March 27, 2024. MUFG Innovation Partners Co., Ltd. (MUIP), a corporate venture capital fund and a wholly owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), has recently invested in Qoala Technology Pte. Ltd. (Qoala) through the MUIP Garuda Fund 1.
Qoala is an omnichannel full stack insurtech company operating across the Southeast Asia markets of Indonesia, Malaysia, Thailand and Vietnam. It helps to improve access to insurance protection in these underpenetrated markets, leveraging both a network of tech-enabled offline agents, and embedded insurance offerings within online ecosystem platforms such as Traveloka, Tokopedia and Shopee. It offers a wide range of insurance products, including gadgets, travel, financial services, personal accident & health, property, and motor vehicles. These products are offered in partnership with Qoala’s wide network of insurer partners.
Going forward, the company intends to enhance operational efficiency and elevate its agent experiences for consumers, while developing tools to support its insurance partners in improving industry capabilities in underwriting, claims processing and fraud detection. MUIP looks forward to a collaborative partnership with Qoala through Bank Danamon, to enhance financial inclusion and insurance protection for consumers in Indonesia.
About MUIP
MUIP was established in January 2019 as the corporate venture capital of Japan’s leading financial group, MUFG, to promote its open innovation strategy. MUIP currently runs 5 funds (about USD 650 million in total), working on strategic investments in startups globally and driving business collaboration between the startups and MUFG group companies.
For more information, visit https://www.ip.mufg.jp/.
About Qoala
Qoala is an insurance technology (insurtech) company with a mission to democratise insurance through an omnichannel presence and new product development. Qoala operates in four countries; Indonesia, Malaysia, Thailand and Vietnam offering various insurance and takaful protections ranging from cars, motorcycles, property, personal accidents, travel, and health that can be accessed quickly, easily and transparently through the Qoala application or website.
For more information, visit https://www.qoala.app/id-en.
