Insurer AIA Vietnam inks 10-year partnership deal with online marketplace Tiki

Insurance firm AIA Vietnam and e-commerce company Tiki have announced a 10-year exclusive partnership on Monday, to widen its financial service offerings in the country.

Under the collaboration agreement, AIA Vietnam will become Tiki’s exclusive insurance partner, providing life and health insurance solutions for Tiki users on its e-commerce platform. AIA Vietnam and Tiki will also jointly explore further collaboration opportunities to offer more services in the future as the local financial needs grow.

Wayne Besant, CEO of AIA Vietnam, said in a statement that the partnership would cover products in “lifestyle benefits and innovative distribution, distinctive digital health and wellness offerings, and other financial and e-commerce propositions”.

“For the first time, we will offer bite-size protection and lifestyle-related products on the Tiki platform. Through this digitally-driven partnership, we will offer products tailored to customers’ life stages,” he said.

DealStreetAsia reported last week that Tiki has raised its first tranche of Series E funding at $100 million from a global strategic investor as the lead investor.

This lead investor was understood to make a partnership announcement with Tiki this week.

According to a marketing document reviewed by DealStreetAsia, Tiki’s founder and CEO Tran Thai Son held an 11.87% stake in the company, while Vietnamese unicorn VNG had a 22.27% stake. Chinese retailer JD.com held 20%, and Ubiquitous Trader Pte Ltd — understandably an entity linked to the private equity firm Northstar Group — owned 10.94%. Other shareholders include Japan’s Cyberagent Capital, Korea’s STIC, Korea Investment Partners, and Singapore’s EDBI.

In terms of tech investments, AIA last year backed Indian healthtech platform Practo in its Series D round. In 2018, the insurer participated in Chinese healthtech firm WeDoctor’s $500 million funding. An earlier investment was in Hong Kong-based intelligent insurance platform GenLife.

With the new strategic investor coming on board, “financial services will be the new growth area” for Tiki, a source familiar with the matter told DealStreetAsia.

A couple of new financial investors and an existing shareholder were said to participate in Tiki’s Series E round, which targets a size of up to $200 million.

The first portion of the funding comprised only primary shares, while the remaining targeted capital will be raised in the next few months, the source added.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.