- Huize acquires Vietnamese insurtech Global Care for Southeast Asian expansion.
- The company targets Indonesia and Philippines next.
- Huize aims for 30% international revenue within three years.
When dragon meets tiger
Chinese insurtech powerhouse Huize is making waves in Southeast Asia, announcing its acquisition of Vietnamese startup Global Care.
This strategic move, executed through Huize’s international arm Poni Insurtech, aims to tap into the burgeoning digital insurance market in the rapidly urbanizing ASEAN region.
Ron Tam, Huize’s co-CFO and head of international, sees immense potential once per capita GDP surpasses the $5,000 mark.
From Hanoi to Jakarta
Vietnam marks Huize’s second international foray after Hong Kong. The Nasdaq-listed company isn’t stopping there – Indonesia and the Philippines are next on its radar, possibly a new ASEAN market in late 2024.
Huize’s ambitious goal? To derive 10% of its revenue from international markets by 2024, scaling up to a whopping 30% within three years.
Despite potential challenges in Vietnam’s fragmented insurtech landscape, Huize remains bullish. The company plans to increase headcount post-acquisition, integrating Global Care’s impressive track record of 13.5 million facilitated policies and 1.3 million registered users.
As part of the deal, VinaCapital Ventures gains a strategic 1.7% stake in Huize, cementing a strong local partnership for future growth.
To read the original article: https://www.techinasia.com/chinas-huize-targets-sea-market-with-vietnamese-insurtech-acquisition
