA to be fully app based as compared to other competitors who rely on hardware devices. Special attention was also given to the user interface design to make it as user friendly as possible.

A primary target market for DraVA would be parents with teenage drivers. The app has a mentor-mentee function where by parents can monitor the driving habits of their teenage drivers. With factual data, parents can coach their children to become safer drivers early on, so that safe driving habits are inculcated.
In September 2016, DraVa participated in the Malaysian Digital Economy Corporation (MDEC) Fintech Bootcamp that was jointly organized by i-Train (M) Sdn. Bhd. They are amongst the 20 finalists selected to showcase our startups at the upcoming Fintech Bootcamp Demo Day on 15th December 2016. The Fintech Bootcamp presented DraVA with great networking opportunities with other budding fintech startups in Malaysia and industry experts from the region.

The next step for DraVA is to launch our first release on Google Play Store in January 2017. This will be followed by our nationwide road safety awareness campaigns. We are currently seeking corporate partners that would like to champion road safety as part of their Corporate Social Responsibility (CSR) program.
DraVA plans to market customized motor insurance policies by mid 2017, so that they can incentivize their users for their safe driving behaviours. They are also seeking partnership with Malaysian insurance companies to develop custom auto insurance policies utilizing the DraVA Safety Score.
“DraVA’s vision is to improve road safety by leveraging cutting edge technology and rewarding safe drivers with lower automobile insurance premiums. Safer drivers should pay less for insurance premiums!”

Featured Image via pixabay

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InsurTech
Thailand

AXA Thailand Taps CoverGo to Expedite Health Claims Processes

									by Fintech News Singapore
May 24, 2023

AXA Insurance Thailand has partnered with insurtech firm CoverGo to enhance its health claims processes and elevate its customer experience.
CoverGo’s platform will improve the efficiency of AXA’s health insurance services with its modular architecture which provides insurers with flexibility within existing systems. It can also be easily scaled into a full-fledged health core insurance system.

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Furthermore, its claims module enables digital claims submission and adjudication, resulting in faster payments.
The platform’s digital claims handling and processing will also reduce fraud, waste, and abuse, and create opportunities for up-selling and cross-selling various AXA products.

Claude Seigne
Claude Seigne, the CEO of AXA Thailand General Insurance said,
“This collaboration is a pivotal strategy for AXA. It helps streamline and expedite the coordination process with hospitals, significantly reducing the time required to handle various documents for quicker and higher-quality treatment for individuals in need.

This partnership further solidifies AXA’s global leadership in the insurance industry by continuously offering the finest products and services to our valued customers.”
Tomas Holub
Tomas Holub, Founder & CEO of CoverGo said:
“AXA has shown a clear commitment to digitising and streamlining its health insurance ecosystem in an efficient and scalable way using CoverGo’s cutting-edge no-code insurance platform.

It’s also a validation of CoverGo’s health insurance capabilities, with leading health insurers across the globe adopting our platform. We look forward to growing our collaboration with AXA across many products and markets.”

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InsurTech
Virtual Banking

Trust Bank Offers In-App Travel Insurance by Income

									by Fintech News Singapore
May 29, 2023

Singapore’s Trust Bank announced that its customers are now able to purchase affordable travel insurance by Income Insurance within its app which takes about a minute to complete.
This latest launch combined with Trust Bank’s card with zero FX fees aims to boost its customers travel experience.
Tiffany Teo, Head of Bancassurance at Trust said,
“We’ve rolled out many innovations since September and we are delighted to launch fast and seamless digital travel insurance for our customers. Combined with our fee-free FX, this makes Trust your go-to travel partner this holiday season”
Since its launch in September 2022, Trust bank has introduced its reimagined Performance Financial Management solution Budget Buddies and supplementary credit card where the application process is fully digital.

The bank said that it will continue to grow its range of products and features this year including personal loans, savings pots, GIRO payments and a greater range of self-serve features.
Having chalked up over 500,000 users in the first 200 days since its launch, Trust now has deposit balances of over S$1 billion with over 1.7 million digital coupons redeemed from the FairPrice ecosystem and from its wide range of partners.
Dwaipayan Sadhu
Dwaipayan Sadhu, CEO of Trust said,
“We have only just begun but we have bold ambitions. We want to become the fourth largest retail bank in Singapore by the end of next year and to break even in 2025.

To do this, we will continue to build for what our customers tell us is important and what makes a difference to their everyday needs.”

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Crypto
Digital Assets

Crypto.com Secures License for Digital Payment Token Services in Singapore

									by Fintech News Singapore
June 1, 2023

Crypto.com, a leading cryptocurrency platform, has announced that it has been granted the Major Payment Institution (MPI) license for Digital Payment Token (DPT) services by the Monetary Authority of Singapore (MAS).
This development follows Crypto.com’s previous in-principle approval from MAS in June 2022. The issuance of this license enables Crypto.com to continue offering its Digital Payment Token services to customers in Singapore.

Kris Marszalek
Kris Marszalek, the CEO of Crypto.com, expressed his satisfaction with the recognition received from the globally renowned regulator, the Monetary Authority of Singapore. Kris highlighted the regulator’s dedication to responsible innovation within the digital assets sector. He stated,
“We are proud to receive the license from a regulator that places a high emphasis on consumer protection, safety, and security. We eagerly anticipate maintaining our collaboration with MAS and leading the way in the crypto industry within our home market of Singapore.”
Chin Tah Ang
Chin Tah Ang, the General Manager of Crypto.com in Singapore, emphasised the city-state’s role as a thriving hub for blockchain and fintech innovation. He said,
“The Major Payment Institution licence underscores our ongoing commitment to build with the Web3 community in Singapore.”
In recent months, Crypto.com has achieved several significant license approvals. Notably, in November 2022, the platform received approval for another MPI license from MAS, allowing it to provide services such as e-money issuance, account issuance, cross-border and domestic money transfers in Singapore.
Crypto.com’s latest license acquisition solidifies its position within the cryptocurrency ecosystem in Singapore, bolstering its ability to offer a broader range of services to customers in Singapore.

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InsurTech
Top Picks

Insurtech Powerhouses: Meet ASEAN’s Top 10 Funded Companies

									by Rebecca Oi
June 14, 2023

The global insurtech market is rapidly changing as startups and new technologies revolutionise the traditional insurance industry. The ASEAN region is a fertile ground for insurtech companies, driving advancements and reshaping insurance delivery.
Projections suggest the global insurtech market will reach US$114 billion by 2030, with a CAGR of 46.10 percent. ASEAN is crucial in this growth, with many startups leveraging the region’s market potential and technology.
However, insurtech funding in 2023 has declined compared to the previous year. From January to May 2023, insurtech companies raised US$1.05 billion in equity funding across 67 rounds, a 76.29 percent drop from the same period in 2022.
Nevertheless, the insurtech landscape in ASEAN remains vibrant. With the Asia Pacific region’s insurance market projected to triple by 2029, ASEAN insurtech companies have immense potential to capture market share.

Consumer behaviour in ASEAN countries supports insurtech disruption. A recent survey showed interest in bank-embedded insurance, and e-commerce and travel platforms are popular for purchasing insurance.
This article highlights the top-funded ASEAN insurtech companies based on their funding and growth. Despite temporary funding fluctuations, these companies are making a significant impact and shaping the future of insurance in ASEAN and beyond.

bolttech (Singapore) – Funding: US$443.2 million

bolttech is a Singapore-based platform that connects insurers, distributors, retailers, and customers, streamlining the process of buying and selling protection and insurance products. In its recent Series B funding round, bolttech raised US$196 million, bringing its total valuation to US$1.6 billion. This achievement marks the most significant straight equity Series B funding for an insurtech company in the past year, highlighting bolttech’s potential and growth prospects.
Tokio Marine, a renowned insurance company, led the funding round, demonstrating the industry’s recognition of bolttech’s disruptive capabilities. Key investors such as MetLife through its subsidiary MetLife Next Gen Ventures and Malaysian sovereign wealth fund Khazanah Nasional also participated in the funding round, along with new and existing shareholders.
Oona Insurance (Singapore) – Funding: US$350 million

Oona Insurance has successfully raised US$350 million in funding, with their most recent funding round being a Series A round held on October 2022. This significant round was led by Warburg Pincus.
The company is headquartered in Singapore and operates in Indonesia and the Philippines, where it has acquired and rebranded two local insurance companies: Asuransi Bina Dana Arta and Mapfre Insular Insurance Corporation.
Oona Insurance aims to leverage technology to simplify the insurance process, improve customer experience, and enhance transparency. The platform will offer digital claims processing, policy management, and customer service, enabling customers to access insurance products and services anytime and anywhere.
Singlife (Singapore): Funding US$153 million

Singlife shared that it has accumulated significant funding through six successful funding rounds, totalling US$153 million. However, it is important to note that this reported figure does not align with information available on public sources such as CrunchBase.
This figure excludes the groundbreaking US$3.2 billion merger with Aviva Singapore, culminating in the formation of a new entity known as Aviva Singlife.
This merger, finalised in November 2020, not only marked the largest insurance deal in Singapore but also ranked among the most substantial transactions in Southeast Asia.
Qoala (Indonesia) – Funding: US$89 million

Qoala, an Indonesian digital insurance platform, focuses on offering microinsurance products for travel, vehicles, education, and e-commerce. Leveraging data and machine learning, Qoala automates claims processing and detects fraudulent activities.
In its Series B+ funding round, Qoala raised US$7.5 million, led by responsAbility Investments AG, with participation from Appworks and existing investors. The funding will enable Qoala to expand its product offerings and geographic reach, addressing the challenges of insurance accessibility and affordability in emerging Southeast Asian markets. Qoala had previously raised US$ 65 million in a Series B round in May 2022.
Sunday (Thailand) – Funding: US$75 million

Sunday has successfully raised a total of US$75 million in funding across four rounds. The latest funding will drive accelerated growth, facilitating expansion into new markets and the development of innovative products and services.
Notable investors include Quona Capital, SCB 10X, Vertex Ventures Southeast Asia & India, Granite Oak Capital, Vertex Growth, and Tencent.
Founded in 2017 and headquartered in Bangkok, Thailand, Sunday operates in Thailand and Indonesia. With a mission to enhance insurance accessibility and affordability, Sunday offers a range of insurance solutions, including auto, travel, and health insurance.
PasarPolis (Indonesia) – Funding: US$71 million

Indonesian Insurtech PasarPolis specialises in providing insurance solutions to underserved populations. The company secured US$12 million in bridge funding in December 2022, with participation from existing investors, including Leapfrog Investment, Intudo Ventures, and Go-Ventures.
In a previous Series B round, PasarPolis raised $54 million, with support from investors like LeapFrog Investments, Go-Ventures, and Intudo Ventures. The company aims to leverage technology to make insurance more accessible and affordable to millions across Indonesia.
Roojai (Thailand) – Funding: US$69 million

Roojai is an online insurance platform in Thailand that provides car and motorcycle insurance policies from leading insurers. Using data and technology, Roojai offers personalised quotes, claims assistance, and roadside support.
Recently, the company secured a US$42 million Series B funding round led by HDI International, the International Retail Insurance division of the Talanx Group. Roojai plans to utilise the funding to enhance its services and expand its customer base after experiencing significant growth in premium income and customer acquisition.
Roojai, which made its debut in 2016, experienced growth in 2022. The company’s premium income surged by 25 percent, reaching US$38 million. Additionally, Roojai expanded its customer base by 40 percent, now serving 150,000 individuals. Roojai also expanded its product offerings and successfully entered the Indonesian market in 2022.
Igloo (Singapore) – Funding: US$62 million

Igloo, a Singapore-based Insurtech, focuses on serving underserved communities in Southeast Asia. In November 2022, the company successfully secured an additional US$27 million in a Series B extension.  Igloo had previously raised US$19 million in a Series B round in March and US$16 million in a Series A+ round in April 2020.
Impact investors BlueOrchard, Women’s World Banking Asset Management, FinnFund, La Maison, and Cathay Innovation led the investment. Igloo aims to bridge the insurance gap in the region, catering to the unique needs of marginalised populations.
Igloo plans to use the fund to attract engineering, product, design and data talent and identify various regional mergers and acquisitions opportunities.
CXA Group (Singapore): Funding $58 million

CXA Group has raised a total of US$58 million in funding over three rounds. The insurtech startup raised US$25 million in a Series A round in 2015, US$25 million in a Series B round in 2017, and US$8 million in a convertible note round in 2019.
However, this does not include the additional funding from key strategic investors, HSBC and Humanica, that was announced in May 2020. The amount of the additional funding was not disclosed. CXA Group is an employee health ecosystem platform that offers personalised health, wealth and wellness solutions to employers and employees in Asia.
PolicyStreet (Malaysia): Funding $24.8 million

PolicyStreet has raised a total of US$24.8 million across four funding rounds. In a recent Series B fundraising round led by Khazanah Nasional Berhad, PolicyStreet secured US$15.3 million under the Dana Impak mandate.
Founded in 2017 by Yen Ming Lee, Wilson Beh, and Winnie Chua, PolicyStreet operates as a comprehensive insurance technology platform in Malaysia, Singapore and Australia. The company has established partnerships with over 40 insurance providers, offering a diverse range of insurance products, including motor, health, travel, and life insurance. With a customer base exceeding five million customers, PolicyStreet has successfully processed over US$6 billion in insurance premiums.

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Digital Assets

Circle Singapore Gets Full License to Offer Digital Payment Token Services

									by Fintech News Singapore
June 7, 2023

Circle Singapore, a peer-to-peer payments technology company that manages stablecoin USDC, has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
The license allows Circle Singapore to offer digital payment token services, alongside cross-border money transfer services and domestic money transfer services in the island state.
This includes the Circle Account which allows institutional customers access to USDC that is available 24/7.
Circle Singapore officially opened its office in May 2023. In February 2023, Circle Singapore collaborated with Tribe, the country’s first government-supported blockchain ecosystem builder, on a novel training and support programme aimed at growing and upskilling the region’s Web3 developer talent pool.

In November 2022, Circle Singapore received In-Principle Approval as a Major Payment Institution License holder from MAS.
Circle has intended for Singapore to be its principal hub in Asia to service its growing business in the region.
Jeremy Allaire
“Singapore is integral to Circle’s global expansion and mission in raising global economic prosperity and through the frictionless exchange of value.

We are honored to receive the MPI license from MAS, and we remain committed to being a part of Singapore’s dynamic economy by advancing the future of financial technology innovations in the city-state, uplifting its emerging technology and fintech sector, and creating business and career opportunities for its technology and financial industry talent.”
said Jeremy Allaire, Co-Founder and CEO of Circle.
Dante Disparte
“This is a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies in the region.

The receipt of the MPI license represents our continued commitment to work with forward-thinking leaders and stakeholders at a global level and contribution to Singapore’s position as a hub for responsible financial services innovation.”
said Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy.

Fintech News Singapore previously spoke with Dante just after Circle Singapore had secured the in-principle approval. Watch the full interview here:

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Crypto
Digital Assets

Ripple Gets In-Principle Approval to Offer Digital Payment Token Services

									by Fintech News Singapore
June 22, 2023

Ripple’s Singapore subsidiary has obtained in-principle approval for a Major Payments Institution license from the Monetary Authority of Singapore (MAS).
The enterprise blockchain and crypto solutions provider will now be able to offer regulated digital payment token products and services in Singapore.
Additionally, Ripple will also be able to further scale its customers’ use of its crypto-enabled On-Demand Liquidity (ODL) service.
Ripple reported that well over a majority of global ODL transactions flowed through Singapore in 2022, which serves as the company’s Asia Pacific headquarters.

As such, Ripple doubled its headcount in Singapore over the past year across key functions with plans to continue to do so.
Brad Garlinghouse
“We’re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally.

The MAS continues to be a global leader in establishing clear rules of the road to recognise the innovation and real-world utility of digital assets, and its benefits to the global financial system.”
said Brad Garlinghouse, Chief Executive Officer of Ripple.

Stu Alderoty
“As more countries develop regulatory frameworks for crypto, many are looking to Singapore’s early leadership in developing a clear taxonomy and licensing framework.

This in-principle regulatory approval from the MAS will enable us to better support our forward-looking customers looking to hone in on blockchain and crypto technologies to build a more inclusive and borderless financial system,”
said Stu Alderoty, Chief Legal Officer of Ripple.

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Regtech

OCBC Offers Fully Digital Account Opening for Foreigners Relocating to Singapore

									by Fintech News Singapore
June 22, 2023

OCBC has launched a fully digital Singapore dollar and multi currency accounts opening service for foreigners from Malaysia, Indonesia, mainland China and Hong Kong SAR looking to relocate to Singapore.
The bank expects the monthly average of foreigners who open an OCBC Singapore bank account in 2024 to be four-times that of 2022.
The biometric passport holders of these countries will need to download the Singapore version of the OCBC Digital app to begin the account application and onboarding process.
Then they will need to tap on ‘Sign up’ and then move on to ‘Foreigner with e-passport’. They will need to have their passports and ID cards ready for digital verification on the app.

The bank said that the account will be opened in minutes and customers can immediately access all the features of the OCBC Digital app, including its wealth management services.
Customers will also have access to time deposits, international remittances, unit trusts, single premium endowments, equities trading, foreign exchange trading, robo-investment services, blue-chip stocks and precious metals like gold and silver.
To fully digitalise this process, OCBC has leveraged artificial intelligence, data analytics, biometrics, blockchain and cloud technologies from OneConnect Financial Technology, an associate company of Ping An Group.
These technologies have been integrated with OCBC’s proprietary digital know-your customer process (e-KYC).
Sunny Quek
Sunny Quek, OCBC’s Head of Global Consumer Financial Services said,
“Our digital onboarding capability on the OCBC Digital app brings greater convenience to such consumers as it enables them to set up their Singapore bank accounts remotely, without having to physically visit a bank branch in Singapore.

By providing them with a seamless and secure way to open an OCBC account, we hope that they will be able to get settled and integrate into Singapore life more quickly.”

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Digital Transformation
Indonesia
Regtech
Sponsored Post

TOPPAN IDGATE Deploys Facial Recognition Tech on Kiosks for Digital Onboarding

									by Fintech News Singapore
June 22, 2023

It can be difficult for financial institutions to rely exclusively on physical branches for comprehensive service for certain markets, particularly those spanning large territories.
In such cases, Modular Service Kiosks are the perfect alternative, extending financial and payment services to remote areas for the widest customer base.

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But these convenient machines’ advantages are not limited to coverage alone. One of the best avenues to improve overall customer experience is to avoid unnecessary frustration by cutting long waiting times.
Toppan Gravity’s Modular Service Kiosks is designed for this exact purpose, streamlining commonly time-consuming processes such as onboarding while packing all the necessary equipment for instant issuance inside a compact box.

Toppan Gravity is continuously seeking to enhance their Modular Service Kiosk with new options and useful features.
This is demonstrated in the recent integration of proprietary AI-powered face recognition technology iDenFace to assist with the digital onboarding procedure.
The technology was developed in-house by TOPPAN IDGATE, one of Toppan Gravity’s subsidiaries focusing on mobile authentication solutions.

The new addition targets the identity verification process. Once an ID document or passport has been scanned, the system will display an interface requiring users to take a selfie.
The solution will encrypt the information with Advanced Encryption Standard (AES) before transmitting it to the server.
iDenFace then performs selfie match with liveness detection against the photo from the ID document, completing the verification process.
By combining the Modular Service Kiosk with biometric face recognition, the machine offers convenience at no cost for security, with a wide range of functionalities contributing to its well-deserved moniker, your “Branch-in-a-Box”.
Toppan Gravity recently announced a partnership with Nouvobanq in the Seychelles to enable the bank to become one of the first to offer automated service kiosks in the country.
TOPPAN IDGATE will be participating in Seamless Asia (Booth No.25) from 27th June to 28th June in Sands Expo, Singapore.
Learn more about TOPPAN IDGATE here or TOPPAN Gravity here.

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InsurTech
Virtual Banking

Singlife Ties up With Aspire to Offer SMEs Greater Access to Financial Services

									by Fintech News Singapore
June 26, 2023

Homegrown financial services company Singlife has partnered with Singaporean B2B fintech Aspire to enable regional small-to-medium enterprises (SMEs) greater access to financial services.
This partnership is the first to be launched under the fintech accelerator programme Singlife Connect which focuses on developing scalable market solutions to innovate insurance distribution.
Singlife said that SMEs can expect seamless access to a suite of services ranging from financial-related software to affordable business insurance through this partnership.
Through Aspire, Singlife will offer complementary business-related insurance products. Aspire will provide up to 8% cashback on premiums paid for customers who onboard successfully, helping SMEs combat rising inflation while prioritising their employee’s wellbeing.

Additionally, Aspire will offer its comprehensive financial platform services to Singlife’s SME customers who are looking for new digital solutions to serve their growing financial needs.
Varun Mittal
Varun Mittal, Head of Innovation & Ecosystem at Singlife said,
“As like-minded homegrown businesses, we are very proud of our collaboration with Aspire, which we hope is the first of many other partnerships with strong digital partners in the market.

Our approach throughout our entire growth story has focused on supporting and empowering local businesses and we are excited for the many possibilities this partnership will bring.”
Thomas Jeng
Thomas Jeng, General Manager (Singapore) at Aspire said,
“We are delighted to partner with Singlife to support the SME ecosystem in Singapore with meaningful offerings during a time of heightened risk and macroeconomic volatility.

As we continue to expand our offerings and support more businesses, we look forward to working closely with Singlife to provide innovative financial solutions that meet the evolving needs of SMEs in Singapore.”

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Digital Assets

MAS Proposes Digital Asset Framework, Expands Project Guardian Scope

									by Fintech News Singapore
June 27, 2023

The Monetary Authority of Singapore (MAS) has published a report proposing a framework for designing open, interoperable networks for digital assets.
The report Enabling Open & Interoperable Networks was jointly developed with the Bank for International Settlements’ (BIS) Committee on Payments and Market Infrastructure (CPMI), with contributions from DBS Bank, JP Morgan, HSBC, SBI Digital Asset Holdings, Standard Chartered and UOB.
The report also considers how the CPMI and International Organization of Securities Commissions (IOSCO) principles for financial market infrastructures can be applied to evolving models of digital asset networks, taking reference from industry pilots launched under Project Guardian.
Project Guardian is MAS’ collaborative initiative with the financial industry to test the feasibility of applications in asset tokenisation and decentralised finance.

MAS also announced an expansion of Project Guardian to test the potential of asset tokenisation across more financial asset classes.
To support this, MAS has established the Project Guardian Industry Group, comprising several financial institutions (FIs) which will lead industry pilots in asset and wealth management; fixed income; and foreign exchange.
The FIs are ADDX, Citi, DBS Bank, JP Morgan, HSBC, SBI Digital Asset, Schroder Investment Management, SGX Group, Standard Chartered, UBS AG, UBS Asset Management, and UOB.
The regulator has also welcomed the Japan Financial Services Agency (JFSA) as the first overseas financial regulator to join Project Guardian.
Leong Sing Chiong
Leong Sing Chiong, Deputy Managing Director (Markets and Development), MAS, said,
“While MAS strongly discourages and seeks to restrict speculation in cryptocurrencies, we see much potential for value creation and efficiency gains in the digital asset ecosystem.  This is why we are actively collaborating with the industry to foster a responsible and innovative digital asset ecosystem.

As we enter this new phase of Project Guardian, we look forward to collaborating with fellow policymakers and industry practitioners to jointly develop effective frameworks to guide the sound development of future financial networks.”

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Crypto
Digital Assets
Top Picks

MAS Says Crypto Firms Must Segregate Customers’ Assets in a Trust by End-2023

									by Fintech News Singapore
July 4, 2023

Digital Payment Token (DPT) service providers will have to segregate customers’ assets from its own assets and safekeep it under a statutory trust before the end of the year, according to several new requirements laid out by the Monetary Authority of Singapore (MAS).
Additionally, they will need to ensure that the custody function is operationally independent from other business units.
This will mitigate the risk of loss or misuse of customers’ assets, and facilitate the recovery of customers’ assets in the event of a DPT service provider’s insolvency.
The move comes at a time where former insiders from the beleaguered crypto exchange Binance said that the firm of co-mingling its customer funds and company revenue.

The now-defunct FTX’s disgraced former CEO Sam Bankman-Fried, who is now facing criminal charges, claimed to have “unknowingly” co-mingling its customers’ assets with his trading firm Alameda.
MAS will also be restricting DPT service providers from facilitating lending and staking of DPT tokens by their retail customers.
DPT service providers will also need to conduct daily reconciliation of customers’ assets and keep proper books and records as well as maintain access and operational controls to customers’ DPTs in Singapore.
MAS also stressed that they will have to provide clear disclosures to customers on the risks involved in having their assets held by the DPT service provider.
These measures are introduced following an October 2022 public consultation on regulatory measures to enhance investor protection and market integrity in DPT services.
MAS is also now seeking public feedback on the draft legislative amendments to the Payment Services Regulations to put these requirements into effect.

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InsurTech
Thailand

Thai Insurtech Roojai Acquires FWD General Insurance From bolttech

									by Fintech News Singapore
July 4, 2023

Thailand insurtech startup Roojai has agreed to acquire FWD General Insurance’s local business from bolttech to boost its market share in the country. Details of the transaction was not disclosed.
Through this acquisition, Roojai will have a combined portfolio of over US$50 million (THB 1.74 billion) in annual premium. It will also be able to underwrite general insurance products.

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Following the acquisition, the company will be rebranded and renamed under the Roojai brand, subject to regulatory approval.
According to Roojai, the deal will not affect any existing policies, claims processes or customer services.

Launched in 2016, Roojai sells motor, accident, and health insurance products with its insurance partners and now has a portfolio of over 160,000 customers.
Nicolas Faquet
“With this acquisition, we will vertically integrate upwards, fulfilling our vision of becoming a full-stack digital insurance company that can optimise the entire insurance journey. This important step will facilitate further product and process innovations for the benefit of our customers,”
said Nicolas Faquet, Founder and Group CEO of Roojai.

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Crypto
Digital Assets

Thai SEC Issues New Rules for Crypto Firms, Bans Lending Services

									by Fintech News Singapore
July 4, 2023

The Thailand Securities and Exchange Commission (SEC) has issued a new set of guidelines for crypto platforms including banning them from offering lending services to customers.
According to the new SEC guidelines, these firms will have to disclose a warning about potential risks associated with cryptocurrency trading. They will need to state,
“Cryptocurrencies are high risk. Please study and understand the risks of cryptocurrencies thoroughly because you may lose the entire investment amount.”
Digital asset business operators will also provide investment suitability assessment results before customers begin trading. Additionally, customers will need to give their consent and acknowledge the risks of crypto trading before they proceed.
These new rules will come into effect on 31 July 2023.

The announcement by the Thai SEC comes just as the Monetary Authority of Singapore shared a list of its own requirements for Digital Payment Token (DPT) service providers. This includes having to segregate customers’ assets from its own assets and safekeep it under a statutory trust before the end of the year.

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AI
InsurTech

Singlife and Microsoft Supports Budding Insurtechs to Adopt Generative AI

									by Fintech News Singapore
July 5, 2023

Homegrown financial services company Singlife has partnered with Microsoft to support high-growth insurance startups to adopt generative artificial intelligence (AI).
Singlife will work with Microsoft to identify startups for Singlife Connect Plus (SCP) programme, an advanced version of the Singlife Connect (SC) accelerator and venture building programme.
The SCP programme focuses on developing scalable solutions for insurance distribution and offering personalised mentorship as well as access to Singlife’s products and insurance.
In addition, the programme aims to support eight insurtech startups and provide regulatory and compliance support to execute their go-to-market strategies.

The startups identified by Microsoft will receive technical guidance, execution support, and workshops on applying Generative AI in their solutions, access to Microsoft Founders Hub and organisations like OpenAI, LinkedIn, and Github; and be nominated for the Microsoft Pegasus programme.
Michael Smith Jr.
“Generative AI can be very impactful for startups, particularly companies with an early adopter’s mindset, as it infuses innovation, giving them a competitive edge.

We’re seeing a number of best practices among our Microsoft for Startups Founders Hub members, and we look forward to identifying high-growth insurance tech startups in ASEAN with Singlife,”
said Michael Smith Jr., General Manager for Startups in APAC, Microsoft.

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InsurTech
Malaysia

Asia’s Own Lemonade:  Neosurance & KLCC Runners Group Partner To Offer The First “Push” Micro Insurance To Malaysian Runners

									by Fintech News Singapore
December 23, 2016

Neosurance  and KLCC Runners Group have signed a Memorandum of Understanding for the distribution of microinsurance to KLCC Runners Group growing community members. The microinsurance product will be provided ad hoc by a leading reinsurer and insurer who will be disclosed later, together with the price and features of the microinsurance.
The InsurTech sector has already seen investment deals of more than $2B in 2016 and the growing trend is expected to continue in the coming year. Interest in the InsurTech industry has increased significantly over the last few years, reaching a media coverage 8 time higher and an investment level x3 with respect to 2014. Lemonade raised $60 million to date and is a benchmark among insurtech startups for managing to fire-start a so much needed change in an outdated US insurance market by using Artificial Intelligence and a mobile first approach.

Following in Lemonade’s footsteps but on the other side of the Pacific Ocean, is Neosurance: the startup that is ready to shake up the Asian insurance industry as part of this exciting macro trend. Neosurance has created the first virtual insurance agent that sells micro policies to communities managed by third parties.  In other words, Neosurance proprietary award-winning solution is able to “push” a highly personalized microinsurance offer on one’s smartphone according to the individual needs and the environmental context.

The push notifications are sent to users in an intelligent way thanks to Neosurance’s Artificial Intelligence and machine learning system which bases its knowledge on contextual data. The AI component perfects the knowledge on insurable moments and on personal behavior in order to sell the right cover at the right moment in the most effective way.
Neosurance has already received important recognition at an international level through its several recent wins: Medici TOP 21 Insurtech Award, Insurance IoT Europe Award, AXA Insure Lab Contest and Aviva Digital On Award.
KLCC Runners Group is a runners community which has grown organically from 100 members in April 2016 to over 17,000 members in December 2016. KLCCRG is the only running group in Malaysia to have free structured running events weekly for members which include Group Runs, Running Clinics, HIIT Workouts, Integrated Yoga and Running Workshops.

This agreement marks an important stepping stone for both organization as Neosurance has just launched in Europe the first microinsurance to be distributed with a push approach and is now rapidly expanding to Asia by creating the world first push-based microinsurance case in Malaysia where Bank Negara (Malaysia’s National Bank) has been recently developing a regulatory framework to facilitate the growth of the microinsurance market.
KLCC Runners Group is Malaysia’s highest growth runners community with ambitions to become the biggest nationwide and to expand regionally. Microinsurance offers the Group the opportunity to take the lead in terms of innovation and services by offering an unprecedented value proportion to its members.

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Regtech
Security
Sponsored Post

Dynamic Data Streamlines Customer Experience, Fights Fraud in Digital Banking

									by Fintech News Singapore
July 17, 2023

As the digital economy continues to surge and expand, consumer expectations for fast, secure access to products and services seem never-ending.
Furthermore, when it comes to financial services, there is an entire generation of consumers cropping up who have barely stepped foot inside a brick-and-mortar bank.
In fact, in its Online Banking Market Outlook, Allied Market Research expects the online banking market to grow from US$11.43 billion in 2019 to US$31.81 billion by 2027, representing a compound annual growth rate (CAGR) of 13.6%.

To stay competitive in this explosive market, banks must not only meet the ever-growing demand for a seamless user experience at both onboarding and transaction, but they must also ensure their platforms are safe and trustworthy.
To meet both demands, banks must have an effective fraud management strategy in place, backed by a fraud management platform capable of streamlining and automating the account opening and transacting process.
Identity verification is key

A key component of truly effective fraud management in digital banking is customer identity verification.
Specifically, the right solution will answer the two very important questions of whether the transaction requestor is a real person and whether they are who they claim to be.
In order to answer these questions, it is important that banks have the tools and technology required to uncover the person behind the request by linking their digital identity back to them.
Assessing fraud risk and streamlining processes with dynamic data

According to Ekata, a Mastercard company providing digital identity verification solutions for businesses worldwide, nothing is more fundamental to an organisation in this digital economy than its data.
Specifically, how it is used to improve business; in this instance, how the right complementary data adds context and drives differentiation by enabling banks to create stronger machine learning models for the purpose of identity verification and fraud prevention.
In the recent e-book “Achieving effective fraud management in digital banking”, Ekata details the workflow of a best-in-class identity verification solution that examine data using two key analytic methods to make a probabilistic assessment of fraud risk.
For example, to appropriately validate an identity and assess fraud risk, the solution needs to be able to examine how the dynamic identity data elements of email, address, phone number and IP address are linked to an identity – and for how long.
Specifically, the right identity verification solution– fueled by unique, global, third-party data sets – should be able to accurately answer the questions of whether an email belongs to the customer and when it was first seen in a digital interaction.
In turn, the solution should present a risk score determined via the answers to the above questions. Following this, the bank can then confidently make an informed decision regarding the appropriate workflow of each application or transaction.
For example, should the data determine an identity has a high-risk score, extra friction, including manual review is necessary. Meanwhile, a low-risk score means this consumer can enjoy a streamlined, friction-free onboarding or transaction.
To learn more about how the Ekata Identity Engine is helping banks worldwide scale up their online offerings to meet the demands of the digital banking market while ensuring a frictionless yet secure customer experience, read their latest report.

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Crypto
Digital Assets

BIS Survey Reveals 93% of Central Banks Engaged in CBDC Work

									by Rebecca Oi
July 19, 2023

The rise of digital currencies and the increasing interest in blockchain technology have sparked significant developments in central bank digital currencies (CBDCs) and crypto assets.
 Central banks worldwide are actively exploring the potential benefits and implications of CBDCs while monitoring the rapid growth of crypto assets and stablecoins.
In late 2022, the Bank for International Settlements (BIS) conducted a comprehensive survey of 86 central banks to assess the progress of CBDC work, motivations for issuance, involvement of stakeholders, and the impact of crypto assets on CBDC initiatives.
CBDC experiments and pilots
The survey findings demonstrate a remarkable advancement in CBDC work, with 93 percent of central banks engaged in some form of CBDC development.

Retail CBDCs, digital versions of a country’s fiat currency accessible to the general public, are leading the way, with almost a quarter of central banks piloting retail CBDCs.
Wholesale CBDC projects, which target financial institutions and aim to enhance cross-border payments, are also gaining momentum, albeit slower.

The progress in retail CBDCs is particularly notable, with four central banks already issuing live CBDCs in The Bahamas, the Eastern Caribbean, Jamaica, and Nigeria.
The survey reveals that emerging markets and developing economies (EMDEs) are at the forefront of retail CBDC implementation, as all current live CBDCs are issued in these jurisdictions.
Additionally, EMDEs are more advanced in their CBDC work than developed economies (AEs), with a higher proportion of EMDE central banks piloting retail and wholesale CBDCs.
Motivations for Retail CBDCs
The motivations for issuing retail CBDCs have increasingly aligned between AEs and EMDEs. Both groups recognise the importance of improving domestic payment efficiency, ensuring payment safety, and enhancing cross-border payment efficiency. Financial stability is another crucial driver for both AEs and EMDEs.
However, EMDEs emphasise financial inclusion-related motivations, aiming to provide broader access to financial services.
Furthermore, EMDEs consider the role of retail CBDCs in monetary policy implementation more significant than AEs, although the difference has decreased since the previous year.
Enhancing Cross-Border payments with Wholesale CBDCs

While retail CBDCs focus on domestic payment systems, wholesale CBDCs aim to enhance cross-border payments. Central banks recognise the potential of wholesale CBDCs in facilitating cheaper, faster, and safer cross-border transactions.
Collaborative projects, such as Project Dunbar, involving multiple central banks, explore the possibilities of a common platform for multi-CBDCs to streamline cross-border payments.
Financial inclusion plays a lesser role in the motivation for wholesale CBDCs than retail CBDCs, as their primary objective is improving efficiency in international transactions.
Complementing Fast Payment Systems (FPS)

Fast payment systems (FPS) have gained widespread adoption worldwide, offering real-time and 24/7 availability of small-value account-based transactions.
The BIS survey highlights that over 70 percent of jurisdictions already have an FPS, with plans to upgrade these systems with additional functionalities. While FPS and CBDCs share common objectives, such as financial inclusion and faster payments, they differ in their underlying nature.
CBDCs represent central bank money, whereas FPS involves commercial bank money. Central banks recognise the value of having both FPS and CBDCs, with over 80 percent believing in the benefits of their coexistence.
Future outlook: More live CBDCs expected
The survey reveals a growing likelihood of retail CBDC issuance within the next three years. The number of central banks considering the issuance of retail CBDCs has increased, indicating that there could be 15 retail CBDCs publicly circulating by the end of the decade.

The likelihood of wholesale CBDC issuance has also doubled compared to the previous year, with a significant proportion of central banks indicating their plans to issue wholesale CBDCs in the short and medium term. EMDEs exhibit a greater inclination towards issuing both retail and wholesale CBDCs soon.

However, legal considerations remain crucial, as a quarter of central banks still lack the required legal foundation for CBDC issuance.
Involvement of stakeholders in CBDC design
Central banks recognise the importance of collaboration and engagement with various stakeholders in designing and implementing CBDCs.
The survey findings indicate that nearly 93 percent of central banks involved other entities, such as governments, public authorities, external technology providers, and commercial banks, in their CBDC projects.

The level of engagement varies between AEs and EMDEs, as well as between retail and wholesale CBDC initiatives.
Some central banks also involve end users in the development process through public consultations and focus group studies, ensuring that CBDCs are designed to meet the users’ needs.
Crypto developments and regulatory efforts
Cryptocurrency assets’ emergence and rapid growth have significantly impacted central banks’ CBDC work.
The BIS survey reveals that nearly 60 percent of central banks reported accelerating their CBDC efforts due to the rise of crypto assets and stablecoins.
To address the risks associated with crypto assets, regulators and international standard-setting bodies have intensified their efforts in monitoring and regulating these markets.
Updated guidance and standards have been published to strengthen regulatory approaches and contain the potential risks to financial stability.
Limited use of stablecoins for payments

While stablecoins and other crypto assets have gained attention recently, their use for payments outside the crypto ecosystem remains limited.
The survey findings indicate that stablecoins are mainly used for remittances and niche groups, with minimal adoption in consumer payments or wholesale transactions.
Notable differences exist between AEs and EMDEs, with developed economies exhibiting a higher usage of stablecoins in remittances, while EMDEs show a more elevated use for cross-border wholesale payments.
Effective regulation and monitoring are crucial to managing the risks associated with stablecoins and other crypto assets.
Roadmap for central banks
The results of the 2022 BIS survey provide valuable insights into the progress and motivations behind CBDC initiatives and the impact of crypto assets on central banks’ work.
The increasing interest in CBDCs, advancements in retail and wholesale CBDC projects, involvement of stakeholders, and regulatory efforts highlight the evolving landscape of digital currencies.
As central banks continue to explore the potential benefits and risks, collaboration, interoperability, and effective regulation will play crucial roles in shaping the future of CBDCs and their integration into the global financial system.
The BIS survey results serve as a roadmap for central banks to navigate the complexities of digital currencies and make informed decisions in their CBDC endeavours.

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InsurTech

Zurich Launches New Suite of Solutions to Power Digitally Embedded Insurance

									by Fintech News Singapore
July 17, 2023

Zurich Insurance Group announced the launch of a new suite of technology capabilities and insurance expertise to provide partners and their customers with a refreshed, seamless and elevated approach to digitally embedded insurance across all Asian markets where it operates.
The suite of solutions, Zurich Edge, supports end-to-end customer journeys encompassing quotes, purchasing, servicing, and claims where customer interactions are fully digitised and strategically embedded into a partners’ ecosystem.
Partners of Zurich Edge will also be able to benefit from the Zurich Global Ventures’ specialised services, and gain access to its global API marketplace Zurich eXchange to enable faster integration of solutions.
Zurich’s regional portfolio already spans over 200 partnerships across six markets, with leaders in industries such as retail, travel, banking, fintech, e-commerce, automotive and telecommunications.

The use and application of digitally embedded protection solutions have grown exponentially as partner companies seek to integrate distinctive offerings into their online ecosystems and provide customers with a streamlined one-stop-shop experience.
In line with this, embedded insurance channels are expected to make up more than 30% of all P&C insurance transactions globally by 2028.
Roopa Malhotra
Roopa Malhotra, Head of Customer & Digital, Asia Pacific, Zurich Insurance Group said,
“Zurich Edge is committed to empowering our business partners, helping them stand out and build customer loyalty by providing highly contextual offerings and personalised coverage that truly matter to the consumers of today.

We look forward to working with both our existing and new partners to grow their core business by delivering a truly fresh and engaging online insurance experience for their customers.”
Ericson Chan
Ericson Chan, Chief Group Chief Information and Digital Officer, Zurich Insurance Group, said:
“Zurich Edge brings our products and services to where the customers are, embedded in their digital lifestyle, any time and any place. This is true customer centricity.

It is powered by a new tech stack and our global Zurich eXchange platform so we can seamlessly connect with our partners. This is Insurance 2.0.”

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Regtech

Identity Verification Firm Sumsub to Establish APAC HQ in Singapore

									by Fintech News Singapore
July 20, 2023

Identity verification platform Sumsub announced its plans to make Singapore its APAC headquarters with the aim to forge vital partnerships and serve new clients in the island-state and Hong Kong among other countries in the region.
Sumsub said that this move comes in response to the escalating threat of identity fraud in the APAC region with the rise in digital startups.
The company offers customisable know your customer (KYC), know your business (KYB), anti-money laundering (AML), Transaction Monitoring, and Fraud Prevention solutions.
Sumsub has dozens of existing Asian clients in its portfolio including Binance, DiDi, Huobi, Bybit, Bitwallet.

The firm has appointed Penny Chai as its leading representative in Singapore, responsible for business development and operations in the APAC region.
Having joined Sumsub earlier this year, Penny is a veteran in the identity verification industry and a seasoned expert in fintech and IT compliance.
Penny Chai
“With the establishment of our new headquarters in APAC, we are excited to enhance our capabilities in serving our valued clients in Hong Kong. Additionally, we look forward to expanding our reach and serving new clients in the region, leveraging the proximity and connectivity offered by our APAC hub.
This development marks an important milestone in our commitment to supporting our partners in onboarding more credible users and ensuring a seamless and reliable verification process within the vibrant market of Hong Kong”,
said Penny Chai, VP of Business Development, APAC at Sumsub.
Andrew Sever
“The Asia-Pacific region is one of our top priorities in terms of global expansion. Here, digital startups, especially fintechs, are booming, and we see huge business opportunities in the APAC market since instant user onboarding and strong fraud protection are in high demand.
Sumsub has already helped thousands of global Western and Eastern companies build high-conversion verification flows while keeping fraud at bay and ensuring regulatory compliance—and we’re ready to serve more customers and partners in the APAC region,”
said Andrew Sever, Co-founder and CEO of Sumsub.

Featured image credit: Andrew Sever, Co-founder and CEO of Sumsub and Penny Chai, VP of Business Development, APAC at Sumsub

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InsurTech

Traditional Insurance Companies Forced By Insurtech To Innovate In 2017

									by Kai Kiat
January 11, 2017

1

The insurance industry had given us amenities that we take for granted today. For instance, the fire station is the invention of insurance companies. After the Great Fire of London, insurance companies built the modern fire stations to fight fires against buildings which they insured. Over time, they pooled their resources together to form the London Fire Brigade in 1865.
In 1862, the insurance companies forced the English authorities to upgrade their fire legislation which bore fruit in 1867. These efforts reduced the frequencies of fire and saved countless lives and properties. Today, the tables are turned. Insurance companies are forced by the advent of technology to upgrade the value which they bring to their clients.
Traditional Insurance Companies Forced By Insurtech To Innovate In 2017
Consultancy firm, Oxbow Partners, noted the 9 different ways which insurance companies can add value in 2017. Different established insurance companies had chosen these paths for 4 different objectives.

Source: Oxbow Partners

Traditional insurance companies are forced to innovate because the smaller and more nimble insurtech companies had reached the tipping point in 2016. If they don’t adapt to the new environment, it is clear that they are going out of business.
For those who are not familiar, insurtech companies combine technology to address consumer pain points and aim to deliver insurance faster and cheaper. As such, they post a major existential threat to traditional insurance companies such as Aviva.
Easiest Approach – Investing In Startups
The hands-off approach is one of the methods for traditional insurance companies to hedge against the insurtech. They have the one resource which insurtech startups lack: money. By pumping money into insurtech, they become the co-owner and can share the success of these startup.
They can also avoid the mess of having to change culture internally, change existing process and access better technology to benefit financially. As this is the easiest option, most established insurance companies would include in it their arsenal. They can do it directly with corporate venture capital or indirectly through external venture capital firms.
Slightly Harder Approach – Invest In Incubators and Accelerators
When the starts-up had grown to the stage where they are worthy of an investment, they had shown some level of success. Thus, they are priced higher. The other way is to incubate start-ups from their inception and gain a portion of their company for virtually nothing.
In exchange, the incubator had to provide the necessary resources (e.g. working space, mentors, etc) and the insurance company can keep its pulse on the latest innovation. Alternatively, insurance companies can also set up accelerators for companies had shown traction but not sufficient for investing.
Both are more expensive than direct investments into startups as they are more upfront cost with longer investment period before results are seen. They have to endure higher failure rates and compete against other incubators and accelerators in the market. Hence, this is the slightly harder approach.
Most Difficult Approach – Transform Your Company Internally
As with most established companies, inertia is a major problem. It is a feat of leadership to convince employees that they have to change their way of working when everything seems to be working well. Even after they are convinced, it is a totally different issue to implement it. This makes it the most difficult approach.
The relatively easier way is to buy technology products from external vendors. They have readily made solutions (e.g. Technology buffets) to implement into systems. The challenge is to choose the right system and to implement it properly.
Otherwise, incumbents can choose to build their own systems by creating innovation centres, build their own technology and digital proposition with their own digital labs. Innovation centres identify the required solution and budget has to be set aside for the technology building. A development framework has to be in place to transform ideas into reality. Digital labs are built to insulate the technologist and managers from the workload of daily routine.
Conclusion
The incumbents are now in the process of innovation which should benefit consumers. Will they combine their efforts like how they did it for fire bridges in 1865? The bigger question would be whether they will be successful.
If they are not able to innovate successfully, they will create the space for a startup to rise like how Google came to dominate the search engine sector. The stakes are high and we will see who will emerge victorious in the years ahead.

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560MM InsurTech ASEAN Opportunity

InsurTech

560MM InsurTech ASEAN Opportunity

									by George Kesselman
March 1, 2017

As you probably already know, I’ve created InsurTechAsia as a vehicle to drive positive impact through the much needed changes in insurance. Focused on Asia as its the region that I’ve been immersed throughout my corporate insurance career. I fell in love with its diversity, vibrancy and people.
Now I’m on a quest to help fix insurance here!
Over the last year I’ve been travelling extensively across Asia as part of the activities to build foundation for the InsurTech ecosystem in the region. Among others, I’ve visited and spend time in Singapore, Malaysia, Indonesia, Vietnam, Thailand, Philippines, and Hong Kong, which together have a combined population of 560 million.
I met and spent countless hours discussing InsurTech and insurance industry challenges with many insurance leaders, entrepreneurs and stakeholders. I’ve pieced all these conversations and learning together to build a mental map of all things InsurTech in the region. Today I’d like to share a summary version of it with you.

Evolving InsurTech Scene
It should come as now surprise that there has been a substantial increase of interest in insurance tech across the region. The interest came from all sides, including investors, insurance corporates, entrepreneurs and public stakeholders. Some saw great opportunities while many others saw threats.
Both sides agreed that InsurTech is coming and is probably quicker than many have expected. While the projected funding amounted to nearly $70M for 2016FY and accounted for a relatively small share of the global investments, its none the less was a steep multiple vs. 2015.
Quick look at few substantial funding investments across the ecosystem:

ConneXionsAsia (Flexible Employee Benefits): $35M Series B
Gen.Life (Insurer SaaS): $25M – Seed Investment
UEX (Expat Health Insurance): $5M – Seed Investment
frame.ai (Intelligent Service/Sales Platform): $1.5M Series A
Apvera (Cyber Security / Cyber Insurance Bundle): $1.7M Series A
Latize (Big Data / Analytics Platform): $1.5M Series A

Singapore continued to account for the lion’s share of the InsurTech activity in the region, due to the unique combination of the rapidly maturing startup ecosystem, regional insurance expertise and government / regulatory encouragement.
Regulators across the region continued to grapple with what InsurTech might mean for their existing regulations and how to find the balance between not stifling innovation while safeguarding consumer interests.
Singapore has continued to be at the forefront of insurance tech in the region and has launched a FinTech/InsurTech sandbox, ran a major global Fintech festival and signed a number of bi-lateral Fintech cooperation development agreements. Malaysia and Hong Kong have both followed with their own equivalents of FinTech/InsurTech Sandboxes.
Harmonisation of regulations continued to be an issue as cooperation and dialog between the regulators across the regional around this topic appears to be limited.
Number of international InsurTech startups have expanded into SEA, choosing Singapore as their regional hub. The trend is expected to continued and accelerate further in 2017.

BIMA (Micro-insurance): $38M Series C (HQ Sweden)
Shift Technologies (Fraud Detection): $10M Series B (France)
Raxel Telematics (Telematics): Series A (Russia)

560MM market opportunity: Country-By-Country
Here comes the best part. Following is a table of key country indicators, learnings and opportunities, all in the context of InsurTech. As the region gets ready for an influx of home-grown and international startups this year, this could help to shape their roadmaps and focus them in the most impactful areas as they look to quickly gain access to opportunities here.

Article first appeared on  Linkedin.com
Featured picture – Dreamstime.com

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