(Yicai Global) Jan. 16 -- ZhongAn Technologies International Group and Grab Holdings, Southeast Asia's top online-to-offline mobile platform, will set up a joint venture to crack the digital insurance business in the region. 

The new company will create a marketplace that offers innovative and affordable products in a range of categories directly to users through Grab's mobile app, Shanghai-based ZhongAn Online P&C Insurance, ZhongAn Technologies' parent and China's first internet insurer, said in a statement today.

The JV will collaborate with global insurance partners to develop products that are tailored specifically to the lifestyle needs of Southeast Asians. The platform will stage its market entree in Singapore in the first half of this year before opening in other Southeast Asian markets.

Under their agreement, ZhongAn Technologies, the overseas business development arm of ZhongAn Online, will contribute its technical assets to build the platform and insights into internet ecosystems. Singapore-headquartered Grab will erect the digital insurance platform to deliver customized products to millions of users.

Editor: Ben Armour