Now known as Singlife, it is launching a mobile financial solution that connects savings, investments, and protection plans on one platform, and will become the first insurtech here to issue a debit card.
The Singapore-based insurtech firm formerly known as Singapore Life on Thursday announced its rebranding as Singapore Life, along with an expanded strategy «Manage, Grow & Protect.»
As part of the strategy, the company unveiled its Singlife Account insurance plan. According to a press release issued by Singlife, the account offers up to 2.5 percent returns per annum and access to funds via on your money with everyday access to your funds via the Singlife Visa Debit Card. There are also no additional FX charges on overseas expenditure.
Unlocking Idle Savings
Founder and chief executive Walter de Oude (pictured below) said the company wants to address the S$500 billion held in current and savings accounts of savers in Singapore, saying that the biggest issue customers face is not getting real returns from their idle money and their fear of lock-ins or fees.
Singlife CEO Walter de Oude
«Once we understood this key insight from everyday Singaporeans, we realized that Singlife is perfectly placed as both a fintech as well as a licensed financial institution to address this issue. This has been the catalyst for our business to broaden its strategy beyond conventional insurance approach,» de Oude said in the statement.
Singapore Life was approved as a fully licensed direct life insurer by the Monetary Authority of Singapore in June 2017, making it the first new local life insurer to be licensed since 1970. At launch, it said it would focus on high net worth clients.
