CXA Group shutters after almost 12 years of operations

Rosaline Chow Koo, founder and CEO of CXA. Photo credit: Tech in Asia.

Singapore-based insurtech firm CXA Group has shuttered after almost 12 years of operations. The company’s founder and CEO Rosaline Chow Koo took to LinkedIn to announce it and says that CXA’s solutions live on through acquisition “deals completed with Pacific Prime in Singapore, Lejian in China, and HSBC Life in Hong Kong.”

The company’s website currently has a suspended account notice. Koo, however, didn’t mention the details about the acquisitions.

The company sold its brokerage business in Singapore and Hong Kong to Pacific Prime for US$15 million in February 2021 and was in the process to sell its Shanghai and Beijing units shortly after.

Koo at that time told Tech in Asia the company was restructuring its business by selling of the brokerage arm to focus on its SaaS platform – a white-label product for SMEs and retail bancassurance platforms in mainland China, Hong Kong, and Singapore. It also provided employee benefits and a health platform in Thailand.

The company also shut down its Vietnam tech hub and fired all its 70 employees in April 2021.

However, it is unclear if the SaaS business is among the sale deals mentioned by Koo in her post and which company has acquired it.

Established in 2013, CXA markets discounted benefits as well as health and wellness products to corporate and retail banking and insurance customers.

See also: Behind CXA’s difficult journey to launching its ambitious insurtech platform

“While this is the right way to transition CXA, I would love to share my learnings with investors and founders later after I return from an extended trip to the US to support elderly family members with healthcare issues,” Koo shared in the post.

Tech in Asia has reached out to Koo for more information.