Aetna has received a license to begin selling health insurance and policies for groups and individuals in Singapore.

Aetna International Southeast Asia managing director Derek Goldberg said: "It has a vibrant, growing economy and a large number of expatriates and local residents who may need global or regional health care coverage."

In addition, Singapore is the perfect regional hub from which to develop further business opportunities in Southeast Asia, Goldberg added.

Aetna’s Asia-Pacific region general manager Michael Elliott said that the company will also offer technology-enabled health management services in Singapore and regionally.

Following the license approval in Singapore, Aetna introduced its flagship International Healthcare Plan (IHP) to provide comprehensive health benefits for customers who travel extensively or live outside of their country of origin.

The company also introduced Healthy Aessentials to provide regional coverage for the customers and to bridge the gap between existing local plans and high-end global plans.