Carrier-facing Insurtech, Insurtech, Life and Health, News, Non-life, Op Risk, Reinsurance

Insurtech Vesttoo cuts staff by 75%, shuts down Asian operations following fake letters of credit crisis: report

In the wake of the US$4bn credit letter scandal, the insurtech said it was taking measures to reduce costs and focus on core services.

Editorial team

August 2, 2023

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2 min read

Banner for 22nd SIRC: 'Capacity to Capability'—Building resilience through innovation; futuristic city skyline with a glowing highway; Nov 1–5, 2026 at Sands Expo & Convention Centre.

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Market conditions continue to evolve as businesses review their priorities and plans for growth. The pace of change varies across the region, with local factors shaping how organisations respond.

Attention is turning to the balance between near-term opportunities and longer-term objectives. Decisions made today will help determine how businesses adapt as conditions develop.

While the outlook remains varied, the broader direction reflects a market adjusting to new demands. The implications will become clearer over time as plans move into practice.