The license will allow SingSaver to offer instant comparisons of travel, home and maid insurance policies on its website.
Personal finance platform SingSaver has secured a brokerage license from the Monetary Authority of Singapore (MAS) and will expand beyond credit cards and personal loans to offer 100 insurance policies by 12 providers on its platform, the company announced in a statement on Thursday.
SingSaver called its new insurance broker license a «key milestone» for the company as it takes aim at a market it says will be worth S$4 billion by 2020, citing data by the General Insurance Association of Singapore.
«As we become more digital-savvy and less loyal to brands, a new generation of shippers spearheaded by the millennials and Gen Zs want to instantly compare and apply for financial products like insurance online – and increasingly on mobile,» said founder and country manager Rohith Murthy.
New Milestone
CompareAsiaGroup, platform's parent company, reached 80 million users across the region in 2019. In August, it announced a $20 million raise in series B1 round led by business data and analytics firm Experian.
The group is backed by institutional investors including Goldman Sachs, IFC World Bank, and Alibaba, raising more than $90 million since its founding in 2014.
