Left to right: PolicyPal CTO Wong Kai Chin, AMTD Group Chairman and CEO Calvin Choi, PolicyPal Founder and CEO Val Yap
AMTD Digital, a digital finance arm of Hong Kong-based AMTD Group, announced today that it will acquire a controlling stake in Singapore-based insurtech startup PolicyPal.
In a press statement, the company stated the acquisition “deepens” its plan to build a Southeast Asian fintech platform headquartered in Singapore.
AMTD Digital did not share financial details. It is also pending the approval by the Monetary Authority of Singapore (MAS).
Founded by Val Yap, PolicyPal has raised fundings from 500 Startups, PayPal and angel investor Koh Boon Hwee.
It is also the first graduate of MAS’s fintech regulatory sandbox programme.
Also Read: PolicyPal is going to change their logo, thanks to a legal threat from a US insurance giant
Following the acquisition, there will be several roles that PolicyPal will take:
1. It will become a member company under AMTD Digital
2. With its digital insurance broker license granted by MAS, it will become AMTD Digital operating vehicle to develop and expand in the Southeast Asia insurtech sector
3. It will collaborate with AMTD Risk Solution to drive innovation and promote “an inclusive, green, technological, and professional online insurance service and risk management experience.”
As for AMTD Digital, in 2019, together with Chinese smartphone maker Xiaomi, it established Airstar Bank and had obtained one of the first eight virtual banking licenses issued by the Hong Kong Monetary Authority. The platform will launch its services to the general public “soon.”
AMTD is also teaming up with SP Group, Xiaomi, and Funding Societies to jointly apply for the Singapore digital wholesale banking license.
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Image Credit: AMTD Digital
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