UMG Idealab is a corporate venture capital of UMG Myanmar, a manufacturer and distributor of agricultural heavy equipment

UMG Idealab aims to invest in up to 20 early stage startups in Indonesia next year.

In an email interview with e27, UMG Idealab Managing Partner Achmad Syaefi revealed that the corporate venture capital (CVC) firm is looking for startups in the internet-of-things (IoT), big data, voice recognition, and artificial intelligent verticals.

“The startups got to be innovative and [their work] got to have a social impact. We are also in favour of startups that help small- and medium-sized enterprises (SMEs) digitised their work process, such as Aruna and Crowde,” he explains.

Aruna and Crowde are two of the 11 Indonesian startups that the firm has already invested in from their fund; Aruna raised a seed funding round in April 2017 while Crowde raised their funding round as recently as last October.

Though they declined to reveal the exact size of their fund, UMG Idealab plans to invest between US$50,000 and US$1 million in each startup.

According to Syaefi, there are several benefits that the firm can provide to the startups who are working with them.

“Coaching, networking with shareholders such as VCs, startups, and incubators, as well as expansion to Asian countries,” he says.

Also Read: Pay-as-you-go energy startup SolarHome raises US$10M in debt financing to accelerate Myanmar expansion

From Myanmar to Indonesia

UMG Idealab’s story began in Myanmar as one of the subsidiaries of UMG Myanmar, a producer and distributor of agricultural heavy equipment. Currently run by a team of 5,000 employees, the company is one of the biggest companies operating in the country.

Seeing the impressive growth of Southeast Asian tech industry, UMG Myanmar Founder Kiwi Aliwarga then initiated the founding of UMG Idealab.

UMG Idealab’s business lines are being divided into two parts: An incubator in Myanmar that helps startups begin their businesses, and a CVC in Indonesia that helps startups with seed funding investments.

In his email, Syaefi dubs UMG Idealab as a sector-agnostic CVC, though startups in the agritech sector do have a special value for them.

In addition to Indonesia and Myanmar, the firm is also investing in startups in Thailand.

In Indonesia, apart from Aruna and Crowde, UMG Idealab has also invested in agritech startup MSMB, voice recognition platform Bahasakita, chatbot platform Botika, online book store Bukku, healthcare marketplace Prosehat, human capital management platform Netis, food products e-commerce platform Total Agri Mart, on-demand homecare service Perawatku, and air taxi service Frogs, which is currently under development.

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Image Credit: UMG Idealab

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Welcome to the e27 Tea Talk, where we talk about everything startup ecosystem. And this time, OURSELVES!

At our first-ever e27 Academy program in November 2018, we gathered over 150 founders of Southeast Asia startups from 16 countries to share their experience, network and learn from each other and from other successful figures in the ecosystem. It warms our hearts to receive positive feedback from our beloved founders who also shared how e27 has always been able to create a platform for startups to engage the audience through large-scale events and effective content marketing.

With that being said, events or content marketing should not be overlooked as a means to explore more business opportunities or to engage a wider audience. Actively showcasing your brand will not only boost your exposure to potential clients but also expand your network, giving you more access to investors, partners, and communities.

Wondering why reaching out through events and content marketing is important? Here are our key takeaways.

Events:

1. Market Research: Our knowledge is limited. With new information every day, each of us is evolving; and so is the market. Hence, it is crucial to go out there and speak with other entrepreneurs, listen to advice from investors, and share your experience with the community. By doing so, you are conducting an important, yet sometimes underrated, market research that is vital to the blooming of new ideas and the survival of existing businesses.
2. Networking: Put your brand out there. Actively take part in events to showcase your idea and make friends with like-minded people who might present you with opportunities that might be hard to look for anywhere else. Remember, the connections made during an event might last throughout your entrepreneurial journey, so don’t hesitate to expand your network.
3. Stop, relax and sharpen your axes: Everybody is familiar with the story of the two woodcutters. The lesson learned can also be applied to your startup journey. Stop and listen to feedback, have an open mind and sharpen your knife. This way, you can be sure that whatever you are doing is constantly changing, in a positive and holistic way.

Also read: 5 ways to improve time management within your team

Content Marketing:

1. Save cost and time: Engaging the audience through content marketing is precise in terms of target audience and is also cost-and-time-saving. With everything available at your fingertips, content marketing ensures your message reaches the specific audience in time and with good conversion.
2. A click generates revenue: A click is all it takes to convert a reader to a client with the right audience and content. Simple, fast and fuss-free.
3. Brand appearance: Selling by not selling is a phrase that has been beaten to death in the business world. Portray your brand with the right message and soon, you will find yourself with a higher conversion rate.

Events and content marketing are not foreign concepts, but these engagement options stay relevant even with the ever-changing environment. If you have just started your journey and unsure of how and where to go from there, we’d like you to know that help is out there at e27!

Yes, at e27, we have a strong media platform which you can employ to better reach out to your audience. ECHELON Asia Summit, TOP100, and e27 Academy are examples of events where you can showcase your brand and broaden your network. Check out how awesome this year has been in the ecosystem, to ECHELON and beyond!

Scratching your head over how to go about engaging through events and content marketing? Speak to us at engage@e27.co and our best consultants will be there to assist you!

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e27 Tea Talk is the column managed by the e27 Business Development Team. We hope to see you join in on stimulating discussions and constructive feedback as we navigate through the startup journey together. 🙂

This article is jointly written by Hung Nguyen and Farah Rashidi.

 

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Other breaking development in the region is the massive protest of Korean taxi drivers against a carpooling service that they say would destroy their jobs

Ofo has nearly 12M users waiting for deposit refunds [South China Morning Post]

Early users of Ofo were asked to pay a 99 yuan deposit, which was later raised to 199 yuan, before they could rent a bike through the service. Users could request a deposit refund anytime via the Ofo app but there was a waiting period of 15 working days for the refund to be received, according to deposit refund instructions.

However, earlier this week hundreds of angry users were seen lining up outside the company’s Beijing headquarters to ask for immediate deposit returns. Some said they queued in the chilly winter because they failed to receive refunds online even after the allotted waiting period and they had read news on Chinese media outlets that riders who personally went to Ofo’s office on Sunday were able to get refunds right away.

LetsTransport raises US$14.3M  [press release]

Bengaluru-based logistics marketplace for intracity deliveries, LetsTransport, has raised a total of INR 100 crore (US$14.3 million) from Bertelsmann India Investments, Fosun International and other investors.

Currently operational in seven cities, the latest infusion of growth capital will be used for strengthening technology, adding new industry verticals to lock in marquee clients and for scaling up the company’s operations.

LetsTransport is a technology-enabled managed marketplace, which operates on an asset-light model wherein it partners to bring in operational efficiency for truck owners to cater to the within city logistics requirements. It claims its multimodal network of trucks clubbed with proprietary technology increases utilisation resulting in higher earnings for the trucks and a 30 per cent reduction in distribution cost for the client.

Its clients include Coca-Cola, Amazon, Metro Cash & Carry, Big Bazaar etc.

Qoo10 promises no more transaction and service fees on new QuuBe platform [ChannelNewsAsia]

Build it, and they will come. Or so the saying goes.

This appears to be the strategy e-commerce site Qoo10 is adopting as it looks to shake things up in the online shopping space.

The Singapore-headquartered online business is planning to officially launch its blockchain-based e-commerce site, QuuBe, in the new year. When it does, it said it will introduce a new way of approaching e-commerce as a business, removing the need for service or transaction fees usually imposed on online sellers.

Angry South Korean taxi drivers rally against carpooling service [Reuters]

Tens of thousands of South Korean taxi drivers walked off the job and held a rally on Thursday to protest against a carpooling service that they say would destroy their jobs and threaten their livelihoods.

The demonstration came days after the suicide of a taxi driver who set himself on a fire to protest against plans to introduce car-pooling service Kakao Mobility, a unit of mobile messenger operator Kakao Corp.

“If the service is implemented, my income will shrink by half. I’ll fall into poverty,” said driver Yoon Woo-seok, 62, at the rally in front of the National Assembly in the capital, Seoul.

NZ startup LearnCoach raises US$1.5M [DealStreetAsia]

New Zealand-based online education platform LearnCoach has closed a US$1.5 million seed round led by Eden Ventures. Other investors include Danny Chan, co-founder of ACG; and Andrew Preston, Founder of Publons.

Founded in 2012, LearnCoach creates video tutorials to teach subjects for students who can’t be in a physical classroom, or for those who want to extend beyond their classroom learning. About 150,000 students in New Zealand view the lessons more than a million times every year.

According to LearnCoach, the proceeds will be used to scale its education platform to reach more students and produce more tutorials.

 

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Swiggy’s latest fundraising round is the single largest in India’s food technology sector to date

Swiggy, India’s leading food delivery platform, announced today that it has executed definitive agreements for a US$1 billion Series H round of funding, led by existing investor Naspers, a global internet and entertainment group.

The round also includes participation from several existing investors, including DST Global, Meituan Dianping and Coatue Management, along with new investors Tencent, Hillhouse Capital and Wellington Management Company.

Also Read: Singapore Foodie channel’s Malaysian parent raises funding for expansion

Swiggy’s latest fundraising round is the single largest in India’s food technology sector to date. With this, its total funding raised so far has touched US$1.26 billion.

The Bangalore-based startup said in a statement that it will use the funds to bring more quality food brands closer to consumers and address gaps in supply through delivery-only kitchens under the ‘Access’ initiative for restaurant partners.

Additionally, it will hire top-notch talent, especially for Machine Learning and engineering roles across mid and senior levels. The company will further strengthen its technology backbone and focus on building a next-generation AI-driven platform for hyperlocal discovery and on-demand delivery.

“Swiggy has been at the forefront of elevating the potential of Indian food delivery with its industry-changing innovations and focus on delivering the best consumer experience to millions of Indians,” said Sriharsha Majety, CEO, Swiggy. “As we add more firepower to our vision of elevating quality of life for urban consumers by offering unparalleled convenience, we’re pleased that visionary global investors share our purpose and have made such a significant investment in our future.”

“We first partnered with Swiggy in April 2017 because we recognised the Swiggy team had built a sustainable, long-term business, that stood out amongst others in India. Now, nearly two years later, we have even more confidence Swiggy has the winning formula and will continue to build a leading business in the country” said Larry Illg, CEO, Food and Ventures, Naspers.

“Swiggy has 10x the number of orders per month since our first investment, has expanded throughout India to tier 1, 2 and 3 cities, and most importantly, is the most loved food delivery brand in India, providing the best service to consumers nationwide,” he added.

Founded in 2014, Swiggy has over 50,000 restaurant partners spread across 50-plus cities. Since the last funding round six months ago, Swiggy has expanded to 42 additional cities and doubled in gross merchandise value as it strengthened its leading market share along with industry-best repeat rates and net promoter score.

In May 2017, Swiggy raised US$80 million led by Naspers, with participation from existing investors Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners.

 

 

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The startup offers a legacy planning service and plans to launch its platform next month

Brunei-based legacy planning startup Memori raised BND158,000 (US$ 100,000) from 113 Venture Growth Fund despite having yet to launch its online platform.

This marks one of Brunei’s largest seed rounds investment in a startup to date, as reported by Bizbrunei.

Memori plans to become an all-in-one online platform to manage legacy, from the convenience of securing wills, insurance policies, and memorial services.

With the funding, Memori wants to grow in Brunei, Singapore and Malaysia, where an estimated 33 million adults do not have wills.

“We’re looking to simplify and make the whole process of preparing for one’s death an affordable thing. Death is such a universal matter but ironically expensive and difficult to navigate,” said CEO and co-founder of Memori Queenie Chong, who got the idea for Memori after experiencing the loss of her grandparents.

Also Read: Singapore Foodie channel’s Malaysian parent raises funding for expansion

Chong, being a certified will planner, still found that the experience was a difficult one. “It can be extremely frustrating when you don’t know where to go or what to do after the loss,” said the 30-year-old Bruneian.

Chong then founded Memori just in August this year and then brought along COO Jonathan Tan and CBO Phoebe Kow, who are also certified will planners.

According to Chong, an estimated 80 per cent of Southeast Asia’s population do not have wills due to a social taboo that makes it an uncomfortable thing to talk about end of life. Another cause noted by the company is the misconception about the complexity and cost of the legacy process.

“Our technology seeks to address this issue. Thanks to social media, there is now the ability to control our digital footprint,” said Chong.

Memori provides will writing services directly, and soon will facilitate customers with a consult and connection to a range of bereavement-related services, such as arrangements for funerals, burials, and caskets as well as buying insurance policies.

In doing its business, Memori also takes advantage of blockchain technology, that will be used to build its website. The technology will enable users to safely store their digital assets – including social media and email accounts passwords – and pre-select the beneficiaries when a user passes on.

“Memori certainly has the potential to be Brunei’s first tech Unicorn because it is disruptive and a game changer,” said Tan Chun Wei, a founding partner of 113 Venture who is also the district service director of Nirvana Asia Group – Asia’s largest bereavement care provider.

Also Read: Indian food delivery startup Swiggy raises US$1B investment led by Naspers

Memori is a participant of the ongoing fourth cycle of DARe’s Startup Bootcamp facilitated by Singapore-based Golden Equator.

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As the year comes to a close, let’s have a look at the top 10 community articles that caught our readers’ attention

The strength of a cohesive and forward-thinking ecosystem is built upon a philosophy of collaboration.

At e27, we hold these values close to our heart; and over the years, we have consistently engaged stakeholders in the Southeast Asia tech industry — investors, entrepreneurs, and more — to contribute their thought leadership to our platform.

Today, this community of contributors has become integral to our platform’s growth. They complement our core team of reporters by providing in-depth and critical insights into the industry on top of our daily news and features coverage.

2018 has been a banner year for our community posts: many of them have become some of the top-read articles on our site.

Without further ado, we present to you the 10 most read e27 community articles of 2018!

Note: the articles are arranged in no particular order.

1. 2018 may be the year Uber gives up on Southeast Asia, and other predictions

Venture builder Momentum Works was definitely not the first to speculate about Uber’s retreat from Southeast Asia, but it was right on the money nonetheless. Find out its reasons for thinking so.

In the article, Momentum Works also cast some predictions on how Chinese internet companies would exert greater influence, as well as its thoughts on emerging markets, corporate innovation initiatives and finding the next unicorns in the region.

Oh, and it also forecasted that Bitcoin would hit US$100,000 in dollar value. On hindsight, that figure seems rather silly.

Also read: The e27 Community Archive

2. Why Uber Southeast Asia’s ex-employees are walking into a bright future

Following Uber’s sale of its Southeast Asia-based assets to rival Grab, Momentum Works wrote a piece on why the company’s former employees will continue to have successful careers.

The article essentially highlights why their skill sets, honed to a sharp edge at hyper-growth focused company like Uber, make them well-equipped to handle a myriad of roles at other tech companies.

Momentum Works makes a pretty convincing case as many of its own employees are made up from former staff of another ride-hailing company, Easy Taxi, who withdraw from the market much earlier.

3. Rebuilding trust within the sharing economy through decentralised apps

This article by Kenny Au, co-founder of AI company LUXSENS, highlights why the use of blockchain and smart contracts will aid with alleviating the pain points in the sharing economy, such as untrustworthy reviews, data breaches and more.

The immutable nature of blockchain-powered solutions will help to facilitate transparent and secure transactions, he said, which will give both customers and service providers a greater peace of mind.

4. Who leads e-commerce in Malaysia? Lazada or Shopee?

Lazada and Shopee are easily the two biggest e-commerce players in Southeast Asia.

This article by Jeremy Chew, content marketer at online shopping aggregator iPrice Group, deep dives into the performance of each platform, stacking them up against each other with concrete statistics.

The article also touches upon the state of Malaysia’s e-commerce scene. According to iPrice Group’s findings, the top five e-commerce platforms in Malaysia — Lazada, 11street, Shopee, Lelong and Zalora — have created more than 1,000 jobs in the country.

5. This Singapore Founder created thousands of jobs over the past 50 years, yet not many people have heard about him

Kenneth Lou, the co-founder and CEO of finance portal Seedly, wrote about a veteran in the Singapore civil service by the name of Philip Yeo.

Yeo was responsible for helping to entice many foreign MNCs to set up shop and invest in Singapore, at a time Singapore was still experiencing a major financial recession.

To date, he has groomed multiple leaders of industries and politicians like George Yeo, Lim Swee Say and others who are leading agencies like A*Star, NUS, JTC, EDB, National Gallery, and EDIS.

6. Yet another application of blockchain tech, digitalising real-world assets can come with security benefits

Blockchain is obviously a running theme this year.

Kenny Au once again writes about the benefits of blockchain technology, and how it can help people establish a more secure digital identity and curb e-commerce fraud.

Also read: 27 most read articles by community contributors in 2017

7. Streaming is hugely successful, but why can’t content creators make money?

The web streaming industry is becoming a huge part of the entertainment sector. Due to the highly accessible nature of the internet, content streamers can reach a wide audience easily with major video streaming platforms such as YouTube and Twitch. And often, these sites don’t require users to pay.

Which leads us to this big problem: many streamers can attract a huge audience but making money out of it is tough.

Kenny Au explains the pain points behind the internet streaming industry, and how blockchain-powered platforms can help ensure streamers get an equitable share of the revenue.

8. Why fasting is the ultimate productivity hack for entrepreneurs

This article is a little different from our usual community articles in the sense that it is not really about business-building or tech, but rather, about taking a holistic approach to becoming a better entrepreneur — through improving your health.

Adrian Li, Managing Partner and Founder at Convergence Ventures, explains the science behind regular fasting and why it’s good for one’s health.

9. Why Singapore is the worst place to start a tech company

This one is a little controversial. Keith Tan, co-founder of offshore software development firm Wonderlabs, gives his two cents on why Singapore is not a good place to start a tech company.

One of his main gripes is that it is too costly to operate in Singapore.

I guess that’s why he runs an offshore software development company.

10. 6 successful real-life examples of blockchain technology being implemented

This article by contributor Aaron showcases how both corporations and startups across the world are implementing blockchain technology in their operations.

For example, he cites supermarket giant Walmart is using blockchain to better ensure food safety by tracking the product from when it leaves the farm to when it lands at the store.

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MedPlanner allows for the safe transfer of information between healthcare practitioners specialist advice, referral and handover

Malaysia-based clinical communication app, MedPlanner, has closed RM1 million (US$240,000) via blockchain-powered equity crowdfunding (ECF) platform Ata Plus.

The funding round was fully subscribed by an unnamed single strategic investor, with vast experience in the management of healthcare delivery in Malaysia.

The funds will be channeled towards refining MedPlanner’s all-in-one clinical app, as well as the marketing and commercialisation, as the company set out to launch in five countries next year. “This investment in MedPlanner will help us reach our goal of bringing our solution closer to the healthcare community while providing investors the opportunity to make substantial returns,” said Co-founder and CEO Dr. Ezam Mat-Ali.

Also Read: The 10 most-read e27 Community articles of 2018

MedPlanner was founded in 2017 by Mat-Ali, a consultant paediatrician at the London North West University Healthcare. The startup has developed a clinical communication platform for collaboration between clinicians around the world to facilitate better communication and coordination in patient care delivery. It seeks to mitigate poor communication amongst healthcare professionals and allows for the effective and safe transfer of information between healthcare practitioners specialist advice, referral and handover.

“With MedPlanner’s mobile app, clinicians can easily share results, obtain feedback on patients’ progress, and discuss multiple cases concurrently with their team. With over one million patient-related messages each day being processed over non-compliant chat apps in Malaysia’s public hospitals, we are in a unique position now to launch our solution into Malaysia’s healthcare industry,” said added Mat-Ali.

Kyri Andreou, Co-founder and Director of Ata Plus, said: “MedPlanner’s campaign has demonstrated to us once again the potential of ECF in Malaysia and the different groups of investors businesses attract with an ECF campaign — whether it be a large crowd of retail investors or a single individual investor. Since our launch, our platform has set the record for the largest number of investors in a single campaign (318 investors), the smallest minimum ticket size (RM 10), and now, the largest investment from a single investor (RM1 million).

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The “seven digits” US Dollar Series A round funding is led by Investidea Ventures

Indonesia-based online language learning platform Squline announced that it has raised Series A round of funding from Investidea Ventures with participation from several undisclosed investors.

In its official statement, Squline shared that the funds will be directed towards supporting technology development, acquiring new talents, and product expansion in 2019.

Furthermore, Squline plans to cement its position as a leader in live language tutoring industry in Indonesia.

Squline was founded in 2014 and it started with the launch of Mandarin course, followed by English Course and Japanese course in the following years.

Also Read: Malaysia’s clinical communication app MedPlanner raises US$240K in equity crowdfunding

Just two years ago, the company provided Indonesian course targeting expats in Indonesia and overseas market.

It works by connecting local students with professional teachers based in China, Japan, Philippines, and Indonesia to learn and improve foreign language skills via a live video call and text conversation anywhere and anytime.

This year, Squline managed to nab the title of the Next Dev Evangelist of 2018 in a programme by local mobile operator Telkomsel. This allowed the startup to represent Indonesia in Future Makers event in Sydney in the same year.

“The product innovation that we have for 2019 will focus more on an affordable solution and an effective way to learn language online. This will also drive market expansion to Indonesia’s B and C level of audience and upgrade their competitiveness level,” said Squline co-founder and CEO Tomy Yunus.

Also Read: Brunei’s legacy planning startup Memori raises US$100K funding

Down the road, Squline has mentioned that it aims for an overall bigger social impact by providing a credible educational product that is available and accessible for everyone in Indonesia.
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Clockster provides time and attendance solutions that is completed with biometric authentication technology

Kazakhstan-based human resource management platform Clockster today announced that it has raised a seed funding round from ABC-I2BF Seed Fund, angel investor and Paladigm Capital CEO Olzhas Zhiyenkulov, and one of the founders of the startup itself.

Though the exact amount of the funding round is undisclosed, Clockster said that it has raised US$350,000 in funding by far.

The startup provides a cloud-based time and attendance solution, in the form of biometric-based clock-in device with an “easy, do-it-yourself” set-up.

The platform aims to reduce human error and “buddy punching” to get the most reliable time-tracking data, empowering businesses with a transparent tool to calculate work hours.

Clockster wants to use the funding to expand to Southeast Asian markets and for R&D purposes.

Also Read: Why a Singapore coding school founder is funding a startup in Kazakhstan

“Currently we’re developing and implementing a solution for facial recognition to replace fingerprints in the future, as well as developing sophisticated payroll systems,” said Clockster Co-Founder and CEO Yerzhan Ryskaliyev in a press statement.

“In terms of expansion to other markets, in the beginning of 2019 we will start selling Clockster in the Philippines as a first step, and after that we want to launch first sales in other Southeast Asian countries, such as Malaysia and Singapore,” the CEO continued.

The company named KFC, Costa Coffee, and Pizza Hut chains as their users in Kazakhstan.

Their investors ABC-I2BF Seed Fund was established this year by the country’s leading higher education institution Nazarbayev University and New York City-based venture capital (VC) firm I2BF Global Ventures, while Paladigm Capital is a Singapore-based liquid assets, portfolio and VC investment company aimed at late stage companies.

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Image Credit: LYCS LYCS on Unsplash

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Contemi, which provides innovative solutions for insurance companies in Asia and Scandinavia, expanded to Vietnam in 2011

Singapore-based Triple P Capital, an impact investor focussed on non-banking financial services investments in Southeast Asia, announced today it has fully acquired the Contemi Group, which provides tech solution for insurance companies.

Transaction details were not disclosed.

According to Allan Pedersen, Partner of Triple P Capital, the most successful insurers today are consistently expanding their investments in IT, particularly around middle and front-end solutions and customised developments.

“These increased investments are vital for insurers to be able to take advantage of all the exciting new business, partnership and efficiency opportunities, new technology and changing customer habits are enabling. We found that Contemi has outstanding solutions and services for participating in this growth market for both Europe and Asia,” he added.

Also Read: The 10 most-read e27 Community articles of 2018

Founded in 2001 in Norway and the UK, Contemi provides innovative solutions for insurance companies in Asia and Scandinavia. Over the years, Contemi has developed solutions for leading players like Trygg-Hansa, RSA, Codan, Vardia, WaterCircles, Gjensidige, Gabler, Singapore Life and many others.

In 2011, Contemi expanded to Vietnam.

“Today’s modern insurers are adopting Open Source in their IT architecture at rapid pace and we think the industry is ready to see the benefits of a proper Open Source Core Policy System and willing to deploy it,” said Karl Morten Busk, CEO of Contemi.

“In Contemi, we see a company that combines high-quality insurance solutions with the capacity to provide fast solution designs and implementations. In addition to those, Contemi has a robust set of clients in both Europe and Asia, making them a leading IT insurance firm that is ready to shoulder the challenges of digitalisation in the insurance sector – particularly in Asia where many emerging markets still need to ramp up financial inclusion and literacy,” added Pedersen.

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