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Huize expands into Vietnam with acquisition of Global Care Insurtech

Women's Tabloid News Desk
Women's Tabloid News Desk

Huize Holding Limited, a prominent insurance technology platform listed on NASDAQ under the ticker HUIZ, has solidified its global presence by acquiring Global Care Consulting Joint Stock Company (Global Care), a pioneering insurtech firm based in Vietnam. This strategic move marks the launch of Huize’s international brand, Poni Insurtech, and represents its first step into the ASEAN market.

Founded in 2017, Global Care has established itself as a leader in Vietnam’s insurtech sector, specializing in digital transformation solutions for insurance providers. The company’s cloud-based API solutions and mobile applications facilitate streamlined sales processes and policy administration, catering to a diverse clientele. Notably, Global Care recorded significant growth in 2023, processing 13.5 million policies and expanding its user base to over 1.3 million.

Huize’s acquisition of Global Care involves acquiring a controlling stake through the purchase of existing shares and subscription to new shares over multiple closings. As part of the deal, VinaCapital Ventures, the technology investment arm of VinaCapital Group, will receive newly issued class A common shares of Huize, amounting to approximately 1.7% of the company’s fully-diluted share capital, with half of these shares subject to a one-year lock-up period.

Ron Tam, Co-Chief Financial Officer and Head of International Business at Huize, emphasized Vietnam’s appeal as an emerging market for insurance, he said, “Vietnam is a highly attractive emerging market for insurance with a sizable, young and digital-native demographic of 100 million people, coupled with strong macro tailwinds and FDI inflows driving robust GDP growth in the coming decade. We are delighted to be entering Vietnam via a strategic investment in Global Care with founder Niem and her experienced team firmly establishing the company as a trailblazer in the delivery of innovative digital insurance solutions for the Vietnamese insurance industry. This acquisition is expected to generate significant synergies that will drive market share growth for Global Care by accelerating new product development through leveraging Huize’s technology stack and AI solutions, as well as existing partnerships with leading global insurance brands. We are also very pleased to introduce VinaCapital as a strategic shareholder of Huize through this transaction, and we are highly confident in driving further collaboration opportunities in Vietnam leveraging on VinaCapital’s vast resources and network in the local market.”

Dinh Thi Ngoc Niem, Founder and CEO of Global Care, said; We are excited to join forces with Huize, a recognized leader in insurtech. Becoming part of the Huize family will give us a unique and significant edge in this exciting market. Empowered by Huize’s technologies, industry alliances and extensive operational experience, we will be able to significantly enhance our offerings and expand our reach. Most importantly, the two companies share a common mission and vision, and together we are poised to create strategic value for our partners, customers, stakeholders and further accelerate the digitalization of Vietnam’s insurance industry.”

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