The angry fans of Blackpink made hashtag Shopeescam trending on Twitter last week over the allegations that the e-commerce favoured influencers over real fans for the promo-base meet and greet

Shopee reportedly could be penalised up to US$5,800 after it failed to fulfill the terms and conditions of its own shopping campaign centered around the famous K-pop girl band Blackpink, as reported by Mumbrella Asia.

The e-commerce brand reportedly promised customers that 568 fans would stand a chance of having a meet-and-greet with K-pop group, and top 40 spenders will get autographs and be on stage with Blackpink if they spent over US$76.97 on the platform during the campaign period.

Blackpink is the regional ambassador of Shopee, and now angry fans swarmed social media with hashtag Shopeescam over the sudden change in the list, claiming that Shopee removed them. The fans accused Shopee of favoring influencers over the fans and changing the contest terms midway.

The incident prompted an investigation conducted by the Philippines Department of Trade and Industry, according to media reports. If Shopee has indeed changed the contest’s terms after it has been launched, then Shopee could face fines of up to 300,000 peso (US$5,800) with additional US$5,800 per complaint if it’s found to have run a deceitful sale.

The results of the investigation will be announced within this week, Mumbrella Asia reported.

Also Read: In Photos: Pomelo opens first international store in Singapore

Shopee has released a statement on Twitter apologising and providing damage control by “reaching out to all those affected by this issue”.

The official statement in full reads:

“We would like to sincerely apologise to users and fans of Shopee and Blackpink for the issues involving the Shopee x Blackpink meet-and-greet today in Manila

“The event fell short of the high standards that Shopee users and Blackpink fans expect, and we hear our community’s feedback loud and clear. Although we took immediate steps as soon as we discovered our errors to ensure the rightful winners of our contest could claim their prizes, we know that the entire process caused confusion, disappointment, and upset for many Shopee users and Blackpink fans.

“We are reaching out to all those affected by this issue, and we are also taking steps to ensure that such an incident does not occur again in the future.”
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Also, Amadeus Ventures to invest in travel tech startup Volantio, and Deskera partners P2P financing platform Funding Societies

Trading platform Funderbeam raises US$4.5M Series A funding [Press Release]

Funding and trading platform for private companies Funderbeam announced that it has raised a US$4.5 million Series A funding to further support its secondary market development and expansion across Asia.

The funding was led by UK-based Accelerated Digital Ventures (ADV) and also participated by new investors such as GK-Plug and Play Indonesia, Pandan Ventures, along with existing investors including Draper Associates, Draper Venture Partners, IQ Capital, and Mistletoe.

Recently launched in the UK and Scandinavian countries, Funderbeam seeks to connect venture and SME capital markets through access and liquidity to growth investments.

Founded in 2013, Funderbeam hosts startups and SME and makes them available for cross-border investment and trading. It helps founders to choose who can invest and therefore retain control of their cap table, and for investors, it provides access to a community of growth-stage companies and the option to trade their investments at any time, facilitated by blockchain technology.

Amadeus Ventures signs agreement with travel tech startup Volantio to integrate airlines solution [Press Release]

Amadeus Ventures and Volantio announce a new partnership to help airlines optimise capacity and increase revenues by integrating Volatio’s solution in identifying flexible passengers on full flights and providing them with an incentive (such as frequent flyer miles, travel vouchers, or upgrades) to voluntarily move to lower demand flights. Yana, the name of Volantio’s platform that allows bumping down the flexible passengers, will automatically rebook passengers who accept and fulfill the selected incentive through its machine learning system.

Also Read: Filipino K-pop fans accuse Shopee of scam over girl group meeting

This announcement comes just after Volantio won the Amadeus Accenture Alliance Air Pitch at the Skift Global Forum in September 2018. Volantio also won top startup pitch at Amadeus’ T3CH event in March.

Volantio already works with seven airlines including Qantas, Iberia, Alaska Airlines, Volaris, IndiGo, and others. So far, the company said, partner airlines have seen an average of 3 to 5 times returns on their investment.

Cloud-based platform Deskera partners P2P financing platform Funding Societies to support SMEs [Press Release]

Deskera, a cloud-based platform, and Funding Societies, Southeast Asia’s P2P financing platform, has entered into a partnership to support underserved SMEs to apply to the provided funds minus the paperwork. Deskera’s platform will incorporate Funding Societies’ Invoice Financing feature, whereby B2B SMEs will be able to pledge their invoices and release funding in advance, rescinding their cash flow constraints.

For SMEs, cash flow is a constant concern, especially for SMEs in the B2B sector with payment terms between 30 and 90 days with additional delays beyond that. According to the 2018 SME Development Survey conducted by DP Information Group (now known as Experian), 34 per cent of SMEs were facing external finance-related challenges with 84 per cent of them quoted delayed payments from customers as the key finance-related issue.

Through this partnership, both companies hope that they can provide a fast and effective financial solution that many SMEs are seeking as a way for their businesses to strive.

APAC Realty plans to invest in AI-based proptech UrbanZoom [Press Release]

APAC Realty Limited announced a collaboration with UrbanZoom, a startup that applies big data and artificial intelligence (AI) to the real estate sector. This is part of the company’s investment program Digital Lab initiative.

As part of the collaboration, APAC Realty has entered into an agreement to invest S$1 million (US$ 732,820) in 3-year interest-free convertible notes issued by Dots Connected Pte. Ltd.

UrbanZoom was founded in 2018 by a team of real estate professionals and data scientists utilising a proprietary artificial intelligence algorithm to analyse millions of data points derived from regulatory, industry and other public sources to predict the value of a residential unit.

Also Read: Go-Jek acquires Indian recruitment platform developer AirCTO

Going forward, ERA looks to partner with UrbanAgents in providing business leads to its agents while developing agents-facing productivity tools with UrbanZoom.

CONSENTIUM joins forces with BLUCON to launch crypto-based debit card [Press Release]

Singapore-based crypto wallet-integrated messaging app CONSENTIUM has signed a Memorandum of Understanding (MOU) with payment platform BLUCON earlier last month. The partnership will see the launch of a CONSENTIUM branded Debit Card in mid-July 2019 and the collaboration of the two companies in launching a CONSENTIUM branded transport card.

The CONSENTIUM Card is expected to work across many card-accepting retailers in Asia and will also allow for cash withdrawals of the local currency at supported ATMs through the use of BLUCON’s technology.

“The partnership with BLUCON is in-line with our goals of achieving organic growth. By catering to the needs of our CSM token holders, who in turn can enjoy greater liquidity, we will also increase the value and utility of the BLUCON cards,” said Wayne Huang, Marketing Head of CONSENTIUM.

Similar to traditional Debit Cards, the CONSENTIUM branded BLUCON Debit Cards facilitate payment by connecting the users’ local banks to their exchanges through the BLU EXO-Platform. BLUCON uses existing financial networks.

The CONSENTIUM team expects to test the cards in June 2019 and will launch the cards for public use by mid-July 2019.
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From collaboration to immersive education, AR is set to be more integrated in our daily life

From enhancing the quality of life-saving healthcare to providing a level of inclusive entertainment that’s never been seen before, the potential for remote augmented reality is seemingly limitless.

AR’s seemingly limitless possibilities might well make it the most exciting emerging technology on the planet today. The industry surrounding augmented reality along with virtual reality is forecast to attain a value of over $25 billion by 2025.

The chances are that you’ve already encountered augmented reality while shopping online or playing gaming apps such as Pokemon Go!

Where virtual reality fully submerges users into a world that bears no resemblance to the real-life scenery surrounding them (typically via the use of headsets), AR is far more adaptable and commonly embeds a virtual layer on top of reality through the use of camera phones/tablets or eyewear.

This digital augmentation makes for an excellent visual aid, and retail outlets like IKEA have been swift in adopting the technology to enable customers to render their catalogue items and actually see what they would look like in their homes before making a purchase.

One exciting new area that enables AR to really excel is through ‘remote’ augmented reality. The beauty of manipulating your settings with other users remotely is that you can effectively offer your literal point of view to tutors, colleagues or peers and interact gain their informed insights.

To help shed some more light on the value that remote AR can bring to a host of industries, here are five game-changing developments in the technology that we can’t wait to see enter the fray.

Synergized entertainment

According toInfoholic Research, the augmented reality gaming market is set hit around $284.92 billion by 2023, and remote AR gaming will be responsible for driving profits across the industry.

One such company looking to take remote AR gaming to the next level is WATTY.

The company’s dedicated app, WATTY REMOTE, actively brings users from around the world together through embedding digital layers on real-life canvases. Users can play games via mobile devices and share their experiences and information through WATTY’s remote AR framework.

Through ‘Boo’, WATTY’s anthropomorphic racoon mascot, users can communicate with each other or even engage in battles remotely, with their digital avatars interacting with their respective real-world canvases.

Gleb Braverman, founder of WATTY highlights the potential that remote AR and its uses hold for enabling users to engage across the world:

“Imagine if you could share AR with your friend on the other side of the world with just a mobile phone. We’ll actually be able to deliver it with WATTY REMOTE. Our vision is that AR multiplayer will be as easy as online shopping.”

Effective collaboration

As traditionally office-based workforces become increasingly mobile, effective remote collaboration tools have become much sought after.

Utilising the power of remote AR, Spacial has developed a technology that’s been dubbed by Engadget as ‘the Slack of the future.”

Utilising the market’s many augmented reality headsets, Spacial operates like apparatus straight out of a science fiction film. Users can not only visualise each other but also manipulate 3D rendered objects as visual aids.

If you’re working with colleagues that need to pass judgement on structural blueprints or visualise landscapes, Spacial could be just what the doctor ordered.

Healthcare benefits

Speaking of doctors, remote AR’s influence in the healthcare industry will be felt in the coming years.

Imagine an environment where doctors can get swift second opinions before diagnosing an ailment, or where surgeons have a digital helping hand that can create visual prompts on how to approach the operation they’re undertaking.

With the use of remote AR, industry professionals from around the world can offer guidance for colleagues by sharing their viewpoint through augmented reality glasses and providing digital directions and notes that appear embedded in front of the subject’s real-life environment.

Remote AR could also improve the level of service that patients receive remotely from doctors. Patients will be capable of getting in touch with a practitioner and display their symptoms through a dedicated camera-enabled AR app before the doctor provides digital feedback within the tool.

Immersive education

Whether it’s higher education or staff training, remote AR has the ability to herald a new era of tutoring and study support – especially in practical fields.

Through educational engagement, tutors can utilise AR to actively peer in on their students’ progress during in-classroom or remote practical tasks, ensuring that nobody is experiencing difficulty or cheating in completing their work.

Likewise, when it comes to staff training throughout national and multinational organisations, staff can be appropriately tested and assessed through remote AR solutions – ensuring that all offices and warehouses are as well trained as can be.

Troubleshooting tools

The appropriately named ‘Remote AR’ app promises to be the best solution for remote business supports, and its developers have set their sights firmly on providing practical solutions to the handling of machinery.

The service is designed to provide a remote video connection between field workers and ‘remote experts’ that are capable of providing superior troubleshooting solutions that wouldn’t otherwise be possible by any other means.

The beauty of Remote AR is that it’s set to save an innumerable amount of time for workers who will be capable of providing a live visual display of the problems they are having while experts in the field can respond by utilising a digital layer of augmented reality to provide visual instructions and information.

Also Read: In Photos: Pomelo opens first international store in Singapore

The adoption of Remote AR and its ilk will not only work wonders in helping organisations hit their deadlines by seamlessly navigating around potential issues, but also improve worker safety thanks to the level of expertise than the insight that AR can provide them with.

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Photo by David Grandmougin on Unsplash

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The Singapore and American startup raised the funding from Standard Chartered and Mitsubishi UFJ Financial Group, among other strategic investors

Team collaboration platform Symphony Communication Services announced today that it has raised US$165 million in new capital from Standard Chartered and MUFG Innovation Partners Co., Ltd., along with a group of existing and other investors.

With the new funding, the Palo Alto-based company that also has its headquarter office in Singapore will bring the total capital raised to over US$460 million.

Starting off with a messaging platform, Symphony claims that it has expanded into a collaboration platform that facilitates the digital transformation of financial markets.

“We are pleased to welcome Standard Chartered and Mitsubishi UFJ Financial Group to our strategic investor community. Symphony’s community is coming together to build stronger connections, automation, and expanded customer reach as part of their digital transformation initiatives,” said David Gurlé, founder and CEO of Symphony.

The company was founded four and a half years ago and said that the investment is timely given that it’s been gaining momentum. A total of 430,000 users with license comes from over 60 countries.

Also Read: Vietnam payment startups Vimo and mPOS merge, rebranded as NextPay

In addition to the funding, Symphony also launches of Symphony Market Solutions. It is a new business that seeks to help customers speed up their digital transformation initiatives via workflow automation along with a suite of standardised, licensable software solutions.

Symphony will use the new capital to evolve its new Market Solutions business, to accelerate growth in both its current and new markets and further build out its feature stack to deliver new innovation to enterprises as they replace traditional collaboration tools.
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The two Vietnamese startups plan to raise US$30 Million and expand to Myanmar and Indonesia next year

Two payment startups based in Vietnam, Vimo and mPOS, have agreed to merge in an effort to scale. The company will rebranded as NextPay, as reported by Bloomberg.

Vimo Technology is a mobile wallet provider, while Vietnam mPOS Technology develops portable point-of-sale technology. Together the two will be combined and rebranded as NextPay Holdings.

NextPay Holdings will have Nguyen Huu Tuat, who is the CEO of mPOS, as its CEO. Nguyen Hoa Binh, who founded the two Hanoi-based startups, will be NextPay’s chairman.

In addition to the rebranding, NextPay is said to be in talks with investors to raise about US$30 million and anticipates closing the round soon. The capital will be a boost for the company as it plans an expansion into Myanmar and Indonesia in 2020.

“MPOS’s business model is quite similar to Square in the U.S., in that any merchant can accept payments easily, and Vimo is a mobile wallet similar to Alipay,’’ Tuat said as quoted by Bloomberg.

“By merging these two businesses, we provide a one-stop payment solution for merchants.’’

Also Read: Dropee partners Grab financial for SME business financing product

The combined company is going to have a presence in 11 cities across Vietnam, with more than 35,000 acceptance points that are comprised of 70 per cent tech-savvy, smartphone users population.

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Over the next three years, venture capitals like 500 Startups and Golden Gate Ventures among others have pledged to invest into Vietnamese startups

Golden Gate Ventures, Access Ventures, Burda Principal Investments, 500 Startups, Jungle Ventures, and Cyberagent Ventures, among others, have signed an agreement with Vietnamese government to commit VND10 trillion (US$425 million) investment in Vietnamese startups for the next three years, as reported by DealStreetAsia.

The agreement took place at the Vietnam Venture Summit, a collaboration initiated by Vietnam’s ministries of investment and technology and science, with Golden Gate Ventures on Monday, June 10, 2019.

Vietnam Venture Summit seeks to connect investors to work together. During the event, it’s reported that there were several other partnerships being signed off, including an MoU between the Ministry of Investment and Planning and Golden Gate Ventures to support the growth of Vietnamese startups, followed by another tie-up between the ministry and SGInnovate to develop deep tech companies in the country.

At the summit, Vina Capital also has entered into an agreement with US$1 billion-worth Mirae-Naver Asia Growth Fund, in which Mirae Asset invests an undisclosed amount in VinaCapital Ventures and Naver to provide access to its portfolio companies to facilitate their expansion plans.

The summit also witnessed a US$1.4 million investment made by South Korean venture firm DTNI into Insignia Ventures-backed real estate platform Propzy.

Also Read: Dropee partners Grab financial for SME business financing product

“Vietnam is getting more attention from international investors and we believe there will be enough opportunities for them to deploy the committed capital,” said Pham Hong Quat, director of the Ministry of Science and Technology’s market development division.

In 2012, Vietnam had about 400 startups, and last year, it’s recorded that the number had reached around 3,000 with US$890 million funding happened in 2018.

Vinnie Lauria, the founding partner of Golden Gate Ventures, highlighted that although the country still presents challenges in the investment procedures, the number of VCs willing to commit investments into the country is a testament that Vietnam has become one of the key strategic markets in the region.

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Meal Temple is looking to address more than 100M people in frontier markets by the end of the year, and grow its tech to a super app model

Meal Temple Group, a Cambodia-based food delivery and logistics company with operations in Laos, has announced a strategic equity investment into Freshgora.com, an on-demand food and grocery delivery startup in Myanmar.

As per the deal, both companies will address the market in Myanmar and expand operations nationally.  In the long run, the companies will add more services and work together for an on-demand super app for frontier markets.

Meal Temple Group is looking to address more than 100 million people in frontier markets of Asia by the end of the year, and grow its technology to a super app model.

“Instead of going on our own in Myanmar, a slightly more mature market than Cambodia and Laos, and much bigger, we decided to invest for equity for an undisclosed amount (6 figures),” Meal Temple’s Founder Maxime Rosburger told e27. “We have also agreed to invest in technology, with our new version coming, as well as in operations, leveraging on our teams, knowledge and understanding on similar markets as well as with our regional network.”

Also Read: Cambodia’s Meal Temple raises 6-figure round to grow food and delivery platforms

Meal Temple’s operations in Cambodia and Laos are breakeven, he claims. The company is looking to emulate the same model in other frontier Asian markets. “We are looking to make those frontier Asian cities greener by changing fleets to electric vehicles only, and leading a trend to zero emission on-demand apps, as we are doing now in Cambodia.”

Started less than a year ago, Yangon-based Freshgora.com offers food and grocery deliveries from restaurants and local markets in less than one hour through its own fleet of drivers. It clocks more than 100 deliveries a day in the city.

With more than 55 million people, including more than 6 million in the Yangon metropolitan area, Myanmar is one of the fastest growing markets in Southeast Asia.

Daniel Htut, Founder of Freshgora, said: “We are really excited to partner with Meal Temple Group and offer our customers in Myanmar more services, support and perks, and be guided by Maxime Rosburger and his team on how to sustain our growth in the market. After only eight months, we are already tackling the largest local players, with a clean approach on technology, user experience and interface as well as customer service. We are also really inspired by Meal Temple Group’s vision on electric vehicles and social impact ambition.”

Founded in 2013, Meal Temple Group was launched in the early days of Cambodia’s tech ecosystem. Today, its delivery services collectively makes 10,000 monthly trips in Phnom Penh, Siem Reap and Sihanoukville. Last October, the company raised a six-digit sum from private investors in Australia and Europe.

In February this year, Meal Temple acquired Laos-based food delivery platform MyDelivery.

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A satisfied customer can come up with roses for your startup; therefore come across situations that challenge his satisfaction

“There’s only one thing that matters, customer satisfaction”

Entrepreneurs who make a debut often turn blindfold to the fact underlying this statement. They often skip attending the voice of the customers. Being left unheard, the inflicted customers often make up their mind not to return to you again.

It’s a massive loss. Your business journey may come to a bad end even before branding. Drill into your head that the first impression is the last impression. Underestimating customer satisfaction for a startup can lead you up a blind alley. So, it’s always recommended to follow the footprints of an experienced player.

So you should research the ways to determine how an outsourcing back office delivers better user experience. A satisfied customer can come up with roses for your startup. Therefore, come across situations that challenge his/her satisfaction.

Here are five scenarios that can assist you to come up trumps in the business innings:

1. When your customer is angry

Scenario: The customer is very annoyed from being delivered a wrong product. However, this situation specifically deals with a faulty delivery by an inexperienced merchant.

But there are some diverse situations, which are critical. It can be annoyance due to confusion. And there are some weird cases, wherein customers are angry simply because of having a bad day.

Customer support tips: 

• Rather than being matched the customer’s emotions, stick around ideas to calm him down.
• Follow H (Hear) E (Empathise) A (Apologise) R (Resolve) D (Diagnose) technique by Disney:

1. Patiently and uninterruptedly, hear the story of your customer,
2. By saying “I understand your frustration”, underscore that you completely understand his/her problem,
3. Genuinely apologise even if you’re not responsible for the inconvenience,
4. Resolve the grievances as soon as possible,
5. Determine the deep-rooted cause of the customer’s dissatisfaction to ensure no repetition of the same mistake.

2. When communication crisis shoots

Nothing could be scarier than that of falling from the grace. You should be aware that your client has already gambled while investing in a startup. A communication crisis can cost you losing his trust.

Scenario: The customer rings the helpdesk and he/she even attempted to shoot an email. But his/her call was left unattended, and the email showed ‘failed delivery’.

Customer support tips:

• Be ready with a ‘crisis communications plan’ — an excellent plan to respond promptly, accurately and confidently during an emergency,
• Console the customer with the magic word ‘sorry’,
• Update him/her about every step of corrections,
• Constantly shoot emails stating to what extent is the problem fixed,

Assure him that the fixing is being done.

3. When the customer presses for discount you can’t give

Rewarding a discount is a promotional technique, as Flipkart does by initiating Re 1 sale in grocery every weekend. It’s an out-of-the-box upselling trick to invite new customers. Being a startup, you cannot offer discounts.

Scenario: The prospective customers ask for discount to invest in your products/services.

Customer support tips:

• Do not straightly reject their request,
• Try to convey why offering a discount is not possible,
• Put the best features up front while reinforcing the value of your products and services,

Send an email, describing your products’/services’ value to your customers.

4. When you do not have answers to client’s request

Being a newbie, you might have limited resources. Possibly, you do not have all such features that your competitors provide with. However, they are a part of your projections to be integrated in the future. But for now, it’s not possible.

Scenario: Your prospective client is asking for an Android phone with a pop up 20 MP front camera, as one of your competitors offer. But you cannot embed that technology due to limited resources.

Customer support tips:

• Avoid saying ‘no’
• Appreciate his/her attempt to call for the support,
• Convey the prospective plan confidently,
• If there is a workaround to launch the bespoke solution, provide it. Otherwise, apologise,

If your product has some extra-ordinary features, spotlight them to convert him.

5. When you have a backlog of complaints

It’s a common situation. The communication crisis can worsen this situation. Perhaps your mailing package is full and your all emails remain unsent. The request to extend your mailing plan can be made, but only the next day. In the meantime, the customers will go impulsive. A briefing about your system error could fix the emotional oddity.

Scenario: The customer is waiting for the refund. But the support team is unable to respond due to downtime caused by server maintenance.

Customer support tips:

• Not every customer does not take your response as a solution.
• A small notice about being fixed can soothe their pain,Update shortly after the fixing of internal or system errors,
• Try to respond with 24 hours,Laser focus on responding rather than providing solutions,
• Personalise support to let them feel that you care for them.

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Photo by: Photo by Austin Distel on Unsplash

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June is filled with exciting startup events covering all sort of topics –from blockchain to drones

Looking for an opportunity to network with like-minded individuals, or to sharpen your skills? Head over to the e27 Events page to discover the latest events in Asian tech community.

Here are some of the most exciting ones that we can compile for you:

Featured Event: ORIGIN by TechNode @ Malaysia Tech Week 2019

When: June 21, 2019
Where: BLACK BOX @ Publika,Jalan Dutamas 1 Kuala Lumpur, Federal Territory of Kuala Lumpur 50480 Malaysia

Held in conjunction with Malaysia Tech Week 2019, ORIGIN is a premier international content track about the latest developments in ASEAN-China’s tech and startup scene, hosted by China-based tech media TechNode. It was held under the belief that as China globalises, education about Chinese companies, their philosophies, insights and contributions should be kept up to par with the attention that China is receiving.

The event brought together international industry leaders and global tech-changers to different cities in Southeast Asia, as part of its goal to facilitate more interaction and cross-pollination between China and Southeast Asia’s sharing economy. It will uncover insights on the latest trends and developments in China’s vibrant tech scene and SEA’s rapid growth landscape.

Admission is free. For more information about the event click here.

Get your tickets here

Other events you can join this month:

FastFwd Festival: Creating a Sustainable Future
June 15, 2019
6 Raffles Boulevard, #03-308, JustCo, Marina Square, Singapore
Register Here

MyDroneX
June 17, 2019
Futurise, Cyberjaya, Malaysia
Register Here

Information & Communication Technologies Business Mission
June 18, 2019 – June 20, 2019
Level 5 Grand Ballroom, Sands Expo & Convention Centre, Singapore
Register Here

World Blockchain Forum · Singapore & World Blockchain Award · Asia
June 22, 2019 – June 23, 2019
Marina Bay Sands, Singapore
Register Here

WomenChangemakers #9
June 26, 2019
81 Des Voeux Rd Central, Sheung Wan, Hong Kong
Register Here

Seamless Asia 2019
June 26, 2019 – June 27, 2019
Level 4 Suntec Convention Centre, Singapore
Register Here

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Have an event happening soon? Get it on the e27 platform.

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PolicyStreet is joining the list of only 32 other Approved Financial Advisors in Malaysia

Malaysian insurtech startup PolicyStreet today announced that it has secured an approval from the country’s central bank Bank Negara Malaysia (BNM) to conduct general and Islamic financial advisory (FA) business.

With the approval, the company can now source, aggregate, compare, customise and finally advise individual consumers and businesses of the best insurance products for their needs.

It is also able to work directly with all 47 life and general insurance and takaful providers in Malaysia.

In a press statement, PolicyStreet CEO Lee Yen Ming explained that the company initially wanted to apply for a sandbox programme, to trial the aggregation of insurance products. But it later discovered that it has fulfilled all the requirements for a full FA approval.

“With this approval, we are not bound by restrictions to advise customers on which insurance products to obtain based on their circumstances. We often find that insurance providers tend to have many competing products that cater to different segments of customers. For example, Insurer A might offer a life product suited for customers above 40 years old and insurer B on the other hand offers a more compelling life product for the younger customers aged below 30 years old,” Lee wrote.

Also Read: Malaysian insurtech startup PolicyStreet wins Seedstars Kuala Lumpur

“Aggregation will not enable us to advise the right products to different target customers but FA will. We want to advise customers without prejudice and we will marry technology and innovation to remove ‘fats’ in the ecosystem by driving transparency and simplicity in insurance,” the CEO stressed.

In two years of its operations, PolicyStreet said that it has underwritten over MYR400 million (US$100 million) in sum assured and sold more than 10,000 policies.

It has raised US$500,000 in seed funding from KK Fund and was a recipient of a government grant from Cradle Fund.

With this approval, the company is joining the list of only 32 other Approved Financial Advisers in Malaysia.

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Image Credit: PolicyStreet

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