Insurtech start-up Axinan has obtained a combined general and reinsurance license from Labuan Financial Services Authority (Labuan FSA) in Malaysia.
The permission, which was secured by Axinan Labuan, will allow the company to underwrite general and reinsurance risks in the region.
Axinan is the first Southeast Asian insurtech firm to secure such permission. Now, the company can partner with local insurance companies to underwrite risk and distribute insurance products.
Axinan founder and CEO Wei Zhu 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.”
Labuan IBFC CEO Farah Jaafar-Crossby 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.”
Axinan, established in 2016, uses big data, artificial intelligence, and actuarial risk management, to serve its corporate clients.
Headquartered in Singapore, Axinan manages businesses in Indonesia, Malaysia, the Philippines, Australia, Hong Kong, Singapore and Thailand.
It also has development offices in mainland China and Taiwan.