Executives at financial technology firms, including Grab Financial, Paypal, and Revolut, have launched a new network of angel investors in Southeast Asia while Carro, the region’s largest automotive marketplace, has launched a new car insurance product.
Fintech execs form new SE Asia angel network
Executives from the largest fintech companies in Southeast Asia, including senior executives who were previously at Grab Financial, Revolut, Stripe, Wise, and Paypal, have formed a new angel network that targets fintech founders in the region.
Fintech Angel Operators, the new group founded by Saison Capital principal Chia Jeng Yang and Finantier co-founder Keng Low, seeks to provide founders with angel-sized cheques, with capital to be deployed collectively by investors interested in the deal via standard angel investment structure.
“We are the rolodex for navigating the fintech ecosystem,” Yang said in a LinkedIn post.
According to reports, the network will operate with a cohort-based syndicate structure and will be made up of up to 100 founders, executives, and operators in its first batch. It intends to close its first group of investments by the third quarter of this year.
SG car marketplace Carro launches insurance product
Singapore-based online auto marketplace Carro announced the launch of the city-state’s first artificial intelligence (AI)-driven pay-per-kilometre insurance and maintenance plan for all types of cars, including electric vehicles.
The insurance product is distributed by Genie Financial Services, a Carro subsidiary, and underwritten by NTUC Income. With the new product, Carro said drivers can tailor their insurance premiums and maintenance coverage according to their lifestyles on a trusted digital platform.
Once a driver signs up, Carro sends the Carro IQ device, an onboard telematics unit that needs to be installed in vehicles. Once installed, it begins tracking the vehicle’s odometer data, which will be used to calculate usage-based insurance and maintenance charges.
In late 2019, Carro and NTUC Income launched Singapore’s first pay-as-you-drive car insurance exclusively for Carro’s car subscription programme, CARRO LEAP. Subsequently, December 2020 saw Carro and Mitsui Sumitomo Insurance Group Holdings unveil Southeast Asia’s first behaviour- and usage-based car insurance for drivers in the region.