With almost two thirds of Thailand’s population having access to the internet, more Thai consumers are participating in e-commerce and are active on social media platforms. However, with the market heavily reliant on face-to-face interactions with brokers or auto dealers, the use of digital channels to purchase insurance is still in its nascent stage.

Given the scenario, the Series A funds will allow Roojai to accelerate its investment in digital marketing and continue its efforts in developing policies with Krungthai Panich Insurance that reward safe behaviour. It will further help the company develop technological systems that improve the quality of customer interactions and lower barriers to insurance access.

In less than three years of its operation, Roojai has reached over 30,000 auto insurance customers through a digital-first distribution strategy, gaining widespread industry recognition.

 “We are delighted to welcome IFC as one of our shareholders as we enter a new exciting phase of growth. We are proud that Roojai.com’s digital innovations are being recognised in terms of insurance that is simple and easy to buy. We aim to improve financial inclusion through accessible, cheaper, and essential cover for all responsible consumers,” said Nicolas Faquet, CEO/Founder of Roojai.

“Thailand’s digital insurance channels have significant room for expansion, especially from digital-first players who can effectively implement the digital direct model by leveraging the latest technologies. Our partnership with Roojai is aligned with the government of Thailand’s initiative to support inclusive insurance through the Office of Insurance Commission’s visionary Insurtech initiative,” said Paulo de Bolle, IFC’s Global Director of the Financial Institutions Group, and a member of the Fintech Investment Committee.

IFC joins Primary Group — a privately-owned investment holding company with significant expertise in the global insurtech insurance sector — as a shareholder in Roojai. Through this investment, IFC will work with Roojai to further strengthen its corporate governance and support the company through its board nominee and IFC’s industry team.

IFC has been one of the leading global investors in the insurance sector in emerging markets for many years. Since 2000, IFC has invested in forty-two insurance companies with total investments close to US$2 Billion invested.

IFC’s insurance portfolio includes a full range of sub-sectors, such as reinsurance, life, non-life, microinsurance and Insurtech.

The company also revealed a plan to expand its lifestyle business and introduce more foreign brands to Thailand and the Asean region, he said.

He added that the company has set a sales target of Bt1.2 billion in 2020 and will complete Tanachira’s listing on the stock exchange within the timeline of the company’s roadmap, Tanapong concluded.

“Today (Oct 18), I have filed a complaint against the former directors, managers and all other parties responsible for the management of the NMG from 2014 to 2017 with Rapee Sucharitakul, Commission and Secretary of the SEC, as we have found that there has been a fraud in the financial accounts of the NMG during that period of time,” says Ditsadaej Hiranjirakoon.

 “For this reason, I urge the SEC to swiftly investigate this issue. If the SEC discovers that parties involved in the management of NMG have committed fraud, I urge the SEC to immediately legally prosecute the aforementioned parties in accordance to the law,” he says.

Meanwhile, Rapee was not present to receive the complaint in person and his representatives refused to give any comments on the details of the complaint assessment procedures.

“I hope that this will demonstrate to the public that those who are looking to exploit their companies for personal benefits, leading to the financial loss of other shareholders are not above the law,” Ditsadaej continues, “those responsible for the management of the NMG group, both past and present, have to be held accountable for their actions.”

Ditsadaej claims that he is not filing the complaint as a representative of other shareholders, but conceded that he has been urged by other shareholders to file the complaint against the financial statement fraud which occured from 2014-2017.

“I am confident in the effectiveness of the SEC in solving this conflict. Committing financial statement fraud is a significant issue in the capital market. The SEC has to take action on this issue as fast as possible as it has ramifications on investor’s confidence in the NMG as well as public confidence on the effectiveness of the SEC,” he says.

Under this ambition, the Japanese technology giant will establish Thailand as a hub for a region encompassing India and the Asean countries in order to expand its business in these economies.

The company expects to generate total revenue in Thailand of around 300 billion yen in fiscal 2021, representing growth of 50 per cent from fiscal 2017.

Toshiaki Higashihara, chief executive officer and president of Hitachi, told the Hitachi Social Innovation Forum 2018 event that the firm aims to resolve a variety of social issues together with customers throughout the world and “to create a promising and hopeful society”.

With this goal, the company will continue to promote collaborative creation by targeting high-efficiency production models in order to achieve mass customisation and resolve social issues and improve people’s quality of life.

“Social issues throughout the world continue to grow and are becoming increasingly complex. Two examples are labour shortages resulting from urbanisation and the ageing population, and growing security threats in both the physical and cyber worlds,” Toshiaki said.

As part of its efforts, the firm will create a chain of innovation, aiming for it to become an innovation partner for the era of the Internet of Things (IoT). Toshiaki said this is period when stakeholders have come to expect to innovations.

“Hitachi will continue its active efforts to foster individuals who will work inside and outside of the company and contribute to the creation of a rich future,” Toshiaki said. “It will use the Lumada platform for value creation, combining front-line knowledge in information technology (IT), operational technologies (OT) and products, as it further expands Collaborative creation will be pursued with a view towards society of the future.”

He said that, in March, the firm plans to complete construction of a building that will house the Central Research Laboratory in Kokubunji in Tokyo. It will be based on what the company calls the collaborative forest concept and feature an environment and facilities for collaborative creation that will accommodate customers from all over the world.

Tadashi Hisanaga, manager of the public relations and investor relations department at Hitachi, said the Thai market has potential for high growth. Accordingly, the firm is setting up Thailand for its hub role in the market covering Asean and India. In this role, it will be used for the distribution of products, servers and solutions to support the market.

“Thailand is important and has high potential for us as a country,” said Hisanaga. “We have therefore set up Thailand as a hub for India and Asean countries in the areas of escalators and elevators. Thai government also has the direction to boost the country under its Thailand 4.0 scheme.”

The factors seen driving Hitachi’s business growth in Thailand include continued investment in the country, said Hisanaga. The firm has worked with business partners on investments such as the Red Line Skytrain route and is providing an innovation platform to support the development of the Eastern Economic Corridor (EEC).

The company in fiscal 2017 (April 2017-March 2018) gained revenue of 200 billion yen, with the major source from automobile parts, materials for manufacturing and chemical products.

Hitachi last month opened the Lumada centre in Amata City Chonburi, within the EEC, and from where it will provide the Lumada platform to the market. The centre also integrates IoT solutions from countries such as Japan, China and the US.

The Lumada is an IoT platform designed for people to connect, cooperate and co-create solutions with partners.

Traka will exhibit at IFSEC in Bangkok on October 25-27, where it will present its latest software and hardware solutions.

From simple secured storage options to an enterprise-level control of costly and sensitive devices, Traka’s line of intelligent lockers provides an intuitive and powerful way to manage, track and report usage on an organisation’s most important assets, with the potential to easily integrate into access control platforms, HR databases or third-party systems.

All of Traka’s systems are integrated with touch software.

“For Traka, this year is about demonstrating our established presence in the APAC market,” said Martin Woodhouse, Traka international sales director. “There are a huge variety of industries that our intelligent key and equipment management systems would benefit.

“In Asean, we see the hotel industry, the health-care industry and manufacturing, among others, as areas in which we can make a great impact.

“Our solutions are proven to minimise operational costs, increase productivity, and ensure the efficient use of company equipment. These all combine to integrate with full audit trail capability in all industry sectors.”

UK-based Traka has over 25,000 key and asset management systems installed worldwide, with a presence in over 40 countries allowing the company to provide support.