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July 29, 2020

FWD Hong Kong collaborates with Octopus to launch Cash-up Insurance plan

By Verdict Staff

FWD Hong Kong has launched its FinTech initiative dubbed the Cash-up Insurance Plan in collaboration with Octopus O! ePay, a network-based stored value facility operated by Octopus Cards.

The new initiative is a digital insurance option that brings together saving and protection whilst offering life protection.

It offers policyholders a fast start with guaranteed crediting interest rates of ‘4-2-2’ over the first three policy years.

The crediting interest of Cash-up will be calculated daily, credited to the policyholder’s account and can be withdrawn at each policy anniversary.

FWD Greater China managing director and Hong Kong CEO Ken Lau said: “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.

“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.”

Cash up will pay a benefit of 105% of the account value if the policyholder dies. The policy will pay an additional 100% or HK$20,000, whichever is lower, in the event of accidental death.

O! ePay Plus and O! ePay Pro account holders aged between 19 and 70 years can apply for Cash-up using their Hong Kong permanent identity card and a second identity document.

OCL CEO Sunny Cheung said: “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.”

Earlier this month, FWD Group completed its acquisition of MetLife Limited and Metropolitan Life Insurance Company of Hong Kong from US-based MetLife.

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