Singapore-based insurtech firm Axinan has announced its expansion in the Philippines while listed electrical power distributor Manila Electric Co (Meralco) has confirmed plans to pull out investment in Ghana.
Singapore insurtech Axinan expands in the Philippines
Axinan, a Singapore-based insurance technology (insurtech) company, has entered the Philippines market through a strategic partnership with non-life insurer Mercantile Insurance Co. The partnership, according to Axinan, is one of the first in the Philippines between a non-life insurer and an insurtech player.
The insurtech firm will offer its proprietary tech capabilities while Mercantile will bring its niche non-life insurance expertise to the partnership, according to a statement. The first product that will be rolled out under the partnership will be Mobile 360, an insurance policy that provides mobile phone users protection against screen, camera, battery, accidental, and liquid damage.
Founded in 2016 , the insurtech firm specialises in leveraging big data, actuarial risk management, and machine-learning processes to develop solutions for businesses and consumers. Now having entered the Philippines, the firm has been rapidly growing in Indonesia and has operations in Malaysia, Hong Kong and Australia with plans to grow into Thailand and Vietnam. Axinan also has its tech centres in China and Taiwan.
Meralco to pull out investments in Ghana
Manila Electric Co (Meralco), the largest electrical power distributor in the Philippines, confirmed plans to pull out its investment in Ghana’s power distribution utility if the political situation in the African nation continues to deteriorate.
In a letter to the Philippine Stock Exchange where it is listed, Meralco said that while the terms of its investment in Ghana are good, it does not want to be exposed to political risks.
The Ghana government has suspended the concession for the operation and maintenance of the assets and facilities of the Electricity Company of Ghana awarded to Power Distribution Services Ghana, a consortium between Meralco and three Ghanian firms.
Meralco President and CEO Ray Espinosa earlier said that the company would rather focus its attention to the Philippines instead of being exposed to uncertainties in other countries.