The Hong Kong-based investment banking firm and asset manager is making the acquisition as part of its plans to build a Southeast Asian fintech platform headquartered in Singapore.
AMTD Digital, the digital finance arm of AMTD Group has acquired a controlling stake in PolicyPal, the firm announced on Tuesday.
As a result, AMTD Digital will use PolicyPal's digital insurance broker license granted by the Monetary Authority of Singapore (MAS) to develop and expand in Southeast Asia.
It will also collaborate with AMTD Risk Solution to drive innovation and promote «an inclusive, green, technological, and professional online insurance service and risk management experience,» the statement said.
Regional Ambitions
Calvin Choi, AMTD Group chairman and CEO, said the firm wants to «create the most innovative and comprehensive digital financial platform without any ceiling» and that AMTD «highly valued PolicyPal’s technological and commercial growth potential in the Southeast Asian insurtech space.»
PolicyPal was the first graduate of the MAS fintech regulatory sandbox. It is founded by Val Yap, supported by 500 Startups, PayPal and angel investor Koh Boon Hwee, the former chair of DBS Bank. According to the company, it works with 30 global insurance companies, with $3 billion assured coverage on its platform.
Previously AMTD received a virtual bank license in Hong Kong, in partnership with Xiaomi. It also announced that it was bidding for digital banking licenses in Singapore and Malaysia.
