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.