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Silverlake Axis subsidiary wins 5 accounts in Asean, Hong Kong

SILVERLAKE Axis' wholly-owned insurance processing subsidiary Merimen Ventures has won five new accounts in three Asian countries that are expected to contribute positively to the results of the fintech services provider in its current and following financial years.

In Singapore, Merimen added two accounts, bringing the total Singapore customer count to 21. The latest are "a leading global reinsurer" which started the use of Merimen's ePolicy Marine Cargo product in January 2018, and "an established local insurer" which began using its eClaim Motor product in February.

In Indonesia, a local insurer started using eClaim Motor, and in Hong Kong, "two large and local regional insurers" are using Merimen's Software-as-a-Service collaborative platform for their marine, helper and home insurer businesses.

None of the directors or substantial shareholders of Silverlake Axis has any interest, directly or indirectly, in the above contracts other than through their respective shareholdings in the company, said Silverlake Axis in a Singapore Exchange filing after trading hours. No further details of the contracts are to be disclosed due to confidentiality.

Silverlake Axis closed half a Singapore cent lower at S$0.575 on Wednesday.