AMTD Digital, the digital arm of AMTD Group, has acquired Singapore insurtech startup PolicyPal for an undisclosed sum.
According to a report by The Business Times, PolicyPal will act as the company’s ‘key operating vehicle’ to develop and expand in the Singapore insurtech sector.
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PolicyPal is the first controlling-stake acquisition for AMTD in South-east Asia’s insurtech industry since the outbreak of Covid-19 pandemic.
AMTD Group’s chairman and CEO and AMTD Digital’s chairman Calvin Choi will become the chairman of PolicyPal, while PolicyPal founder Val Yap will continue to serve as the CEO.
Val Yap has been quoted by Finenews as saying: “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.”
The partnership with AMTD Digital is expected to enable PolicyPal to reach more people and expand into more markets.
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By GlobalDataPolicyPal works with around 30 global insurance companies and has reportedly $3bn sum assured coverage on its platform.
Meanwhile, AMTD Digital said it will continue to focus on investing in companies that complement and magnify synergetic value to its SpiderNet ecosystem.
