Halfway through September, it is time for another InsurTech news roundup! Singapore’s CXA was in the news announcing it was looking for fresh funding and its desire to become Southeast Asia’s first InsurTech unicorn. It also maintained that it expects to be profitable by 2020. Axinan, another Singapore based company, was back in the news announcing a partnership with Indonesian eCommerce player Bukalapak.
Away from Southeast Asia, we are seeing a lot of developments coming out of China. PingAn has announced its cooperation between affiliate OneConnect Financial Technology and German company finleap to offer its FinTech software-as-a-service (SaaS) technology to the European market. China is expanding rapidly into the global insurance market while strengthening its position as the leader in AI. Adding to this is the announcement of the USD 150 million IPO in the United States of Chinese online insurance platform Huize.
What really sets Asia apart from the West is the insurance activities leveraging platform companies like Grab as well as Super Apps like WeChat. Tencent is leading Xiaobang Guihua’s Series B equity funding, an insurance advisory platform running on WeChat.
Other companies mentioned in this episode: