Singapore – Insurance company Chubb and buy now, pay later platform Atome have announced a regional partnership to help drive consumer protection across Southeast Asia. Saod partnership will enable both companies to co-create a range of insurance products available to Atome’s customers in Singapore, Malaysia, the Philippines and Indonesia.

The first insurance product, ‘Bill Secure,’ is available in Singapore and will be rolled out in Malaysia later this month. Targeted at consumers using buy now, pay later services, ‘Bill Secure’ covers up to five times the transaction amount of the purchase price in the event of permanent disability or accidental death. 

Moreover, the claims payout enables the insured or their next-of-kin to settle the payment of the purchased item while the remaining balance goes to the insured or their estate.

Atome and Chubb will launch a second insurance product, Shopping Secure, in the second quarter of this year.

Ben Howell, regional head of consumer for Asia-Pacific at Chubb, said, “Chubb is committed to broadening consumer protection by introducing relevant, convenient and affordable insurance solutions digitally that protect consumers and their livelihoods. With Atome, we are leveraging technology to enable individuals and their families in Southeast Asia to access essential protection, helping to narrow the insurance protection gap in Southeast Asia.”

Meanwhile, Bernard Chan, chief operating officer at Atome, commented, “Atome started as a buy now, pay later and embedded financing platform. Today, we have grown to become a digital financial services platform that also includes insurance, cards and lending in various markets.”

He added, “Whether it’s embedded financing, or now embedded insurance, our goal is to empower our millions of users by offering tailored products as they journey through different life stages, leveraging our unique expertise in risk-managed credit and responsible financing. Our shared approach with Chubb is another example of our commitment to enhance the overall financial well-being of our customers, and our overall mission of increasing digital and financial inclusion through technology.”

Singapore – Singlife, a homegrown financial services firm, has announced its transformation as a fully-owned subsidiary of Sumitomo Life Insurance Company (Sumitomo Life).

This agreement reinforces Sumitomo Life’s commitment to Singapore and builds on its original investment in Singlife in 2019. Sumitomo Life plans to include Singapore in its plan to expand throughout Asia. 

The management group, products, name, brand, and activities of Singlife will not be impacted by the ownership change. It will enable Singlife to pursue its long-term growth goals by giving it the funding required to support its regional expansion and transform into an all-encompassing financial services provider. 

Speaking about the acquisition, Ray Ferguson, chairman of Singlife, said, “We are pleased to join the Sumitomo Life group. It has been a remarkable journey getting to where we are today. We have grown from strength to strength since Sumitomo Life’s first investment in Singlife in 2019, through Singlife’s merger with Aviva Singapore till today. The deal shows Sumitomo Life’s strong confidence in what we have done and in our long-term plans. I would like to express our gratitude to TPG, Aviva, IPGL, and other shareholders who have walked this incredible journey with us. Thank you for your unwavering support.” 

Meanwhile, Pearlyn Phau, Singlife group chief executive officer, expressed, “We are very pleased to celebrate this milestone and excited for what this means for us as a business. As a wholly owned subsidiary of Sumitomo Life, we will have the means to expand and fulfill our ambition to offer customers an omni-channel tech-enabled, holistic proposition.”

Phau added, “We will continue to build products and services to meet their protection needs and offer retirement and wealth solutions that further their wellbeing and address their protection gaps. I believe we can leverage the combined strengths of Singlife and Sumitomo Life to deliver exceptional financial planning solutions across Asia.” 

Hong Kong – Financial services company HSBC has unveiled that it will host an exclusive ‘League of One’ party with South Korean League of Legends (LoL) team T1 and esports legend Faker to promote esports in Hong Kong. 

With millennials being one of their key customer segments in Hong Kong, HSBC’s collaboration with T1 aims to support and inspire the millennial generation to pursue their dreams with esports. The partnership will also promote the innovative financial services of HSBC One. 

In this partnership, HSBC One and T1 will launch a series of exclusive experiences and promotional activities, with the highlight and finale event being the HSBC One x T1 ‘League of One’ party in September. 

Going beyond traditional advertising promotions, HSBC One will set up a series of esports activities and promotional events for customers, such as the opportunity to visit T1’s headquarters in Seoul and experience personal gameplay coaching from a personal trainer. There will also be limited-edition HSBC One x T1 collaboration merchandise and a large-scale OOH campaign in March. 

Lucky T1 fans will have the opportunity to meet the current roster of T1, led by esports legend Faker. By simply creating an account with HSBC One and entering a lucky draw, fans can win exclusive free tickets to meet the LoL world champions in person. 

HSBC’s partnership with T1 follows its previous efforts to support international esports events to ignite a citywide esports craze. HSBC’s partnership with T1 aims to inspire the next generation of players in Hong Kong through T1’s success story of dedication and resilience to finally raise the coveted summoner’s cup in LoL. 

Brian Hui, managing director and head of customer propositions and marketing, wealth, and personal banking at HSBC Hong Kong, said, “Esports has emerged as a rapidly growing sector in recent years, and it also provides a unique springboard for millennials to pursue their dreams and ambitions. HSBC One is thrilled to announce our collaboration with T1 and Faker and celebrate the ability and resilience to go beyond the convention. HSBC One customers will have the exclusive opportunity to meet T1 and Faker in person and gain insights from their success stories. This collaboration exemplifies how the bank combines its accessible and innovative services with beyond banking experiences for its customers.” 

Manila, Philippines – Aiming to provide Filipinos with better financial services, Pouch.ph has recently announced a collaboration with One Cooperative Technology Service (OCTS), introducing its first and only CDA-registered technology service cooperative mobile wallet.

Known as CoopPay, the platform intends to provide cooperatives, members, and families with a fast, affordable, and secure means to send and receive peso payments and bitcoin payments using the Lightning Network.

Amongst the primary functions of the app allow users to deposit and withdraw Philippine pesos, make CoopPay to CoopPay transfers, conduct bank/fund transfers in UnionBank, BPI, BDO, Metrobank, GCash, and Maya, among others, and utilise cash pick-up services.

Payments through the application are less expensive since neither Pouch.ph nor the cooperative organisations charge any service fees or markups. The app, for instance, offers a 15-peso minimum fee and no predetermined transfer limits.

In addition, the mobile wallet programme features a shop tab that makes it possible for users to buy loads for all networks, pay for transport services (Beep, Autosweep, Easytrip), and pay bills (Meralco, Maynilad, Converge, SkyCable, and many other billers).

This initiative follows the company’s vision to provide a medium-term best-practice model for cooperatives in the Philippines and the ASEAN region.

Following this endeavour, Fr. Anton CT. Pascua, chairman of the board at OCTS, expressed excitement about the nationwide rollout, stating, “CoopPay is an idea whose time has come! But let us not forget why we are doing this; we are doing this to improve the economic lives of our members and their families.”

Ethan Rose, founder and CEO at Pouch.ph, also shared his insights about the project, stating, “Our priority is to bring financial access, service, and opportunity to all Filipinos, particularly with a strong focus on customer care and global connectivity. Our collaboration with OCTS to launch CoopPay will enable us to bring better financial services to millions of Filipinos.”

Meanwhile, Anna Marin Crisolo, COO at One Coop Tech, said, “It has always been our mission at OCTS to facilitate financial empowerment at the grassroots level. We want to show the way for our brother-and-sister cooperatives in the ASEAN region. After much work and overcoming challenges, we are ready to do that. The CoopPay app, powered by Pouch.ph, is our next step in that direction.”

Since its nationwide rollout in October, they are now set to extend the service to other cooperative groups across the country. CoopPay also made a successful rollout to 100,000 members of the First Community Cooperative (FICCO) since then. 

Singapore – Almost 60% of consumers in the Asia-Pacific have expressed interest in AI-driven decision-making facilitation for their investments amid economic uncertainty and perceived financial crises, a report from dentsu revealed. 

The report by dentsu explored the evolving consumer financial behaviour across APAC markets against the backdrop of an economic crisis.

The key findings of dentsu’s report showed that 55% of APAC consumers now sense a looming risk of financial hardship over the next five years due to economic uncertainty and rising costs of living. The perceived financial crisis is also driving consumers to actively seek financial service providers that are capable of delivering swift, personalised, and empathetic solutions to address their financial needs.

The report highlighted that almost 45% of millennials are now looking to save up as concerns over government debt and pension support are escalating, a significant shift in numbers as compared to the 31% results from 2020.

And with consumers looking to prepare for challenging economic times, many are still leaning towards human-led financial services despite the growth of digital banking.

The report revealed that 77% of people ages 25–34 currently use the internet for banking purposes on a weekly basis, and most are open to purchasing more banking services through digital channels.

However, 6 out of 10 APAC consumers still prefer human interaction when making complaints about a product or service. This shows that there is an enduring value to human-led financial services despite the rise of digital banking, as empathetic support remains important in ensuring customers receive assistance during financial difficulties.

It is worth noting, however, that dentsu’s report also revealed a growing interest in AI-powered financial services. Almost 60% of APAC consumers have expressed interest in AI-driven decision-making facilitation for their investments.

This part of the results shows that balancing technological advancement with human empathy can be the key to a business’ success. By harnessing the evolving capabilities of AI, it can improve the capabilities of insurance and finance brands to provide automated, personalised, and speedy services that can help consumers be more resilient to financial and climate-related risks.

Prerna Mehrotra, chief client officer and CEO of media at dentsu APAC, said, “Across the APAC region, consumers are focused on securing their financial futures, and they’re turning to brands that not only provide convenience through cutting-edge technology but also prioritise emotional responsiveness and empathy. In this era of uncertainty, financial wellness is seen as part and parcel of overall wellness. People are in search of providers that go beyond merely offering financial solutions; banks, insurers, and fintech are responding by building guidance on investments and good financial habits into their offerings.”

Manila, Philippines – The Philippines ranks second in the Asia-Pacific region in the frequent use of mobile financial services applications to make healthier financial decisions, a new study by Pru Life UK and Economist Impact shows.

Around 79% say they use mobile apps to look after their personal finances—the second highest figure in Asia after that of India. The age-group differences are narrower compared with those for mobile health, and more 45-55-year-olds use finance apps (68%) than use health apps (58%). 

The data also notes that income does not appear to dictate a proclivity to use mobile technology: respondents with above median incomes are only slightly more likely to use finance apps than those with incomes below the median level (80% versus 78%).

Meanwhile, mobile app rankings show that step trackers, women’s health apps, calorie counters, pulse and heart-rate monitors, doctor consultation services, and blood pressure monitors are currently the most popular types of free health and fitness apps used in the Philippines.

Asked what factors would likely encourage the respondents to engage in healthy behaviours (such as eating healthily, getting good quality sleep, exercising and managing their weight), one-third cite the increased availability of mobile health apps.

Eng Teng Wong, President and CEO of Pru Life UK Philippines, said, “This study also reveals Filipinos’ avid use of mobile finance apps and services like e-wallets, banking and insurance apps, and credit services to keep track of their finances, purchase financial products, and send money to their loved ones here and abroad. These have been proven effective in driving financial inclusion in the country. Insights from experts in health and finance, who are cited in the report, reveal the advantages and disadvantages of Filipinos’ deepening reliance on mobile technology.”

Singapore – The Monetary Authority of Singapore (MAS) has announced that it is committing S$150m to drive technological innovation in the financial sector. The financial commitment was made under the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0).

FSTI 3.0 seeks to accelerate and strengthen innovation by supporting projects that involve the use of cutting-edge technologies or with a regional nexus, while doubling down on MAS’ commitment to promote a vibrant technology ecosystem for the financial sector.

Moreover, FSTI 3.0 will continue to support advanced capability development and adoption in key areas such as artificial intelligence and data analytics (AIDA), and Regulation Technology (RegTech). 

Specifically, MAS will focus on promoting AIDA adoption in smaller financial firms and supporting the needs of less digitally mature firms looking to acquire regtech solutions. Across tracks, applicants will also be required to devote resources to talent development, in order to strengthen the Singaporean fintech talent pool.

FSTI 3.0 will comprise several tracks which include enhanced centre of excellence; innovation acceleration; and environmental, social and governance (ESG) fintech.

The scope of grant funding will be expanded to include corporate venture capital (CVC) entities, at funding support of up to 50% of qualifying expenses, capped at S$2 million per project. Moreover, the funding will enable CVCs to offer strong mentorship and support to help start-ups scale and develop resilient and viable business models.

Moreover, MAS recognises the importance of partnering with the industry to support innovative fintech solutions arising from emerging technologies such as Web 3.0. MAS will conduct open calls for the use of innovative technologies in industry use cases. Grant funding will be provided to support actual trial and commercialisation.

Lastly, MAS also aims to support the development and deployment of projects that address ESG data, reporting, and analytics needs of the financial sector, at funding support of up to 50% of qualifying expenses, capped at S$500,000 per project.

Ravi Menon, managing director at MAS, said, “Since 2015, the Financial Sector Development Fund (FSDF) has awarded $340 million as part of the FSTI programme to drive the adoption of technology and innovation in the financial sector. Transformative technology projects that MAS has piloted with the industry include SGFinDex, Project Orchid’s Purpose Bound Money, Project Veritas’ Responsible AI, green and sustainable finance through Project Greenprint, as well as large payment initiatives such as the cross-border payment linkage with Thailand.”

He added, “Notably, FSTI 1.0 and 2.0 helped strengthen the digital capabilities of financial institutions which served them and their customers through the COVID pandemic. With FSTI 3.0, we look forward to continued collaboration with the industry to advance purposeful financial innovation.”

Hong Kong – Digital wealth platform Endowus has announced that it has raised US$35m in funding, aimed at expanding its digital wealth leadership in Asia. New investors include Citi Ventures and MUFG Innovation Partners, as well as four of Asia’s wealthiest families with various operating businesses spanning banking to real estate across Singapore, Southeast Asia, and Greater China.

Meanwhile, other existing investors include UBS Next, Singapore-based global investor EDBI, Prosus Ventures owned by Naspers, Lightspeed Venture Partners, Singtel Innov8, and Endowus employees.

Endowus had recently launched its services in Hong Kong this year as its first overseas expansion market after Singapore. It is presently the only independent, commission-free, and conflict-free digital wealth advisor and low-cost fund platform in the city.

The successful large fundraiser comes amidst a global slowdown in fintech growth and funding. Despite the difficult financial market conditions, Endowus has continued to experience accelerated growth with group assets now crossing US$5b.

Samuel Rhee, co-founder and chairman of Endowus said, “This successful fundraise at a critical time in the growth of the company is a validation of what we have built so far, and demonstrates the strong belief in the team’s ability to execute in building the digital wealth platform of the future. Endowus is today, one of the largest independent wealth managers and the fastest-growing digital wealth platform in Asia.” 

He added, “It continues to pioneer the digitalisation of personal savings, private wealth and public pension with an unwavering belief in our vision of solving the biggest problems of an individual’s future needs, such as retirement adequacy. We are ready to embark on the next stage of growth targeting exciting new opportunities that will propel Endowus into the dominant position in the digital wealth space across Asia.” 

Meanwhile, Gregory Van, co-founder and CEO of Endowus, commented, “The next stage of Endowus’ growth will hone in on the personalisation of a joyful and meaningful investing experience for all investors at scale. As Asia looks to take over as the biggest wealth market globally, embracing technology and artificial intelligence is critical in providing clients with consistent, transparent, better, and more efficient advice at scale. 

He added, “Endowus remains resolute in helping every individual take control of their wealth goals and achieve better outcomes by systematically fixing misaligned incentives and lack of transparency as a true fiduciary and fee-only advisor. Doing this right will result in a sustainable and generational business that will have a far-reaching socio-economic impact on the lives of our clients and society.”

London, United Kingdom – Omnicom Media Group (OMG) has announced its expansion to financial services with the acquisition of Ptarmigan Media, a specialist agency focused on providing media and marketing solutions for financial services brands.

Omnicom’s strategic acquisition of Ptarmigan Media aims to strengthen and enhance its financial services capabilities. By integrating Ptarmigan’s specialized media and marketing solutions designed for financial services brands, Omnicom will benefit from its expertise in the industry. 

Florian Adamski, CEO of Omnicom Media Group, believes this synergy will empower clients to effectively navigate the market, drive growth, and achieve superior outcomes in their financial services endeavours.

On the other hand, Matt Ball, CEO of Ptarmigan Media, assures its client that they will remain client-centric as they join Omnicom Media Group.

Following the acquisition, Ptarmigan Media will continue to operate as an independent brand within Omnicom Media Group and will be led by its current management team. 

Ptarmigan specialises in serving financial services clients in asset management, life and pensions, banking, trading and platforms, wealth management, fintech, and insurance sectors across APAC, EMEA and North America. Ptarmigan is headquartered in London and has several office locations around the world, including Hong Kong, New York, Singapore and Sydney for its over 100 media professionals.

Singapore – Global financial services company American Express has appointed Walter Liu to the newly created position of head of Asia. In the new role, Liu will be responsible for overseeing American Express’ issuing businesses across the Hong Kong, Taiwan, Singapore and Thailand markets.

He is currently based in Hong Kong, and also currently serves as the managing director of the company’s operations in the market and leads its proprietary business.

Prior to his new role, Liu was the chief executive officer of Express (Hangzhou) Technology Service Co., Ltd., a joint venture formed between American Express and Chinese fintech company LianLian Group in mainland China. He was also previously the chief credit officer for the Asia region and international commercial payments at American Express.

Speaking on his appointment, he said, “I am delighted to step into the role particularly at such an exciting time for the business. American Express has established a strong brand presence in Asia, which is a region positioned for tremendous growth. Along with this primary asset.”

He added, “I believe that our dedicated colleagues and the experienced country management teams will continue to be the key factors in owning the premium space, in capitalising on cross-border opportunities, building long-lasting partnerships, and in growing a relevant, scalable, and sustainable business for our future.