Leading Malaysia Insurtech Platform Fatberry.com Expands to Thailand

Amelia Lim

November

2021

Thailand based MooMoo Non-Life Insurance Broker acquired through the ASEAN Fintech Group.

In line with its regional expansion plans. Malaysia's leading insurtech platform Fatberry.com expands to Thailand. Through collaboration with its majority investor, ASEAN Fintech Group (AFG), Fatberry.com, has acquired Bangkok-based MooMoo Non-Life Insurance Broker (MooMoo) at an undisclosed amount.

Founded in 2017, Fatberry.com is a leading Insurtech platform that started in Malaysia with plans to expand regionally across Southeast Asia. Fatberry.com provides flexible and affordable insurance products to the masses via an easy-to-use online insurance platform from its partnered underwriters. It is currently a market leader in the digital insurance market in Malaysia.

As the go-to insurance platform in Malaysia, Fatberry.com has been providing accessible and affordable insurance plans to Malaysians since 2017. With over 250,000 visitors visiting Fatberry.com's online platform monthly, Fatberry.com users receive tailor-made solutions for their insurance needs anytime, anywhere powered by AI data analytics.

John Tan, CEO at Fatberry.com, says, "Thailand marks the first regional expansion destination for Fatberry.com outside of our home market Malaysia. The Thai insurance market is an attractive and important market for us to enter with our innovative technology and ability as it is one of the largest insurance markets in ASEAN."

MooMoo started as a non-life insurance broker in 2014, offering motor insurance from its 16 partnered underwriters to over 6000 customers in Thailand.

The Thailand Motor Insurance Market is estimated to grow at a CAGR of approximately 6% from 2021 to 2026*, and motor insurance currently holds a 59.27%* share in the overall non-life insurance segment with an estimated market size worth US$ 8.3 Billion per annum**

At the helm of Fatberry.com Thailand is Somkiat Chaisuparakul, Executive Director of Fatberry ( Thailand ) Ltd. He says, "The Thai non-life insurance market is highly competitive. To become a leader in the non-life insurance segment in Thailand, the adoption of Insurtech is necessary to increase efficiency and remain relevant."

By adopting Fatberry.com's insurtech platform and processes, Fatberry Thailand is set to accelerate its growth in the Thai market. In parallel, it will now expand its offerings to include non-life insurance products such as health and commercial products.

"The ASEAN fintech Group's vision is to create accretive value through the digitization of money and commerce flow across one of the fastest-growing fintech geo-markets in ASEAN. With Fatberry.com’s entry into Thailand, we are excited at the exponential growth and prospects of developing our business regionally," says Douglas Gan, Executive Director, ASEAN Fintech Group.

For more information, please visit Fatberry.com Thailand at https://fatberry.co.th/
and the ASEAN Fintech Group at www.aseanfintechgroup.com

Source:
*https://www.reinsurancene.ws/thailands-non-life-insurance-market-expands-to-8-3bn-am-best/
**https://www.mordorintelligence.com/industry-reports/thailand-motor-insurance-market

Key Profiles

John Tan, CEO, Fatberry.com

A charismatic entrepreneur with over 20 years of experience in tech and financial services, John has led many successful businesses through his extensive knowledge in the shared services sector (web and data centres), fintech and financial services by improving operational efficiency.

His deep interest in mobile and online technology and expertise in executing profitable business strategies has led Fatberry.com to emerge as one of Malaysia's leading Insurtech player in less than two years

Somkiat Chaisuparakul, Executive Director of Fatberry ( Thailand ) Ltd

Somkiat is a leader in Banking and Consumer Marketing for more than 35 years, having held key positions in several financial institutions, including consumer banks, credit card organizations, and technologies and e-commerce companies. He grew the Standard Chartered Bank credit card business tenfold during his four-year tenure as Head of Card Services from 1997-2000. In 2001, Somkiat founded a Customer Value Management company, and under his leadership, became one of Thailand's most prominent customer loyalty, direct marketing, and customer relationship management company.

In 2011, he pioneered a new private sale online e-commerce international luxury labels.

Somkiat is also the Founder of Market Access Group. He managed large investment portfolios in technologies and internet commerce businesses, and luxury retail stores. He also consults in marketing, analytics & big data solutions, FinTech solutions, and e-commerce strategy.

In addition to his intimate knowledge of the Thai market, Somkiat is a member of various executive committees in the Private and Government sectors and the Executive Vice President of the Thai e-commerce association

Douglas Gan, Executive Director, ASEAN Fintech Group

Douglas is a serial entrepreneur and angel investor for tech companies. He currently serves as the Executive Director of AFG and various other Boards, including Chairman of ezsy Pte Ltd, a Digital Assets company with more than S$50m in annual revenues.

In 2018, Douglas started a US$100 million Smart City Fund, GBCI Ventures, to empower the development of sustainable smart cities in Asia. The fund mainly invests in Distributed Ledger Technology, AI, IoT and robotic startups. GBCI Ventures introduced a US$15m grant managed by the Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD) of the Department of Science and Technology (DOST) to encourage startups to build smart city solutions on distributed ledger technologies. Under his leadership, GBCI Ventures had an impressive return of more than US$300m in less than three years and fully divested the fund at its peak at the end of 2020, during the tumultuous COVID period.

A technopreneur and venture builder, he began his entrepreneurial journey in 1997 when he started his first web hosting business. He subsequently set up numerous other ventures over the years, including an online youth forum, a Counterstrike gaming server hosting company, a hardware trading business, a social media marketing agency and more.

Between 1997 and 2021, Douglas sold more than ten of his companies to multinational corporations, funds and boutique investment houses. One notable business among his many successful ventures was ShowNearby, a location-based mobile app he founded in 2008. It won multiple awards in Asia, becoming one of the world's top three most downloaded apps in 2010.

He joined forces with Fatfish co-founder Lau Kin Wai to start the iFashion Group in 2014, making several prominent acquisitions in the regional online fashion space.

In recognition of his achievements, Douglas was named a Young Professional of the Year in 2011 by the Singapore Computer Society. In 2012, he also received the Outstanding Alumni Award from Singapore's Prime Minister Lee Hsien Loong at Ngee Ann Polytechnic, where he had previously graduated with an IT Diploma in 2003.

Douglas is also an Advisor and Angel Investor to various tech startups in Distributed Ledger Technologies, Fintech, Digital Asset Exchanges, Multiverse, General Tech, AI, and e-Commerce.