Insurtech firm Igloo has formed a joint venture with Thailand-listed JMT Network Service, while Investree’s credit scoring unit AIForesee has been acquired by South Korea’s PFC Technologies Inc..
Igloo, JMT Network launch insurtech firm in Thailand
Singapore-based Igloo’s Thai entity, Axinan Thailand Co. Ltd., has formed a joint venture with Thailand-listed JMT Network Services to launch a fully digital insurance company in the country, according to a statement.
The partnership combines Igloo’s insurtech infrastructure with the retail distribution network of Jaymart Group, JMT’s parent company, which serves over 10 million customers across sectors including mobile and electronics distribution, debt management, food and beverage (F&B), property management, and insurance services.
The new JV will develop embedded insurance products tailored to Thai consumers and SMEs, aiming to streamline access to affordable protection through digital channels. The same initiative plans to replicate the model in Indonesia and the Philippines in the coming months.
“This collaboration brings together Igloo’s insurance technology and Jaymart’s deep consumer reach,” said Ekachai Sukumvitaya, deputy CEO of Jaymart Group Holdings. “It positions us to offer embedded insurance that aligns with our customers’ lifestyles.”
Igloo’s CEO and co-founder, Raunak Mehta, said the firm is betting on AI-driven automation and embedded protection as critical levers for accelerating insurance inclusion across Southeast Asia.
The JV could serve as a blueprint for similar conglomerates looking to integrate insurance across diverse business units. “We see this as a scalable model for digital insurance transformation in the region,” Mehta said.
PFC Technologies acquires Investree’s AIForesee
Defunct Indonesian P2P firm Investree’s subsidiary AIForesee, which focuses on alternative credit scoring, has been acquired by South Korean PFC Technologies Inc. (PFCT), a digital finance company focused on AI technologies.
“Paired with AIForesee’s deep local understanding and relentless agility, we are poised to leapfrog innovation and accelerate the digital transformation of financial services across Indonesia and the broader region,” AIForesee CEO Christian Limawan wrote in a LinkedIn post.
AIForesee was founded in 2020 as Investree’s subsidiary. The company leverages machine-learning algorithms and alternative data sources such as telecommunications, social media, and payment data to assess creditworthiness, particularly for businesses lacking traditional credit histories.
Its flagship product, Scoreezy, offers financial institutions a web-based platform to evaluate the credit eligibility of both individual entrepreneurs and corporate entities seeking working capital loans.
PFCT, established in 2015, offers two main services: Airpack, a B2B SaaS platform providing AI-powered lending and risk management solutions for global financial institutions; and Credit Planet, a B2C financial service platform in Korea that offers consumers AI-powered financial services such as loans, investments, and credit score management.
