Australian insurer IAG has become the nation 's first company to launch an insurtech hub in Singapore , where it hopes to take advantage of the country 's " favourable regulatory environment " . Just this month, MAS published a consultation paper proposing a simplified regulatory framework for venture capital funds to complement its "regulatory sandbox". The move follows IAG 's launch of a $ m ( £ ##3 ##m ) venture capital fund to invest in start - ups . The hub , called Firemark Singapore , is an incubator for start - ups and research and technology providers creating customer - focused products and services . The insurtech sector is worth around AUD2.19bn , nevertheless about 75 % of global insurers say there has been a lack of digital innovation . The Monetary Authority of Singapore , with which it already has a relationship , recently announced proposals for simplifying regulation for venture capital funds .
Australian insurer IAG has become the nation 's first company to launch an insurtech hub in Singapore , where it hopes to take advantage of the country 's " favourable regulatory environment " . The move follows IAG 's launch of a $ m ( £ ##3 ##m ) venture capital fund to invest in start - ups . The hub , called Firemark Singapore , is an incubator for start - ups and research and technology providers creating customer - focused products and services . The insurtech sector is worth around AUD2.19bn , nevertheless about 75 % of global insurers say there has been a lack of digital innovation . The Monetary Authority of Singapore , with which it already has a relationship , recently announced proposals for simplifying regulation for venture capital funds .