Axinan, a Singapore-based insurtech firm, has managed to secure a combined General and Reinsurance license, issued by Labuan Financial Services Authority (Labuan FSA).
It is the first Southeast Asian insurtech to have secured this kind of licence, allowing it to underwrite general and reinsurance risks, the company said in a statement. The fintech firm will also find it easier to underwrite new product lines and distribute insurance products through a fronting arrangement with local insurers, subject to the country's regulatory requirements.
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.
We warmly welcome Axinan to the fast-growing ranks of Labuan IBFC’s digital family"
"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."
Axinan joins 197 insurance and insurance-related companies in Labuan, a mid-shore jurisdiction in Malaysia, including large global insurance players.
Founded in 2016, Axinan specialises in leveraging big data, actuarial risk management, and machine-learning processes to serve corporate clients. It is headquartered in Singapore and has operations in Australia, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand, as well as development offices in mainland China and Taiwan.
Farah Jaafar-Crossby, CEO of Labuan International Business and Financial Centre, 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."