AMTD Digital to Acquire Controlling Stake in Singapore Insurtech Startup PolicyPal

PolicyPal CEO and Founder Val Yap expected to continue leading the company post-acquisition

AMTD Digital, the integrated digital finance platform of Hong Kong-based AMTD Group, announced on March 17 that it will acquire a 51% stake in PolicyPal, a Singapore-based insurtech startup with a digital insurance broker license from the Monetary Authority of Singapore (MAS). The deal is currently pending approval from MAS.

PolicyPal uses artificial intelligence to provide digitized insurance policies and provides a simple way for policyholders to manage different insurance policies on a single platform. It is the first graduate of the fintech regulatory sandbox of MAS. Founded in 2016 by Val Yap, PolicyPal is supported by 500 Startups, PayPal, and angel investor Koh Boon Hwee. It works with 30 global insurance companies, with US$3 billion assured coverage on their platform.

PolicyPal will operate as a member company of AMTD Digital and collaborate with AMTD Risk Solutions, AMTD’s insurance brokerage arm. Yap is expected to continue to lead the company after the acquisition is finalized.

AMTD Digital aims to build a one-stop, cross-market, comprehensive digital financial services platform that integrates digital banking, digital insurance, digital asset exchange, epayments and remittance, and other licensed business activities in Hong Kong and Southeast Asia. It aims to serve Asian consumers and small to medium-sized enterprises.

AMTD Group has been investing in Singapore for many years. It has established a comprehensive development plan for the Singaporean market, with Singapore as the regional headquarters, to expand its development to other markets across Southeast Asia.

The acquisition of PolicyPal will further AMTD’s aim to expand their presence in the Southeast Asian fintech market. Additionally, AMTD along with SP Group, one of Singapore’s biggest corporations, Xiaomi, and Funding Societies aim to jointly apply for the Singapore digital wholesale banking license.

In 2019, AMTD established Airstar Bank together with Xiaomi and successfully obtained one of the first eight virtual banking licenses issued by the Hong Kong Monetary Authority, which will soon be launching its services to the public.

AMTD Group Chairman and CEO Calvin Choi said in a statement that Singapore is an important hub for Southeast Asia’s fintech development, and AMTD highly values PolicyPal’s technological and commercial growth potential in the insurtech space.

“We have seen a rapid 105% growth for our gross premium underwritten in the past few months. Partnering with AMTD to transform the insurance ecosystem will allow us to provide the best protection coverage to consumers,” PolicyPal CEO Val Yap added.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

How Is Technology Influencing the Food and Beverage Industry

How Is Technology Influencing the Food and Beverages Industry?

Food waste, sustainability and animal cruelty are some of the biggest challenges facing the food and beverage (F&B) industry nowadays. Like any other sector, the industry is dipping its toe into technology and innovations to seek solutions. While we are already seeing more food tech solutions in our everyday lives, like plant-based meat alternatives and food waste management startups.

3 Innovations for a Cleaner Environment You Never Heard Of

3 Innovations for a Cleaner Environment You Never Heard Of

Innovation in clean energy, sustainable infrastructure and eco-friendly solutions to environmental hazards are the need of the hour. The burden on the world’s natural recourses is immense, and it is high time we focus on renewability and diversification. While we are only scratching the tip of the iceberg, here are three innovations working to create an environment-friendly future.

How Can Entrepreneurs Overcome Loneliness?

How Can Entrepreneurs Overcome Loneliness?

Starting your own business is a project that will take over most of your life. You are straying away from the typical 9-5 jobs that your friends and family may have. The sheer effort you have to make to get a business up and running will leave you feeling lonely. While it might seem almost expected to feel lonely during your startup journey, loneliness is a slippery slope to several health conditions.

8 Techniques to Get Readers Rolling Right into Your Content

8 Techniques to Get Readers Rolling Right into Your Content

We’ve all been there. We’ve spent hours crafting the perfect blog post, article or white paper, but no one is reading it. Why? It could be for a million reasons, but often it’s because we’re not doing enough to get people to come to our content. In this article, we’ll learn about the eight techniques that will help you draw in readers and get your content read!

Amazon vs Flipkart Who Will Win Festival Sale War in India

Amazon vs. Flipkart: Who Will Win the Big Festival Sale War in India?

Amazon India and Flipkart, the two biggest ecommerce giants in India, have always been in a neck-to-neck competition for supremacy in the country. There is no better occasion to showcase their strength and take advantage of people’s shopping mood than during the Indian festive season, which begins in late September featuring various festivals, like Durga Pooja, Dussehra and Diwali.