Asia Digest: Grab Financial, Paypal execs join new angel network; Carro launches car insurance

Photo: Bloomberg

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.

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.