PolicyPal would also serve as an important operating vehicle for AMTD Digital to develop and expand in the Southeast Asian InsurTech sector
AMTD Digital, an integrated digital finance division of AMTD Group, has closed the acquisition of Singapore-based insurance broker PolicyPal for an undisclosed amount.
The digital banking company has completed the transaction following the receipt of approval from the Monetary Authority of Singapore (MAS).
AMTD Group chairman and CEO, and AMTD Digital chairman Calvin Choi said: “On behalf of the board of directors of AMTD Group and AMTD Digital, I warmly welcome Val and PolicyPal to join the AMTD family and Val to become the Insurtech subject matter champion of AMTD Digital.
“Together, we will continue building out and reinforce AMTD’s commitment to developing an innovative and inclusive insurance platform across Asia.
“We are especially glad to continue strengthening our digital talents pool in Singapore and we have full confidence in the lion city’s global leading role in Fintech and innovations.”
PolicyPal will become AMTD Digital’s operating vehicle for InsurTech sector in Southeast Asia
Under the terms of the transaction, PolicyPal will become a part of AMTD Digital. Calvin Choi will be appointed as PolicyPal chairman, and Val Yap will continue in the position of CEO.
PolicyPal would also serve as an important operating vehicle for AMTD Digital to develop and expand in the Southeast Asian InsurTech sector.
Through the transaction, AMTD Digital is expected benefit from the integrated collaboration with AMTD’s corporate insurance brokerage business in Hong Kong, aiming at creating an advanced, smart, inclusive, and green digital InsurTech platform in Asia.
AMTD Digital said that the transaction is part of its new ‘fusion-in’ solution for entrepreneurs, which allows swapping equity interests with promising FinTech players, where the company will hold a majority stake, and commit resources and open network to groom the entrepreneurs.
PolicyPal founder and CEO Val Yap said: “Joining AMTD Digital to gain wide and open access to the abundant resources of AMTD SpiderNet and be part of the AMTD Digital core components will be a huge opportunity for PolicyPal.
“In the post-Covid-19 world, digital integration has become a must-to-have, and PolicyPal has seen enormous opportunity and our rapid growth in the past few months.
“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.”