Seems like there's another well funded tech company giving Speedhome some competition.
BlueDuck tech is also another company doing zero deposit rentals via deposit insurance. The underwriter insurance is Liberty Insurance. Seems they launched zero deposit scheme in April 2020.
I've signed up for the BlueDuck service but yet to use it yet. I also got to know from Blueducks's talks that zero deposit rental schemes are not a new idea but has been used in other countries already like United Kingdom, Switzerland, United States, India and Germany.
Interestingly, similar to Speedhome, Blueduck also markets itself as an insurance agency rather than a real estate company.
The market for this kind of services (deposit insurance) scheme is still in infancy stage and more players coming into this market is normal. It also means that there is demand for such paradigm shifting services.
Updates 20220201
In a recent presentation, Blueduck mentioned that they will be going into commercial properties space using zero deposit rental scheme. Blueduck founder mentioned that they are targeting to expand out of Malaysia and work with more property agents and property developers on using their app.
📍Links
https://www.libertyinsurance.com.my/
https://www.youtube.com/channel/UCssJ70gZH90H5g0qnmAlI9A