Axinan, a Singapore-based InsurTech firm, has secured a combined general and reinsurance licence from Labuan Financial Services Authority (Labuan FSA) through its subsidiary Axinan Labuan Limited. It is the first Southeast Asian InsurTech firm to be licensed by Labuan FSA, which regulates the Labuan International Business and Financial Centre (IBFC).
Commenting on the licensing, Labuan IBFC CEO Farah Jaafar-Crossby said, “We believe InsurTech will lead to a more innovative, efficient and accessible (re)insurance industry. Licensing Axinan is one of Labuan IBFC’s first steps in embracing InsurTech specifically and FinTech generally.”
Axinan founder and CEO Wei Zhu said the new licence will help his firm “provide a greater variety of insurance products better suited to meet the needs of the digital economy”.
With the licence, the firm will be able to underwrite general and reinsurance risks. At the same time, it would have greater ease underwriting new product lines and distributing insurance products through a fronting arrangement with local insurers which is subject to the country’s regulatory requirements.
“Being a first-mover in Southeast Asia’s InsurTech industry, we are actively looking to forge strategic partnerships that can strengthen our offerings within the markets we operate in,” said Mr Zhu.
Founded in 2016, Axinan specialises in leveraging big data, actuarial risk management and machine-learning processes to develop insurance solutions for enterprises. With its headquarters in Singapore, it also has operations in Australia, Hong Kong, Indonesia, Malaysia, the Philippines, Thailand as well as development offices in China and Taiwan.