Mobile wallet users now have a new and convenient way to start savings and gain insurance protection via the familiar stored value facility


FWD accepting payments for Cash-up Insurance Plan through Octopus’ O! ePay. (Credit: Pixabay/Jan Vašek)

FWD Hong Kong (FWD) has introduced its Cash-up Insurance Plan (Cash-up), a fintech initiative that makes it easy for Hong Kong’s mobile wallet users to establish a savings habit while gaining life insurance protection at the same time. FWD’s Cash-up is a collaboration with Octopus O! ePay, Hong Kong’s iconic network based stored value facility operated by Octopus Cards Limited, and is available via a fully digital, intuitive interface where customers can conveniently apply for insurance plans, pay premiums, manage savings, gain returns and make withdrawals.

“Cash-up is an easy-to-use insurance product, developed to meet the changing needs of today’s digital lifestyle and brings our vision to life as we strive to change the way people feel about insurance every single day,” said Ken Lau, FWD Managing Director of Greater China and Hong Kong Chief Executive Officer. “In addition to added convenience, we also want to encourage people, especially the younger generation, to form strong saving habits. This partnership with O! ePay allows us to bring this message and our leading customer experience to even more people in Hong Kong.”

“We are delighted to welcome FWD as one of our O! ePay online payment service merchants.  The account value of Cash-up by FWD can also be used to top up O! ePay, essentially withdrawing the money back into O! ePay for everyday use. We believe this innovative cooperation will help make daily expense management even easier for our customers.” said Mr. Sunny Cheung, Chief Executive Officer of OCL.

Cash-up application is a click away for mobile wallet users

FWD keeps everything simple for Cash-up from the very first step with Octopus’ O! ePay. O! ePay Plus and O! ePay Pro account holders aged 19 to 70 years (age next birthday) who are Hong Kong permanent identity card holders and with the support of a second identity document (Home Return Permit or passport) are eligible to apply for Cash-up.

Guaranteed returns for the first three years

Forming strong savings habits is important for young adults taking on financial responsibilities for the first time, and FWD’s Cash-up offers policyholders a fast start with guaranteed crediting interest rates of “4-2-2” over the first three policy years, i.e. 4% crediting interest rate for contributions in the first year of the policy, followed by a guaranteed crediting interest rate of 2% for the second and third policy year. The crediting interest of Cash-up will be calculated daily, credited to the policyholder’s account and can be withdrawn at each policy anniversary.

Easy to start with no fee for withdrawals plus death benefits

Cash-up can be activated simply with an initial premium payment of as little as HK$300 through a credit card. There is no limit on the number of contributions and account value withdrawals through O! ePay, as long as the contribution amount is within HK$300 to HK$5,000 each time and the withdrawal does not exceed HK$5,000 a day. Total contributions can be up to HK$20,000 per policy year and are capped at HK$100,000 per policy term (see also table 1). Unlike traditional insurance plans, Cash-up does not charge any fees for account value withdrawal, allowing for extra flexibility to manage savings and wealth.

Cash-up is a digital insurance option that combines saving and protection by also providing life protection. On death, Cash up will pay a benefit of 105% of the account value and if the death is accidental, Cash up will pay a further 100% or HK$20,000, whichever is lower.

Source: Company Press Release