Hong Kong-based AMTD Digital Acquires Controlling Stake in Singapore Insurtech Firm

Mar 2020

AMTD Digital, the one-stop digital finance platform arm of AMTD Group, a Hong Kong-headquartered financial institution, announced on 17 March that it will acquire a controlling stake in Singapore-based insurtech firm, PolicyPal.

This acquisition is pending approval from the Monetary Authority of Singapore (MAS). After the acquisition, PolicyPal will become a member company under AMTD Digital, and using its digital insurance broker license granted by the MAS, it will act as AMTD Digital’s operating vehicle to develop and expand in the South East Asia insurtech sector, in collaboration with AMTD’s insurance brokerage company. AMTD Digital’s insurance brokerage business has nearly 20 years of operating history and it has established partnerships with dozens of global insurance companies and brokerage firms.

Founded in 2016 and supported by 500 Startups, PayPal and angel investor Koh Boon Hwee, Policypal helps consumers to understand their insurance needs and empowers them with financial planning solutions to protect their health and wealth. It was the first graduate of fintech regulatory sandbox of the MAS. The company works with 30 global insurance companies, with USD 3 billion sum assured coverage on their platform.

AMTD provides underwriting services for equity and debt offerings in Hong Kong. It is a leading independent investment banking and asset management firm in Asia. AMTD Digital is the integrated digital finance platform arm of AMTD Group, covering four segments including digital finance licenses, smart data analytic, digital alliance ecosystem, and digital strategic investments. AMTD Digital strives to build a one-stop, cross-market, comprehensive digital financial services platform to serve Asian consumers and small and medium- sized enterprises, integrating digital banking, digital insurance, digital asset exchange, e-payment / remittance, and other licensed businesses in Hong Kong and Southeast Asia.

In 2019, AMTD together with Xiaomi established Airstar Bank and had successfully obtained one of the first eight virtual banking licenses issued by the Hong Kong Monetary Authority, and will be launching its services to the general public soon. In Singapore, AMTD is also teaming up with SP Group, Singapore’s sole electrical grid and gas grid operator; Chinese electronics company, Xiaomi, and Singapore-headquartered SME digital financing platform, Funding Societies to jointly apply for the Singapore digital wholesale banking license which are expected to be granted by later this year. AMTD Group is also the first corporate founding member of the ASEAN Financial Innovation Network (AFIN) that was established by the Monetary Authority of Singapore.

(Sources: AMTD Group; e27; Tech in Asia)

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