Sun Life Financial acquires 25% of Vietnam-based digital bank Timo

Canada’s Sun Life Financial has acquired  25 per cent equity of Crescent Asia Limited, the holding company of Global Online Financial Solutions (GOFS), which operates Vietnam’s first digital bank Timo, and forged a three-year partnership in insurtech with GOFS.

The partnership will be implemented directly through the insurer’s Vietnam-based unit.

Timo is also sponsored by VPBank, one of the active players in the retail banking segment. It was founded 2015 in by Don Lam, who is also CEO of asset management firm VinaCapital.

Timo has been providing banking services, including payments, money transfer, savings and card management – in Vietnam.

Partnership with Sun Life Vietnam will let Timo offer life and health insurance products to its members. Depending on the product selected, Timo members will be able to apply for Sun Life Vietnam’s products directly in the Timo mobile app, or they will be referred to a Sun Life advisor.

Kevin Strain, president of Sun Life Financial Asia, said the collaboration with Timo will reinforce the company’s growth across Asia through new ways of distribution.

“This partnership marks an evolution for Timo into a more robust financial management platform. (…) Our combined dedication to our customers is a winning formula that will bring financial inclusion and management to everyone that is looking for easy access to their money and effortless management of their financial well-being,” said Don Lam, founder of Timo.

First launched in Ho Chi Minh City in May 2016, Timo has opened its second “Timo Hangout” in Hanoi.

Timo claimed to have 40,000 members in less than 10 months of its launch.

Also read:

Sun Life increases stake to 75% in VN joint venture

Vietnam poses long-term opportunities for nascent fintech industry

Singapore Reporter/s

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

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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.