AMTD Digital announces Strategic Acquisition of PolicyPal
AMTD Digital, the digital finance one stop platform arm of AMTD Group and the core engine of the AMTD SpiderNet, has announced its acquisition of a controlling stake of PolicyPal.
PolicyPal, an InsureTech firm, was the first graduate of MAS FinTech regulatory sandbox, according to a press release by AMTD Group. The acquisition of the controlling stake deepens AMTD’s plan to build a Southeast Asian FinTech platform headquartered in Singapore.
This acquisition is pending the approval by the Monetary Authority of Singapore, according to a press release. After the acquisition, PolicyPal will become a member company under AMTD Digital, and its digital insurance broker license, granted by the Monetary Authority of Singapore, will become attributable to AMTD.
PolicyPal will also act as AMTD Digital’s operating vehicle to develop and expand in the Southeast Asia InsureTech sector, and in collaboration with AMTD’s insurance brokerage company - AMTD Risk Solution, Hong Kong’s largest corporate insurance brokerage, the firm will drive the innovative development of Asia’s InsureTech space, and promote an inclusive, green, technological, and professional online insurance service and risk management experience.
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.
As the central core engine for AMTD SpiderNet, AMTD Digital plays an important and core driving role, through resources matching and empowerment, the company helps different clients solve their pain points and problems in business development and internationalisation in all dimensions, provide customised digital solutions, and achieve breakthrough development in the digital age. 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.
Calvin Choi, AMTD Group’s Chairman and CEO, AMTD Digital’s Chairman said, according to the press release, his vision for AMTD Digital is that through establishing a wide-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.
Calvin Choi further said that Singapore is an important hub front and center for Southeast Asian’s FinTech development, and AMTD highly valued PolicyPal’s technological and commercial growth potential in the Southeast Asian InsureTech space, and is confident in Val’s entrepreneurial spirit and leadership skills as CEO.
As a global company, AMTD Digital will use the AMTD SpiderNet’s powerful and collaborative resources, especially through its broad experience, professional technology and resource network in the insurance business, to provide unwavering support to PolicyPal in its development across Southeast Asia, and together build an innovative, smart, inclusive, and green digital InsureTech platform, injecting new momentum into the digital finance development as well as across Southeast Asia.
Val Jihsuan Yap, CEO and Founder, PolicyPal, said “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. Together, working as one team, we will unlock the full potential of digital network and reach more people and new markets to drive our mission together.”