What happened: Chinese online insurer ZhongAn has created a joint venture with Singapore-based mobile platform Grab to enter the digital insurance distribution business in Southeast Asia. The joint venture will offer insurance products in a range of categories directly to users through the Grab mobile app. The service will be launched in Singapore in the first half of 2019, before being rolled out in other markets.
Why it’s important: ZhongAn’s partnership with Grab, a leading online-to-offline mobile platform in Southeast Asia, comes as more and more Chinese tech companies are trying to build their presence beyond the domestic market. At the same time, it also fits into Grab’s plan to cover more services from food delivery to parcel delivery, grocery delivery, and financial services. This year, Grab will expand into cross-border remittance and online healthcare.