Vietnamese customers will be able to buy health and life insurance first, part of a long-term strategy to meet more of online shoppers' "financial needs". The startup said it will personalize services for individual customers, such as recommending particular insurance packages, and will expand into other financial products like savings plans.
The announcement comes as startups across Southeast Asia continue to branch out into financial technology to build customer loyalty, as seen in the digital bank licenses obtained by Grab in Singapore and a GoTo affiliate in Indonesia.
In Tiki's case, experts say insurance sales will rise if the company can apply its technological advantage and analyze Vietnamese shopper demographics accurately. Tiki has a huge database of users, and they know who is spending on which products.
Tiki, which also issues a credit card through Sacombank, is the biggest local online retailer in Vietnam. However, it trails Sea's Shopee, which leads among web and iPhone-based shoppers, and Alibaba's Lazada, which has the most Android app downloads. Reports that Tiki would merge with Sen Do to form a larger Vietnamese challenger have yet to materialize.
The two companies struck a 10-year deal meant to expand into other businesses in the internet economy, such as digital health services. Tiki's investors include China's JD.com and Vietnamese unicorn VNG.
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