Insurtech defies the downtrend in SEA fintech funding

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IN FOCUS

In today’s newsletter, we look at:

• SEA insurtech pulling money in when funding for the overall fintech sector dropped
• The latest QRIS features for sending, withdrawing, and depositing money
• Lenders using social media data to assess users’ creditworthiness

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Hi there,

Despite the choppy fintech funding seas, insurtech players in Southeast Asia have found a way to weather the storm and secure capital.

Among fintech players, insurtech firms raised the most funding in the first half of 2023, my colleague Simon highlights in this week’s Big Story. Singapore’s Bolttech netted US$196 million in a series B funding round in May.

Bolttech’s fundraise was also part of a rebound of Japanese investments in the region’s fintech sector, a trend I highlighted last month.

Meanwhile, in this week’s Hot Take, I look at new features related to fund transfers, withdrawals, and deposits that will be introduced as part of the Quick Response Code Indonesian Standard this August.

Do these additions represent a positive development in improving financial inclusion or do they risk deterring traditional banks from setting up in remote areas? Read on to find out more.

— Budi

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THE BIG STORY

SEA fintech sector hits funding slump in H1 23, but insurtech holds up

Contrary to expectations, the share of pre-series A investments fell, while bridge financing expanded.

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THE HOT TAKE

Impact of QRIS services on the unbanked: widening or narrowing the gap?

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NEWS YOU SHOULD KNOW

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FYI

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