AMTD Digital is reportedly set to acquire a controlling stake in PolicyPal, an InsurTech startup which helps consumers buy, manage and claim.
Following the acquisition, Singapore-based PolicyPal will become AMTD’s “operating vehicle” in InsurTech for the southeast Asia market, according to a report from Deal Street Asia. AMTD also hopes this will bolster its effort to become a
AMTD Digital is the digital finance division of Hong Kong’s investment bank AMTD Group.
The value of the deal was not disclosed, and is still subject to approval from the Monetary Authority of Singapore (MAS).
PolicyPal helps consumers to find the right insurance policy for their needs, enabling them to compare cover from a variety of providers, as well as get access to exclusive rebates on insurance premiums.
The mobile app also empowers a policyholder to have better controls over their cover and seeing what protections they have.
Policies available to compare on the platform include travel, car, pet, health, critical illness, personal accident, life and endowment/savings.
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