The digital finance arm of Hong Kong-based investment banking firm and asset manager AMTD, has completed its acquisition of Singapore-based insurtech startup PolicyPal, following approval from the Monetary Authority of Singapore.
Following the acquisition, which was announced in March, PolicyPal will serve as AMTD Digital’s key operating vehicle to develop and expand in the Southeast Asian insurtech sector, AMTD said on Friday.
Calvin Choi, chairman and CEO of AMTD Group and chairman of AMTD Digital, will become chairman of PolicyPal, while Val Yap will continue to serve as the CEO.
«Long-term partnering with AMTD will empower PolicyPal to further enable the insurance ecosystem by providing more affordable and accessible products to customers, reaching out to more people and expanding in more new markets,» Yap said in a statement.
Building Fintech Ecosystem
AMTD Digital said it would continue to focus on investing in companies that «complement and magnify synergetic value» to its SpiderNet ecosystem, with the aim to build AMTD Digital «into the most innovative and comprehensive wide-open digital finance platform globally,» Choi said.
