KUALA LUMPUR, Aug 21 (Bernama) -- Singapore-based insurtech firm Axinan, through its subsidiary, Axinan Labuan Ltd, has secured a combined General and Reinsurance licence, issued by the Labuan Financial Services Authority (Labuan FSA), a statutory regulator under the Ministry of Finance.
Axinan, in a statement today, said this would enable the company to have greater ease underwriting new product lines and distribute insurance products through a fronting arrangement with local insurers, subject to the country’s regulatory requirements.
Axinan founder and chief executive officer (CEO) Wei Zhu said the company could provide a greater variety of insurance products better suited to meet the needs of the digital economy while providing additional value to existing customers with the licence.
“We are proud to be the first Southeast Asian insurtech company to be certified by Labuan FSA.
“Being a first-mover in Southeast Asia’s insurtech industry providing solutions for customers and enterprises, we are actively looking to forge strategic partnerships that can strengthen our offerings within the markets we operate in,” he said.
Farah Jaafar-Crossby, CEO of Labuan International Business and Financial Centre Inc, the market development arm of Labuan FSA, said Licensing Axinan was one of Labuan IBFC’s first steps in embracing insurtech specifically and fintech generally.
“Asia is undisputedly a key growth driver for the global insurance industry and insurtech’s role as an accelerator to this growth could not be timelier.
“We believe insurtech will lead to a more innovative, efficient and accessible insurance/reinsurance industry, the technology may even facilitate a platform to cultivate a more financially inclusive region via micro-insurance,” she said.