PolicyPal becomes the First Start-Up to Graduate from the Mas Fintech Regulatory Sandboxby Company Announcement August 30, 2017
Singapore-based startup PolicyPal today announced its graduation from the MAS FinTech Regulatory Sandbox and will commence operations as a registered direct insurance broker and exempt financial adviser under its subsidiary BaoXianBaoBao Pte Ltd from 1st September 2017. PolicyPal is the first start-up to graduate from the MAS FinTech Regulatory Sandbox, having entered the six-month sandbox in March 2017.
PolicyPal is Asia’s first independent app that utilizes artificial intelligence to simplify and digitize insurance, allowing both customers and organisations to streamline the management of their insurance policies. PolicyPal empowers individuals to further understand their assets and liabilities, get adequate insurance coverage for themselves and plan for their retirement. The six-month sandbox trial allowed PolicyPal to test the technology and validate their distribution model in Singapore. PolicyPal will now focus on scaling their product offerings to individuals and SMEs aimed at helping them analyze, manage and ultimately optimize their insurance portfolio.
Founded in April 2016, PolicyPal employs the use of algorithms to analyze current insurance coverage received funding from 500 Startups and angel investors and is presently working with global insurance
companies to help them go digital. PolicyPal Pte. Ltd. is a company under the incubation of PayPal. The PayPal incubation program is an APAC Fintech focused incubation program run by PayPal.
PolicyPal has recently on-boarded several organizations for group insurance management and will roll out additional corporate services for a growing pool of SMEs.
It has also partnered with global insurance companies in Singapore – AIG, Aviva, AXA, Etiqa and NTUC Income. PolicyPal’s regional expansion strategy includes scaling their existing platform and operations beyond Singapore to include Japan, Taiwan, Indonesia, and Thailand.
Val Ji-hsuan Yap, CEO & Founder – PolicyPal, said,
“The MAS sandbox allowed us to experiment with technology applications and our product offerings in order to fulfill our vision of making insurance simple and convenient for all. We are delighted to be the first startup to graduate from the MAS regulatory sandbox and are looking forward to operate and scale up as a registered direct insurance broker and exempt financial adviser under BaoXianBaoBao to provide individuals and organizations with better insurance coverage .”
Sopnendu Mohanty, Chief FinTech Officer – MAS, said,
“Today’s rapidly evolving FinTech landscape requires a responsive and forward-looking regulatory approach to enable aspiring companies to deliver innovative financial services and products that can benefit both consumers and inspire the broader industry. We are glad that the sandbox has helped PolicyPal jumpstart their journey through live experimentation, and look forward to enabling more FinTech innovations that can enhance value and improve people’s lives.”