Tech: Kyckr strikes Singapore insurance deal, shares climb off the mat

RegTech company Kyckr (ASX:KYK) has scored a commercial partnership with the Singapore division of global insurer AXA Insurance.

Kyckr will get a $400,000 top up to its coffers up front, and expects “additional revenue from services to follow with the expansion of services across Asia”.

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In return, AXA Singapore will get access to Kyckr’s application programming interface (API), which it will use to improve automation and efficiency in various insurance-related services.

Shares in Kyckr got a boost from the deal, rising almost 40 per cent to 5.5c .

But some good news for the market has been a long time coming, with KYK shares having declined steadily from around 16c over the past year.

Kyckr’s core service is the provision of a global business register — linked to primary sources such as ASIC and APRA — to assist clients with compliance for anti-money laundering regulations.

The AXA deal follows another commercial partnership in April and the launch of the company’s new website interface in May.

Kyckr said its partnership with AXA would help the insurer speed up its clearance checks for the purpose of issuing insurance quotes.

The copmany said that by using Kyckr’s API, the time taken to verify documents as part of the insurance process could be reduced from up to two weeks down to 1-3 days.

The $400k deal has been approved by the Monetary Authority of Singapore, and Kyckr said it would look to roll out the project in the second half of this year.

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In other ASX tech news today:

Shares in Internet-of-Things company Connected IO (ASX:CIO) got an early boost before falling back slightly, after the company announced a new personal best for quarterly cash receipts. CIO said it booked $1.02m in the quarter, largely due to some successful deals with customers in the US market. Approaching midday trade, shares in the company were up by 33 per cent at 0.4c.

And IT minnow Quantify Tech (ASX:QFY) fell by more than 16 per cent to 0.5c, after the company announced it had completed a share placement announced in late-June to raise $800,000. An additional $200,000 placement is on the cards pending shareholder approval, which will be taken up by the company’s chairman and CEO.