Singapore-based insurtech firm CXA Group, which secured about US$58 million in funding over nearly 12 years of operations, is preparing to liquidate its assets and wind down operations.

Founder Rosaline Chow Koo confirmed this in a LinkedIn post, saying,

“Happy to see that the CXA solution lives on throughout Asia through the deals completed with Pacific Prime in Singapore, HSBC Life in Hong Kong and a third party in China.

While this is the right way to transition CXA, I would love to share my learnings with investors and founders later after I return from an extended trip to the US to care for elderly family members with healthcare issues.”

According to a report by e27, CXA has called a shareholder meeting on September 25, 2025 to vote on voluntary liquidation under Singapore’s Insolvency, Restructuring and Dissolution Act 2018.

If approved, liquidators will be appointed to settle debts, distribute remaining assets, and formally dissolve the business.

Founded in 2013 as Connexions Asia, CXA built a platform combining health insurance, wellness tools, HR support, and data analytics.

Its services allowed employees to file claims, access wellness products, and for employers to monitor benefits usage.

Investors included HSBC, Humanica, B Capital, EDBI, and others, with the last funding round (Series C) in 2020.

Earlier in 2021, CXA sold its brokerage operations in Singapore and Hong Kong to Pacific Prime.

Under its transition, parts of the business have continued via partnerships, even as it shifts focus toward licensing its platform rather than distributing directly.

Featured image: Edited by Fintech News Singapore, based on image by Borin via Freepik