HK’s AMTD Digital acquiring controlling stake in insurtech startup PolicyPal

Photo by Larry Teo on Unsplash

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.