The second half of June had some exciting news coming out of Malaysia with the largest investment yet into a Malaysian fintech. Axiata Group announced a strategic investment of US$ 70 Million by Great Eastern into Boost Holdings Sdn Bhd. Boost Holding currently has several startups in its portfolio including e-wallet business Boost, microfinancing and microinsurance platform Aspirasi, and API platform Apigate.
We are also seeing more InsurTech development coming out of Australia. Brisbane startup Codafication partnered with Suncorp to implement its virtual assistant including video-streaming technology to process claims remotely during COVID-19. Earlier this year Australia created a fintech regulatory “sandbox” allowing InsurTechs to test new products and services for 24 months without obtaining a financial services license from the Australian Securities and Investments Commission (ASIC) in order to boost innovation.
Digitizing along the value chain is more important than ever given the ongoing global pandemic. Manulife has rolled out a virtual insurance sales platform in Hong Kong and Symbo’s agency mobile app won the Insurance Broker award at SBR Technology Excellence Awards.
Listen to our episodes with Symbo here.