Singaporean Insurtech Secures License from Labuanby Fintech News Singapore August 22, 2019
Axinan, a Singapore-based insurtech firm, succesfully secured a combined General and Reinsurance license, issued by Labuan Financial Services Authority (Labuan FSA) a mid-shore jurisdiction in Malaysia.
Labuan FSA is the financial regulator for Labuan International Business and Financial Centre, a statutory regulator under Malaysia’s Ministry of Finance. The license obtained through Axinan’s subsidiary, Axinan Labuan Limited, accredits Axinan as a licensed General Insurer and Reinsurer under Labuan Financial Services & Securities Act 2010.
Wei Zhu, Founder and CEO, Axinan said,
“We are proud to be the first Southeast Asia 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. With this license, Axinan can provide a greater variety of insurance products better suited to meet the needs of the digital economy while providing additional value to existing customers.”
As of August 2019, there are 197 Labuan insurance and insurance-related companies including large global insurance players. With the license, Axinan can now underwrite general and reinsurance risks. The company would 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.
Farah Jaafar-Crossby, CEO of Labuan International Business and Financial Centre Inc (Labuan IBFC Inc), the market development arm of Labuan FSA, said,
“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. Licensing Axinan is one of Labuan IBFC’s first steps in embracing insurtech specifically and fintech generally. We warmly welcome Axinan to the fast-growing ranks of Labuan IBFC’s digital family.”
Axinan specialises in leveraging big data, actuarial risk management and machine-learning processes to developing solutions for enterprises. Founded in 2016, with its headquarters in Singapore, Axinan has operations in Australia, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand, with development offices in mainland China and Taiwan.