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.