“Insurtech” is a domain which has been gaining high attention recently. The firms working to provide solutions in this sector use technological innovations to provide efficient solutions for insurance. Just as FinTech is revolutionizing the banking industry, Insurtech is keen on completely transforming the insurance industry. One such firm, Singapore Life, which is an on-demand platform for savings solutions, has picked a whopping $50 million in Series A funding round. This is reported to be the largest ever Series A funding secured by a Singapore-based InsurTech company.
HKEx-listed integrated financial technology group Credit China FinTech Holdings Limited (Credit China FinTech) invested through its subsidiary Impact Capital Holdings Limited, along with UK-based investment firm IPGL Limited (IPGL). Walter de Oude, Chief Executive Officer, Singapore Life, believes Credit China FinTech and IPGL bring the best of technology-led business success in support of Singapore Life’s long-term strategy. He adds,
They are experienced trailblazers in fintech and committed to Singapore Life’s long term development and capital needs. Having the support of these strong international shareholders attests to the strong confidence in Singapore Life’s strategy, and in Singapore as a financial centre and a destination for global investment.
Impact Capital has invested $21.3 million in return for 33.8 percent of shares issued by the insurtech firm. This was revealed in filing with the Hong Kong securities and futures exchange. The investment is slated to complete around the end of June 2017, pending approval by the Monetary Authority of Singapore (MAS).
The company mentions in its official statement, that it is founded on the belief that the financial services industry can be enhanced and made more efficient by tapping on the latest innovative technologies to create a customer-centric experience when it comes to delivering financial solutions. However, when asked about Singapore Life’s product, a spokesperson said, the details will be revealed when they make further announcements.
The filing made by the Credit China FinTech also states that the firm has applied to the Monetary Authority of Singapore for a direct life insurance license. It aims to offer universal life products, standalone term insurance with associated riders, investment- linked plans and wrappers, and endowment assurance. Also, the investment is “conditional” upon approval from the Monetary Authority of Singapore.
Credit China FinTech is a leading integrated FinTech group which focuses on offering online financial services to SMEs, merchants and individuals in China and Asia through internet and mobile solutions. Phang Yew Kiat, Vice Chairman and Chief Executive Officer of Credit China FinTech, said,
The investment in Singapore Life is an important step as CCF’s entry into the insurance industry and fintech market in Southeast Asia. With an experienced management team supported by CCF, this investment will further enhance our product offerings in our fintech ecosystem.