Growing together
- In collaboration with investment management firm PT Ashmore Asset Management Indonesia, 500-backed e-commerce startup Bukalapak has launched BMoney, an investment app. BMoney targets 500,000 users in its first year.
- The startup said that BMoney prioritizes online security, transaction safety, and accessibility. With a minimum subscription of just ~US$0.07, no transaction fee is charged, and portfolio management is available to users 24/7.
- In addition, the app offers robo-advisory services and an ‘Insight’ feature that provides users with market-related information before making an investment decision.
- A full range of investment products is available for experienced investors. It also offers financial education to first-time investors.
- Read the full announcement here.
Safety at your fingertips
- 500-backed Hong Kong-based insurtech startup, YAS MicroInsurance, has been featured as one of the top 10 InsurTech firms in Plug and Play APAC, a global startups accelerator and innovation platform.
- The startup provides on-demand microinsurance products through an app, using technology such as 5G, artificial intelligence, blockchain, and big data.
- In May this year, YAS launched Hong Kong’s first real-time microinsurance for daily commuters, RYDE with YAS. RYDE provides on-demand 90-min protection while users commute via Uber, MTR, taxi, bus or minibus. Starting from ~US0.24 per ride, RYDE provides coverage for personal belongings, accidental medical expenses, and accidental death and disablement.
- The startup plans to launch more on-demand microinsurance products for various activities, such as “HYKE” for hiking, “BYKE” for riding bikes, “RYUN” for running.
- Read the full article on Yahoo! Finance here.
A light bulb moment
- 500-backed insurtech startup PolicyPal was born out of a series of personal adversities, founder Val Yap shared in an interview. She decided to design a digital platform to consolidate insurance policies, making it simple and accessible for everyone.
- PolicyPal combines technology and insurance to improve financial and insurance inclusion. It has done this by offering a one-stop solution for users to buy, manage and claim policies across various insurance providers.
- In 2017, PolicyPal became the first digitized direct insurance broker in Singapore. Since then, the startup claims to have over 100,000 organic downloads. “The value of our product can be seen in how we saw a 40 times year-on-year growth in premiums being placed in short-term insurance savings plans from 2019,” Val added.
- On the startup’s future, she shared, “What I hope to achieve over the next few years would be expanding PolicyPal Group and launching it on the Asia stage with AMTD Group, before going global.”
- Read the full interview on TechNode Global here.
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500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.
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