AMTD Digital to acquire a controlling stake in PolicyPal

Hong Kong-based financial services company AMTD Group will acquire a controlling stake in AMTD PolicyPal via its digital arm, AMTD Digital.

Founded in 2016, PolicyPal is supported by 500 Startups, PayPal and angel investor Koh Boon Hwee, has raised $20 million via an initial coin offering, and counts 18 employees. The startup offers a mobile app that connects customers with advisors across different insurers. Through the app, customers are able to compare, buy and manage their insurance, and PolicyPal claims that over 50,000 customers are on the platform.

After the acquisition, PolicyPal will become a member company under AMTD Digital, and using its digital insurance broker license granted by the Monetary Authority of Singapore, as well as acting as AMTD Digital’s operating vehicle to develop and expand in the Southeast Asia insurtech sector, and in collaboration with AMTD’s insurance brokerage company – AMTD Risk Solution, “Hong Kong’s largest corporate insurance brokerage.”

“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.” – Val Jihsuan Yap, CEO and founder of PolicyPal.