Axinan, an insurrection company based in Singapore, is the first effective insurrection company in Southeast Asia to obtain a mixed general and reinsurance permit granted by the Labuan Financial Services Authority (Labuan FSA). Labuan FSA is the financial regulator of Labuan International Business and Financial Centre, a regulator under the Ministry of Finance of Malaysia. The permit acquired through the subsidiary of Axinan, Axinan Labuan Limited, accredits Axinan under the Labuan Financial Services & Securities Act 2010, as a certified general insurer and reinsurer.
Founder and CEO Axinan, Wei Zhu, said, “We are happy to be the first insurtech firm in Southeast Asia to be licensed by Labuan FSA. Being a first-mover in the insurtech sector in Southeast Asia offering customer and business alternatives, we are constantly seeking to forge strategic alliances that can enhance our products in the industries we work in. With this permit, Axinan can offer a wider range of insurance products that are better adapted to satisfy the requirements of the digital economy while adding value to current clients.
There are 197 Labuan insurance and insurance companies, including big worldwide insurance competitors, as of August 2019. Axinan can now undergo overall and reinsurance hazards with the permit. The business would have higher flexibility in underwriting fresh product lines and distributing insurance products, subject to the legislative demands of the country, through a fronting agreement with local insurers.
Farah Jaafar-Crossby, Chief Executive Officer of Labuan International Business and Financial Center Inc (Labuan IBFC Inc), Labuan FSA’s market development arm, said that Asia is undoubtedly a key driver of growth for the global insurance industry and that the role of insurance as an accelerator of this growth can not be more timely. Licensing Axinan is one of the first measures of Labuan IBFC to specifically embrace insurtech and fintech in general. We welcome Axinan to the rapidly growing ranks of the digital family of Labuan IBFC.
Axinan specializes in leveraging big data, actuarial risk management and procedures of machine-learning to develop business alternatives. Founded in 2016, Axinan has activities in Australia, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand, with growth branches in China and Taiwan.