MY Digest: PolicyStreet bags central bank nod; Dropee rolls out SME biz financing

PolicyStreet team

While Malaysian insurtech startup PolicyStreet is now a central bank-approved financial adviser, B2B e-commerce marketplace Dropee has introduced SME business financing to its merchants and retailers.

PolicyStreet bags central bank approval

Malaysian insurtech startup PolicyStreet has obtained an approval from the country’s central bank to conduct financial advisory and Islamic financial advisory business under Section 11 and 15(1) of the Financial Services Act 2013, respectively.

“We initially wanted to apply for the Sandbox to trial aggregation of insurance products but decided to go for the full FA (financial advisor) approval instead when we discovered that we fulfill all requirements. With this approval, we are not bound by restrictions to advise customers on which insurance products to obtain based on their circumstances,” said PolicyStreet CEO Lee Yen Ming.

With the approval, the startup can now work directly with all 47 life and general insurance and takaful providers in Malaysia.

In over two years of operations, PolicyStreet claims to have underwritten over 400 million ringgit ($100 million) in sum assured and sold more than 10,000 policies. It last raised a $500,000 seed funding from Singapore-based VC firm KK Fund in September 2017.

Dropee rolls out SME business financing

B2B e-commerce marketplace Dropee has introduced SME business financing on Monday to its merchants and retailers in partnership with Grab Financial.

The financing can be used by retailers to procure directly from suppliers within the platform; with a financing tenure of up to 12 months.

Businesses can secure financing with minimal business documents, as no collateral is required, and funds would be credited into the bank account in seven working days if the application is approved.

Founded in June 2016, Dropee platform connects suppliers with small-to-medium enterprise (SME) business owners in real time to streamline the product fulfillment process and facilitate bulk purchases. It raised a $350,000 seed round led by Vynn Capital this January.