Myanmar: Aktio to invest $7m; XL Catlin’s VC arm puts $4m in Stonestep

The latest in the deals space in Mynamar has seen Japan’s Aktio Corp commit to investing $7 million in Myanmar for rental and sales of construction equipment, while in the In the insurance field, XL Catlin, a global insurance company has made a $4 million injection in Stonestep, an insurtech startup that will make a first move in Myanmar.

Aktio Myanmar to invest $7 m in machinery rental service and sales for construction

Aktio Corp, Japan’s construction equipment rental company has committed to invest $7 million in Myanmar for rental of construction machinery.

The investment has been approved by the government and will be operating with the name Aktio Myanmar Co Ltd, located in Thilawa Special Economic Zone.

Aktio Corp’s focus is in the rental business and sales of the construction equipment. Excavators, fork-lifts, generators, concrete equipment, communication system and pumps are among the construction machinery which Aktio manages for rental and sales.

XL Catlin’s venture arm invests $4m in insurtech startup Stonestep

XL Innovate, a venture fund of XL Catlin, a global insurance company has made a $4 million series A investment in a Swiss-based Stonestep, a property and insurtech startup, for its Asia expansion.

Focusing on the emerging market, Stonestep’s first port of call in Asia will be Myanmar, where it plans to offer its technology to the insurance industry for better efficiency, according to the Insurance Journal dated December 19.

“For most people around the world, life is extremely risky: if people lose their home, they’re not checking into a hotel. If they have an accident, there’s no ambulance. Stonestep’s unique insurance platform can cover such risks for emerging consumers, and XL Innovate’s investment will help us implement this solution, beginning in Asia,” said Brandon Matthews, founder and CEO of Stonestep.

Stonestep will also get access to XL Catlin’s experience and capacity to broaden the way microinsurance is to be sold in emerging markets.

Its microinsurance platform will allow basic insurance products be sold though different corporations such as mobile network operators, retailers and financial service providers and will use their distribution system.

Under the umbrella of its global program, XL Catlin’s hub in Hong Kong overseas Myanmar.

Also Read:

Australia’s Titeline Valentis to invest $26m in mine drilling services in Myanmar

Myanmar: Nod for Taiyo Nippon Sanso, Buhler investment plans

Myanmar banking group KBZ seeks insurance arm listing, fintech ally