PolicyStreet Malaysia’s, insurtech startup has received the Australian Financial Services License by the Australian Securities and Investments Commission (ASIC). The license allows the company to provide and offer financial product advice and services for general insurance products to Australian retail and wholesale clients, marking a significant milestone in the company’s regional expansion plans.
“PolicyStreet’s digital-first platform and data-driven approach to underwriting have won the trust of businesses and consumers in Southeast Asia, and we’re thrilled to expand our footprint in Australia and beyond. Australia is a mature and well-regulated market, and we believe that our customer-centric approach to insurance, coupled with our digital capabilities, will resonate well with Australian customers,” said Yen Ming, Co-founder and Chief Executive Officer of PolicyStreet.
The move will see PolicyStreet stand to become a trusted and licensed partner for Australian businesses seeking to expand their footprint to Southeast Asia. This can benefit the Australian small medium enterprises (SMEs), given that SMEs account for 97.4% of all businesses in Australia and contribute, by revenue, 32% to the country’s economy.
“The opportunity to expand our operations in Australia presents a mutually beneficial relationship between the different markets we serve. Aside from bringing tailor-made insurtech solutions to a wider audience in Australia, we can better innovate and push the boundaries of insurtech within Southeast Asia by leveraging insights and data on upcoming trends from its Australian operations,” says Yen Ming.
