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.