ICFG shares double as Mongolian subsidiary partners with Mobicom
ICFG Ltd on Tuesday said its Mongolian subsidiary, Connect Life LLC, has been granted a specialised life insurance licence, following which the sole shareholder of Connect Life, Insur LLC, has partnered with Mobicom Corp LLC.
In response, shares in ICFG doubled to 36.00 pence in London on Tuesday afternoon. The stock remains down 29% over the past year.
ICFG is an investment company established to acquire businesses focused on improving the delivery and use of financial services in Asia. It was formerly known as Fintech Asia Ltd, and changed its name following a reverse takeover of ICFG Pte Ltd in February.
The licence was granted by the Financial Regulatory Commission of Mongolia. Effective July 24, it authorises Connect Life to provide ‘a comprehensive range of life insurance and annuity products - including term life, whole life, endowment, pension, and annuity solutions - across the Mongolian market’, the firm explained.
SIBJ Capital, the investment arm of ICFG, previously acquired a 51% stake in Connect Life’s sole shareholder, Insur.
Following this, Insur has entered a strategic cooperation agreement with Mobicom, Mongolia’s largest telecommunications and ICT provider and a local subsidiary of Japan’s KDDI Corp.
Under the Mobilife brand, the two companies will develop and distribute digital life insurance products to Mobicom’s around 1.7 million customers. Insur will contribute its digital insurance platform, seed capital and regulatory expertise.
‘This partnership marks the entry of both ICFG and Mobicom into Mongolia’s life insurance market and aligns with ICFG’s strategic objective to expand its presence in the InsurTech sector and deliver accessible, technology-driven financial services across its markets,’ said ICFG.
The company said further announcements will be made ‘as and when appropriate’.
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