Dear Pro member,
While insurtech is one of the hottest industries in Indonesia, it is facing a unique challenge in the form of insurance accessibility. While affordability is often seen as the main barrier to insurance adoption, in Indonesia it is the lack of accessibility that is hindering the growth of the insurance industry, according to Harshet Lunani, the CEO of Qoala. Despite being an important financial tool, insurance is still lagging behind other financial services in the region, such as payments and credit.
To address this issue, Lunani emphasises the need for collective efforts to create awareness and dispel misconceptions about insurance in Southeast Asia. While a single company can do its part to promote insurance, it will take a collaborative effort from the entire industry to help people understand the importance of insurance and how it can benefit them.
This insight highlights an important challenge facing insurtech startups in Southeast Asia. While the region presents significant opportunities for growth, companies need to address the unique challenges of each market they operate in. By focusing on accessibility, rather than just affordability, insurtechs can tailor their products and services to better meet the needs of their target customers, and ultimately drive greater adoption of insurance in the region.
Let’s also look at the other major developments in the startup industry in the region.
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The gist: Saison Capital rolls out new token fund to accelerate Web3 investments
The details: Saison Capital and Saison Crypto can collectively deploy US$150M, with additional support readily available from Credit Saison’s US$30B AUM; The cheque size is US$200K-US$500K per startup.
The gist: Malaysian fintech Soft Space closes US$31.5M Series B1
The investors: Southern Capital Group, transcosmos, JCB, and Hibiscus Fund
The plans: Soft Space will use the new funds to expand its global footprint and widen the customer base.
The gist: Sinar Mas subsidiary invests in growth-stage PE firm 01Fintech
The plans: 01Fintech will leverage its market insights and expertise to transform and operationalise Sinar Mas Financial’s fintech vision and ambition.
The gist: SG biotech firm SCG Cell Therapy secures US$8.1M
The investor: Smartech Investment Holdings (lead)
The product: SCG Cell Therapy primarily develops immunotherapies for infections such as hepatitis B and human papillomavirus and their associated cancers.
The gist: ChopValue scores US$7.7M to recycle chopsticks into furniture
The investors: Two unnamed high-profile technology entrepreneurs, EDC, and BDC.
The details: The ChopValue has recycled around 10 million chopsticks in Singapore alone since the opening of its first local micro-factory in 2021.
The gist: SG API firm Dozer raises US$3M funding
The investors: Surge, Gradient Ventures, January Capital
The product: Dozer offers a plug-and-play data infrastructure backend that simplifies the creation of real-time APIs.
The gist: Malaysian healthtech startup Qmed secures US$1.2M crowdfunding
The investors: Angels, the Malaysia Co-Investment Fund (MyCIF), and 1337 Ventures.
The product: Qmed Asia provides a telehealth kiosk for workplaces offering teleconsultations and remote patient monitoring run by local general practitioners.
The gist: Hybrid work becoming the status quo in SEA except in Vietnam
The details: In Vietnam, 83% of companies prefer full-time office work, while only 11 per cent favour hybrid work environment, finds a joint study conducted by Glints and Monk’s Hill Ventures.
The gist: SG’s Eleos Labs, Grab join forces to combat Web3 cyber threats
The details: GrabDefence, Grab’s anti-fraud solution, will assist Eleos Labs in deploying services that protect users from the theft of private keys, hacking of smart contracts, and misuse of ERC-20 approvals.
The gist: Thai hospitality startup Hoteliers Guru raises funding
The investor: South Korea-based Onda
The product: Hoteliers Guru offers its booking management tech to hotels and resorts across the country.
The gist: VN startup Prep scores US$1M for borderless language education
The investors: East Ventures, Cercano Management
The product: Prep equips teachers with AI-enabled exercises, videos, and personal sessions to help them form a well-rounded curriculum.
Features and authored articles
‘In ID, the problem is lack of insurance accessibility, not affordability’
Qoala Founder Harshet Lunani said although insurance is part of a financial tool, it is far behind other financial services such as payments and credit.
Fracton Ventures on why Japan is the future hotspot for Web3
Despite challenges such as the language barrier and the lack of a crypto investor ecosystem, Fracton Ventures sees great potential in Japan.
Human-machine relationships: Exploring the future and its implications for businesses
Uncover the implications of human-machine relationships for businesses and stay ahead with the latest insights and trends in the age of AI.
Exploring the evolving VC landscape: An insightful outlook on venture funding in 2023
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Unleashing Singapore’s smart city potential: A gateway to limitless opportunities
With plans to ensure that measures are economically sustainable, Singapore’s smart city strategies prioritise building on economic capabilities amongst the private and public sectors.
Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the e27platform, and other prizes. Join TOP100 here.
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