Asia Digest: CARD MRI partners PH insurtech Saphron; Terra ties up with Nexo

In the latest partnership in Asia, Phillippine’s CARD MRI has collaborated with insurtech Saphron while South Korea’s blockchain company Terra has joined hands with Switzerland-based Nexo.

CARD MRI partners insurtech Saphron

CARD MRI, a microfinance institute in the Philippines and part owner of CARD Pioneer Microinsurance Inc, has invested in insurtech startup Saphron to expand its reach in the country.

Financial terms were not disclosed. As part of the strategic partnership, CARD MRI will partner Saphron to use its AI and neuro-linguistic programming (NLP) technologies that make microinsurance more accessible to the masses, according to a release.

Saphron’s technology, dubbed Nanai, will enable microinsurance agents to enroll clients, monitor policies, and initiate claims. CPMI agents will be able to enroll a client in less than 60 seconds with bandwidth or data connectivity.

CPMI, which had over 995,000 enrolments in 2014, now has over 18 million consumers as at end of 2018.

Terra joins hands with Nexo 

South Korea and Singapore-based blockchain startup Terra has teamed up with Nexo, a Switzerland-based cryptocurrency lending platform, to offer new decentralized financial products.

Terra’s technology would be put into Nexo account which would enable users to obtain an instant loan in flat currency or cryptocurrency.

Terra users will also enjoy high-interest rates of up to 8 per cent on their holdings through Nexo.

Through this partnership, the two companies aim to provide more solutions to tackle the lack of quality financing options in the region.