AMTD Digital, the digital finance arm of Hong Kong-based financial services firm and investment bank AMTD Group, is acquiring a controlling stake in Singapore-headquartered insurance startup PolicyPal.
Financial details of the acquisition were not disclosed. AMTD Digital said 500 Startups-backed PolicyPal will act as its operating vehicle in the insurtech sector in Southeast Asia.
The insurtech firm will also collaborate with AMTD’s insurance brokerage company, AMTD Risk Solution, to promote online insurance services and risk management experience, according to the announcement.
Established by Val Yap in June 2016, PolicyPal allows users to manage insurance-related paperwork, with features that enable users to monitor the renewal dates of insurance policies. The insurtech startup uses AI to simplify and digitise insurance to manage users’ existing policies from different insurers.
PolicyPal is licensed by the Monetary Authority of Singapore (MAS) and was the first graduate of the central bank’s fintech regulatory sandbox. The startup said it works with 30 global insurance companies, with $3 billion total assured coverage on its platform.
500 Startups backed the firm’s seed funding round in 2017.
AMTD Digital said the acquisition, which is still subject to approval by MAS, further strengthens its plan to build a fintech platform in Southeast Asia.
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.
In May 2019, AMTD and Xiaomi Corporation announced that their jointly established entity, Insight Finch, successfully secured a virtual banking license from the Hong Kong Monetary Authority.
