PolicyPal works with over 30 insurance companies and its platform covers $3bn in sum assured
Image: Calvin Choi (middle), PolicyPal founder and CEO Val Jihsuan Yap (right) and chief technology officer Wong Kai Chin (left). (Credit: AMTD Inc.)
Hong Kong-based AMTD Group’s subsidiary AMTD Digital has agreed to acquire majority stake in PolicyPal, an insurtech start-up licensed by the Monetary Authority of Singapore (MAS), for an undisclosed amount.
Founded by Val Jihsuan Yap, PolicyPal is the first graduate of fintech regulatory sandbox approved by the MAS. PolicyPal works with 30 insurance companies and its platform covers $3bn in assured coverage.
PolicyPal CEO and founder Val Jihsuan Yap said: “We have seen a rapid 105% growth for our gross premium underwritten in the past few months. Partnering with AMTD to transform the insurance ecosystem will allow us to provide the best protection coverage to consumers.
“Together, working as one team, we will unlock the full potential of digital network and reach more people and new markets to drive our mission together.”
PolicyPal will become a member company under AMTD Digital
The transaction requires approval from the MAS to be completed. After the deal is closed, PolicyPal will become a member company under AMTD Digital.
Using its digital insurance broker license from MAS and acting as AMTD Digital’s operating vehicle, PolicyPal will develop and expand in the Southeast Asian insurtech sector, the Hong Kong-based company said.
Further, it will partner with AMTD’s insurance brokerage AMTD Risk Solution, supporting the innovative development of Asia’s insurtech space.
AMTD Digital is an integrated digital finance platform of AMTD Group and covers four segments including digital finance licenses, smart data analytic, digital alliance ecosystem, and digital strategic investments.
The company aims to build a one-stop, comprehensive digital financial services platform to serve Asian consumers, small and medium businesses by integrating digital banking, digital insurance, digital asset exchange and other licensed businesses in Hong Kong and Southeast Asia.