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 ...
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