Safeguarding your NFTs

• According to Andy Ann, co-founder and CEO of 500-backed YAS MicroInsurance, the NFT (non-fungible token) market is growing at an accelerated pace.
• In 2021, the startup launched what it claims to be the world’s first microinsurance covering NFT, dubbed NFTY.
• Andy shared that the idea came from the startup’s partnerships with musicians, artists, exhibitions, and galleries. YAS believes that NFTs are assets, so an insurance solution was needed.
• The coverage protects these digital assets from theft or malicious attacks. With NFTY, 90% of the purchase price of the NFT is covered.
• How does YAS determine the insurance premiums for NFTs? Find out here.

Increasing local access to global brands

• 500-backed ‘Buy Now, Pay Later’ platform Kredivo has struck a strategic partnership with Indonesia’s largest lifestyle retailer, PT Mitra Adiperkasa (MAP).
• Consumers in the country can now shop from international brands such as Zara, Calvin Klein, Sephora, and Lacoste using installment plans with low interest rates.
• General Manager of Kredivo Indonesia, Lily Suriani said, “Our partnership with MAP is an important step for us to accommodate users’ needs and to realize our commitment to make it easier for them to shop at the best retailers with a fast, convenient and affordable payment option.”
• “We are very pleased to offer this new access point to our customers and we are excited to partner with MAP, Indonesia’s number 1 and largest lifestyle company that has 2,600 outlets in 81 cities across Indonesia,” she added.
• Kredivo plans to collaborate with other MAP brands to expand its services.
• Read the full statement here.

Making room for growth

• The pandemic dealt a huge blow to the global hospitality sector. According to The Business Times, occupancy rates fell from 70% into the single-digit range overnight.
• Amit Saberwal, CEO of 500-backed RedDoorz, shared that he had to put the startup’s IPO and expansion plans on hold. It then underwent a major overhaul, reducing its workforce by 40%, and automating functions such as customer service, finance, and quality control.
• He believes that these quick and early actions contributed to an 8x revenue growth between Q4 of 2019 and Q4 of 2021.
• RedDoorz currently manages 3,000 hotels across Southeast Asia – a number that has doubled since the start of the pandemic.
• Expecting at least two years of solid growth, Amit hopes to list the startup in 2024.
• Read the full interview here. A subscription may be required.