The rise of insurtech – entrepreneurs and innovators seeking to do for insurance coverage what fintechs have accomplished for monetary companies – is a world phenomenon. And one of many areas the place insurtech is starting to take maintain is Vietnam. The nation skilled a fintech mini-boom from 2017 to 2019 which, amongst different issues, helped put the nation’s nascent insurtech market on the map. This week’s Finovate World Lists shares Fintech Information Singapore’s roundup of insurtechs working within the APAC market of Vietnam which might be leveraging all the things from cell to machine studying to carry digital insurance coverage to the greater than 97 million residents of the nation.
INSO. Based in 2018. Headquartered in Hanoi, INSO provides insurance coverage merchandise on-line in addition to the power to make claims on-line. The corporate was among the many first within the nation to supply flight delay insurance coverage. Vũ Nguyễn Thuỳ Vân is CEO.
OPES. Based in 2018. Headquartered in Hanoi, OPES Insurance coverage Joint Inventory Firm is a pioneer in Vietnam’s digital insurance coverage trade. OPES makes a speciality of offering personalised insurance coverage options to empower prospects slightly than brokers.
Papaya. Based in 2018. Headquartered in Ho Chi Minh Metropolis, Papaya provides a one-stop store for worker advantages to advertise well being and wellness. Hung Phan is co-founder and CEO.
Save Cash. Based in 2013. Headquartered in Ho Chi Minh Metropolis, Save Cash is a B2B2C digital insurance coverage platform for banks, hospitals, and telecommunication firms. Trần Quang Ninh is founder and CEO.
Wicare. Based in 2018. Headquartered in Hanoi, Wicare is a way of life insurance coverage firm that leverage gamification to spice up engagement and encourage prospects to train. Quang Ngoc Nguyen is founder and CEO.
It’s been greater than two years since Finovate launched its first convention on the African continent. In that point, we’ve seen numerous alums from FinovateAfrica within the fintech information headlines: Better of Present-winning digital wealth expertise firm Bambu raised $10 million, credit score decisioning answer supplier RISQ teamed up with Aion Digital, and this week, small enterprise answer supplier Yoco, headquartered in Cape City, South Africa, reported that it has reached a serious milestone: greater than 120,000 small companies served.
“By way of our platform and the outcomes of a current service provider survey, now we have seen as much as a 90% lower in in-person transactions for the reason that lockdown started,” Yoco CEO advised TechGist Africa final yr when it launched a trio of latest fee options to help on-line transactions for small companies. “We knew that one of the best ways to help our retailers was to develop merchandise that will allow them to do enterprise on-line and maintain cash coming in by way of this era.”
This week for Finovate World Voices we current Bradley Wattrus, Yoco CFO and co-founder, and Clayton Brett, Capital Product Proprietor, demoing the Yoco Capital answer for SMEs at FinovateAfrica 2018.
Right here is our take a look at fintech innovation all over the world.