IGNet Establishes Singapore Subsidiary, Accelerates Southeast Asia Expansion

On June 19, IGNet announced that it has established a strategic intermediate holding company, 'Asia Insurtech Group', in Singapore to enter the Southeast Asian insurance market.

IGNet is an insurtech (insurance + technology) company based on MyData, operating the artificial intelligence (AI)-powered insurance platform 'Bodoc (Insurance Doctor·bodoc)'.

The newly established 'Asia Insurtech Group' will serve as IGNet's overseas headquarters, dedicated to driving the company's international business, mergers and acquisitions (M&A) of local subsidiaries, and strategic investments.

This establishment is expected to become a core infrastructure for a systematic global expansion strategy, rather than a simple overseas foray. Kim Yongcheon, IGNet's co-founder and Chief Operating Officer (COO), has been appointed as the new head of the corporation and will directly participate in local management.

Based on its Singapore entity, IGNet will launch its business in Vietnam, its first target market. Vietnam, with a population of about 100 million and a working-age population accounting for 70%, boasts a demographic advantage and the highest economic growth rate in Southeast Asia, resulting in rapid growth of its insurance market. It is also one of the countries where domestic insurance companies are actively entering.

An IGNet official explained, "We have adopted a global expansion strategy by establishing a wholly owned subsidiary in Singapore, where there are relatively fewer restrictions on foreign corporate activities, and using it to pursue acquisitions of local companies or strategic investments in Vietnam."

Kim Jitae, CEO of IGNet, stated, "Our overseas expansion plan, which has been thoroughly examined through long-term and detailed market research, has now entered the full-scale implementation stage," emphasizing, "The establishment of the Singapore entity is the optimal platform for IGNet to conduct business in the Southeast Asian market in a more strategic and efficient manner."