FINTECH company Silverlake Axis 5CP announced on Friday that its indirect wholly owned subsidiary, Silverlake Fermion, has inked a teaming agreement with Malaysia-based insurance technology specialist DynaFront Holdings.
Under the agreement, the companies will collaborate and explore opportunities to tap technology and ecosystems to co-create insurtech innovations "to achieve digital insurance leadership", said Silverlake Axis in a bourse filing.
As at Sept 3, Silverlake Axis holds 3.5 million shares in DynaFront, representing a 4.86 per cent interest in the company.
Due to the confidentiality clause stipulated in the agreement, no further details of the agreement will be disclosed, said Silverlake Axis.
None of the directors or substantial shareholders of Silverlake Axis has any interest, directly or indirectly, in the agreement other than through their respective shareholdings in the company.
Shares of Silverlake Axis ended Friday at 27 Singapore cents, down half a cent or 1.8 per cent.