AMTD Digital, the digital finance arm of AMTD Group announced that it will acquire a controlling stake of PolicyPal, a company licensed by the Monetary Authority of Singapore, and the first graduate of MAS fintech regulatory sandbox, which deepens the company’s plan to build a Southeast Asian Fintech platform headquartered in Singapore. This acquisition is pending approval by the Monetary Authority of Singapore.
After the acquisition, PolicyPal will become a member company under AMTD Digital, and using its digital insurance broker license granted by the Monetary Authority of Singapore, as well as acting as AMTD Digital’s operating vehicle to develop and expand in the Southeast Asia insurtech sector, and in collaboration with AMTD’s insurance brokerage company – AMTD Risk Solution.
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; AMTD is also teaming up with SP Group, one of Singapore’s largest corporations, Xiaomi, and Funding Societies to jointly apply for the Singapore digital wholesale banking license. The group is also currently seeking to apply for a virtual banking license in Malaysia.
PolicyPal is the first graduate of fintech regulatory sandbox approved by the Monetary Authority of Singapore. According to their press statement PolicyPal works with 30 global insurance companies, with $3 billion sum assured coverage on their platform.
Calvin Choi, AMTD Group’s Chairman and CEO, AMTD Digital’s Chairman said his vision for AMTD Digital is that through establishing awide-open strategic partnership and alliance ecosystem, the company can create the most innovative and comprehensive digital financial platform without any ceiling. He is confident that these growing corporate customers will continue to enrich the company’s alliance ecosystem, and become the most valuable resources with lots of values to unlock in future out of this digital financial platform.
Featured image: Calvin Choi, Chairman and CEO of AMTD Group (middle), Val Yap, Founder and CEO (right), and Wong Kai Chin, CTO (left) of PolicyPal
