IFC, Mitsui injects $60m to MiCare to fuel expansion in SEA
The group also has plans to expand to more countries in ASEAN.
The International Finance Corporation (IFC), a member of the World Bank Group, and Mitsui & Co. (Asia Pacific) Pte. Ltd., a subsidiary of Mitsui & Co will be investing $60m to Singapore-based healthcare fintech company MiCare Health Technologies.
The investment will be used to fund MiCare’s expansion in key Southeast Asian markets including Indonesia and Vietnam as well as to set up a new regional headquarters in Singapore. Baker McKenzie were the appointed legal advisors for this investment deal.
Zuellig Pharma, MiCare’s parent company, will remain as MiCare’s largest shareholder and MiCare will continue to be led by its Founder and Group chief, Moses Hee.
“This investment will help us continue enhancing our client offerings by strengthening our digital capabilities and enabling us to introduce innovative solutions through partnerships with healthcare ecosystem players such as pharma and telemedicine companies. This is in line with our mission to help manage escalating medical costs and improve healthcare affordability and outcomes for patients. We will also expand into new geographies in ASEAN to reach underserved communities such as in Indonesia and Vietnam to make healthcare more accessible,” Hee said.
MiCare is a managed care organisation that administers, processes and manages medical claims of policyholders and members on behalf of insurance companies and self-insured corporate clients. The company also builds applications linking key players in the healthcare sector such as doctors, patients, hospitals, clinics and pharmacies, to facilitate the seamless and efficient management of medical claims.