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Hi readers,
“One country’s regulator is aiding another country’s regulator?” That was the question I mulled over when India’s insurance regulator held a hackathon last year in August to solve key problems in the insurance industry.
The Insurance Regulatory and Development Authority of India (IRDAI) made an open call to fintech firms to have them come up with solutions to help it automated the settlement of death claims, identify uninsured vehicles to aid law enforcement, sell microinsurance in remote places, and prevent fraud, among others.
The thing was, this hackathon was not being hosted on IRDAI’s site but on the site of a third-party Singapore-based platform called APIX.
And APIX turned out to be the brainchild of the Monetary Authority of Singapore, the ASEAN Bankers Association, and the International Finance Corporation. Backed by the LeemaTree Group (founded by Temasek) and Mastercard, APIX helps regulators, banks, and insurers network with fintech firms for their technology needs.
And that’s when I came upon an even more intriguing story. The Singapore entity also helped India’s UPI, the country’s real-time payment network.
— Rachel Chitra, journalist at Tech in Asia
Top stories this week
Image credit: Timmy Loen
1️. How MAS-founded APIX is solving problems for regulators from India to Indonesia
MAS initiative APIX has become the world’s first marketplace for regulators looking for financial solutions.
2. Shopee spending puts Sea in rough waters
With growing sales and marketing expenses and dwindling earnings, Shopee’s effort to fight off TikTok Shop could be costing parent firm Sea big time.
3. Vietnam’s first tech unicorn VNG set for IPO. Here’s what you need to know
VNG is preparing to list amid a market downturn and slower growth. Will this be enough to entice foreign investors?
4. Line- and Kakao-backed Web3 gaming firm makes $8m while staying profitable
The Singapore-based company, which presents itself as a hub for Web3 gaming, also generated US$8 million in revenue last year.
5. How BCA’s digital drive helped it become SEA’s most valuable brand
The Indonesian bank is the only brand from the region to break into the world’s top 100 most valuable brands.
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