2C2P has expanded its Asian footprint with strategic partnerships while NTUC Income has partnered with Raxel Telematics to expand its motor insurance offerings.
2C2P expands Asian footprint via strategic partnerships
2C2P, a Singapore-incorporated payments company with a presence in Southeast Asian, has entered into strategic partnerships in South and Central Asia to bring e-commerce capabilities to some of the region’s largest merchants.
It will process online and offline payment transactions for Himalayan Bank Limited (HBL), Nepal’s largest private bank, Nepal Airlines, the national flag carrier of the Federal Democratic Republic of Nepal, and Air Astana, the principal airline and flag carrier of the Republic of Kazakhstan.
Aung Kyaw Moe, founder and Group CEO of 2C2P, said: “South and Central Asia’s technology and financial landscape is fast-evolving. These young financial markets present huge opportunities to businesses to tap into e-commerce, opening new revenue streams among new and existing customers.
“We’re pleased to be working with some of the leading retailers in these regions to take advantage of key economic and demographic trends around e-commerce adoption, rising urbanization and consumer affluence, and the boom in South and Central Asia’s travel and tourism sector,” added Aung.
The World Travel and Tourism Council (WTTC) estimates travel and tourism contributed $57 billion (2.4 per cent of GDP) to South Asia’s economy in 2014, forecast to increase by 6.7 per cent annually to US$116.5 billion (2.6 per cent of GDP) by 2025.
In Nepal, travel and tourism amounted to 4.3 per cent of GDP in 2014, and is expected to more than double to 10 per cent of GDP by 2025. In Kazakhstan, travel and tourism reached 1.7 per cent of GDP in 2014, forecast to more than triple to 5.5 per cent of GDP by 2025. 2C2P processes billions of dollars in transactions annually by working with some of Southeast Asia’s largest e-commerce and m-commerce merchants.
NTUC Income expands motor insurance schemes with Raxel Telematics
Singapore’s NTUC Income is utilising technology to collect information about driving behaviour, with the intent of rewarding good drivers with discounts on motor insurance premiums, being amongst the first to apply this telematic-based insurance system to passenger cars in the city-state.
Currently, the technology is being used to track commercial vehicles here as well as in Eurpoe. Income claims a market share of 20.5 per cent and has launched two insurance schemes; these are the app-based Drive Master which tracks speeding, manoeuvres, mileage and drive time and the telematic device-based FlexiMileage which measures distance.
This has come as NTUC Income has partnered with Russian technology firm Raxel Telematics, which sees Raxel offering analytics and customer risk assessment services to NTUC Income, allowing the larger company to implement usage-based insurance schemes for its Singaporean customers. Raxel has also shifted its headquarters and business development operations to Singapore.
This firm, which helps insurance firms, transportation companies, and ride-hailing providers track driving behaviour, provides drivers with proprietary equipment with software that monitors the vehicle and scores the driver on factors such as rapid acceleration, sudden braking, unpredictable maneuvers, and overall speed.
A report by AT Kearney, ‘Telematics:The Game Changer’ notes: “By installing or embedding telecommunications devices into cars to transmit real-time driving data, driving habits, and road and weather conditions, insurers can measure and price premiums more accurately, provide customised services, improve safety and reduce claim costs.”
EY similarly notes in its own report – ‘The Quest for Telematics 4.0’ – that the telematics market is positioned for significant growth with approximately 104 million new cars expected to have some form of connectivity by 2025.
Penetration of global integrated telematics to touch 88 per cent for new cars by 2025, while that of tethered telematics to flatten around 28 per cent, driven by the growing importance of smartphones and regulations for driver safety. The US is expected to lead with sales of approximately 16 million new cars with embedded telematics by 2025, with the EU, Japan and BRIC nations present huge potential markets due to upcoming regulations.
In an interaction with Tech in Asia, CEO and founder Dmitry Rudash says that Southeast Asia and Eastern Europe share significant similarities in terms of driver behaviour, rendering Raxel’ technology and data a good fit. It secured a seed investment whose financial terms are undisclosed from Singapore-based Phystech Ventures in August 2015.