China digest: Insurtech firm Galileo bags $2m; EMQ partners FOMO Pay

The Chinese Communist Party (CCP) seal displayed inside the Great Hall of the People prior to the opening session of the National People's Congress in Beijing, China, on Friday, March 5, 2010. Photographer: Nelson Ching/Bloomberg

Galileo Platforms Ltd, an insurance technology company which uses blockchain, has closed a $2-million Series A funding round co-led by Greenlight Re Innovations while financial settlement network EMQ has partnered with Singapore’s QR code payment solution provider FOMO Pay to support the growing demand for real-time international settlements from Singapore to China.

Insurtech firm Galileo raises $2m in Series A round

Galileo Platforms Ltd, an insurance technology company which uses blockchain, has closed a $2-million Series A funding round co-led by Greenlight Re Innovations, Scale Investors in Australia and private investors in Hong Kong.

Galileo says that blockchain has the potential to restructure the way insurance is designed, distributed and managed. It said the fresh funding will help accelerate its growth.

“The secure platform will reduce IT costs and eliminate high-cost, low-value components in the insurance distribution chain. It enables more client centred, agile design of insurance products, including real-time transactions for purchasing and claims, on-demand insurance and micro-duration insurance innovations for the new global economy,” a company announcement said on Wednesday.

Founded in May 2016 by Annette King and Mark Wales, Galileo is a business-to-business enterprise, serving the health insurance, property and casualty and life insurance market.

In Asia alone, the uninsured population entering the addressable insurance market in the next decade is hundreds of millions of people.

Financial settlement network EMQ partners with FOMO Pay

Financial settlement network EMQ has partnered Singapore’s QR code payment solution provider FOMO Pay to support the growing demand for real-time international settlements from Singapore to China, with the ability to expand across other countries in Asia.

The partnership will also help facilitate and support the Singapore government’s 2020 Smart Nation Initiative to accelerate its shift to a digital economy, an announcement said on Wednesday.

Powered by EMQ’s financial settlement network, the partnership with FOMO Pay will enable the Chinese communities in Singapore to transfer money in real-time, and directly send money to China.

“Singapore is an extremely important market in our global growth strategy and we are excited to support the government’s ambition to transform Singapore into a Smart Nation by creating new opportunities in a digital age,” said Max Liu, Co-founder and CEO of EMQ.

EMQ currently has a footprint in China, Hong Kong, Singapore, India, Indonesia, Japan, Vietnam, Cambodia and the Philippines. The company currently holds licenses in Hong Kong, Indonesia and Singapore.

FOMO Pay has been on a taskforce called SGQR established by the Monetary Authority of Singapore to identify ways to advance the development of cashless payments in Singapore.

Also Read:

Hong Kong insurtech startup OneDegree bags $13m in fresh funding

SoftBank Vision Fund set to invest in insurtech firm wefox’s latest funding round

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.