“This insurance startup came out of nowhere to raise $50m series A” titled TechinAsia in reporting this transaction in insurtech in Singapore, catching the eye of operators as one of the highest risk capital investments in the country and throughout Southeast Asia (round series A).
The startup is Singapore Life, its web site is completely devoid of information and its activity is not totally clear: we can guess it works in the life insurance business, founded by a certain Walter de Oude, former CEO at HSBC Insurance Singapore, among its new members there are now Impact Capital Holdings, a subsidiary of Credit China Fintech Holdings, and the UK IPGL Investment Fund; it was founded some years ago and of course is technology-driven (couldn’t be otherwise).
The Founder’s Linkedin profile says anything and its opposite: “Singapore Life intends to provide state of the art, long-term solutions for customers that value simplicity, safety and security. We will strive to offer on-demand solutions, turning the efficiency of our business model into better value for our customers.”
This statement clarify that the startup will be directed to the end customer with its own offering and probably a new company is raising up (TechinAsia also reports that the company is pending licenses).
This news is emblematic of the growth of investment in fintech and inurtech in Asia. Of course the arena is ruled by China, according to Asia Tech Venture Investments Reports, but Singapore is among the most intresting countries, considered a base for startup and incubator foundation (Metlife LumenLab, for example, or Startupbootcamp Fintech) quickly expanding in the Asian market, thanks to its position and legislation.
Time ago we had already talked about the upswing of the fintech in this area: according to data collected by KPMG and CB Insights, 2015 was the breakthrough, when Asia experienced a strong acceleration in start-up financing (quadrupled) in the insurance, payment services and peer-to-peer loans industry.
In a few months, we will hear about Singapore Life again: over $ 50 million in funding will be used to launch and let the company grow, and will be fully paid at the end of June after having got authorizations to operate.
Life insurance market in the region is booming: better economic conditions for people, their increase and aging are key factors for this positive trend.