The beginning of May saw lots of InsurTech news and familiar faces. ZA Technology in a JV with Fubon Life acquired a digital insurance license for ZA Life in Hong Kong. Online aggregator and FWD-owned Frank.co.th partnered with Rabbit LINE Pay, the e-wallet service from messenger app LINE in Thailand, and SuperYou by Sequis Life partnered with GigaCover in Indonesia.
In terms of investment, we are seeing undisclosed funding rounds by MetaMorphoSys in India and CXA Group in Singapore. CXA is an interesting case. Founder Rosaline Chow Koo is one of the poster-children for InsurTech in Southeast Asia but the company does not seem to have made much progress in recent months. The undisclosed raise might indicate they were not able to raise as much as they had announced last year.
Another startup making controversial news is GoBear. The Company has just acquired AsiaKredit for an undisclosed amount but key executives seem to keep leaving. One of their co-founders has just joined Standard Chartered while another executive has joined UK FinTech Revolut. GoBear seems to be changing their business model and along with it their management team. Are we seeing a new GoBear soon or is it a GoNowhereBear?
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