Superbank is an Indonesian digital bank supported by Grab, Emtek, Singtel, KakaoBank and GXS Bank and has been listed on the Indonesia Stock Exchange since December 2025 with a market capitalisation of US$1.6 billion.

Its IPO strengthened its capital base and elevated it to KBMI 2 status, a classification by Indonesia’s Financial Services Authority (OJK) for banks with core capital between IDR 6 trillion (US$340 million) and IDR 14 trillion (US$793 million), indicating a stronger capital position and expanded lending capacity.

Tigor M. Siahaan, President Director of Superbank, said, “We welcome this consolidation as a step towards further strengthening collaboration within our ecosystem. With increasingly integrated support from Grab, we are optimistic that we can accelerate product innovation, expand access to digital financial services, and deliver an even more seamless, secure, and relevant banking experience for millions of customers across Indonesia.”

Upon completion of the transfer, Grab’s combined direct and indirect stake in Superbank will rise to more than 50%, giving it control of the Indonesian lender and triggering full consolidation of Superbank’s financial results into Grab’s Financial Services segment.

Singtel will remain a strategic investor in both GXS Bank and Superbank, continuing its support for their digital banking and financial inclusion initiatives in Indonesia.

Grab has held a stake in Superbank since 2022 as part of its broader push into digital financial services in Southeast Asia’s largest economy. Its ecosystem across ride-hailing, food delivery and digital payments through Grab and OVO provides Superbank with distribution reach, while platform data supports credit underwriting.

The transaction also aligns with GXS Bank’s regional expansion strategy, strengthening collaboration between Superbank and its operations in Singapore and Malaysia.

Since launching its app in June 2024, Superbank has grown to more than 6 million customers and processes over 1 million transactions daily, with around 60% of users also holding a Grab and/or OVO account as of April 2026.

The bank reported its first full-year profit in FY2025, alongside 72% year-on-year asset growth to IDR 24 trillion (US$1.4 billion) and 84% growth in net interest income as of April 2026.

The consolidation will take effect in May 2026, after which Superbank’s results will be fully reflected in Grab’s financial statements under its Financial Services segment. Grab is expected to provide updated group guidance in its second-quarter 2026 results in August.

Alex Hungate, President and Chief Operating Officer of Grab, said, “I am proud of the profitable growth that Superbank has achieved over the past two years. The ecosystem strategy gives Superbank two structural advantages: a scalable, lower-cost distribution channel through Grab and OVO’s platforms and enhanced credit underwriting powered by Grab’s transaction data. This consolidation is about deepening that model and extending its impact, reinforcing our long-term commitment to improve financial inclusion in Indonesia.”

Pei-Si Lai, Chief Executive Officer of GXS Bank, added, “Our digital banks share the same fundamental mission of making financial services more accessible to Southeast Asians. Increasing our stake in Superbank is a reflection of the deepening collaboration between GXS Bank Group and Superbank to achieve this goal. With the close collaboration of our three digital banks and the extensive support from our ecosystem of shareholders and partners, we will be able to double down on our efforts and drive product innovation more effectively for our customers.”

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The card forms part of The Mastercard Collection, a global suite of benefits spanning dining, entertainment and travel, aimed at cardholders with increasingly international lifestyles.

HSBC and Mastercard said the launch reflects a broader shift in consumer priorities toward experiences over material rewards. Citing Mastercard research, they noted that 59% of higher-income consumers globally, including in Hong Kong SAR, now place greater value on experiences than possessions, with spending increasingly directed toward travel, dining and entertainment. In Hong Kong, 40% of respondents also identified overseas travel as a key personal goal.

“Internationally minded consumers today live increasingly global lives — moving between cities, cultures and communities,” said Sandeep Malhotra, Executive Vice President, Core Payments, Asia Pacific, Mastercard. 

“As their lives become more mobile, expectations of value have evolved — from physical rewards to access and experiences that remain relevant wherever they are. With HSBC Privé World Legend Mastercard and The Mastercard Collection, we’re enabling financial institutions to meet those expectations through curated, globally connected experiences that fit how people travel, connect and enjoy life today,” he added. 

HSBC Privé is an invitation-only credit card targeting internationally connected clients and represents the bank’s top-tier credit offering in Hong Kong. The programme combines travel, dining and lifestyle privileges across Hong Kong SAR and global destinations.

Cardholders will have access to a range of benefits, including complimentary hotel night programmes at more than 800 properties worldwide, such as Belmond, Rosewood, Raffles, Waldorf Astoria and Fairmont, as well as companion travel privileges, including first and business class air tickets. Additional travel-related benefits include limousine transfers, airport lounge access and travel insurance.

Dining privileges include complimentary experiences at Michelin-starred and selected restaurants, as well as priority reservations at selected restaurants in the Chinese mainland.

In entertainment and lifestyle, cardholders will be able to access HSBC-sponsored concerts and events, including premium suite experiences at Kai Tak Sports Park, as well as priority ticket access to selected Live Nation events. The card also provides entry to a range of private clubs and lounges globally, including Hong Kong Golf and Tennis Academy, and HKGTA Town Club.

Separately, Mastercard will launch a dedicated dining club at Hong Kong International Airport later this year as part of The Mastercard Collection, with similar concepts planned for other major airports globally. HSBC Privé cardholders will receive unlimited complimentary access per visit for themselves and up to three guests, with the space offering dining, rest and travel amenities.

Existing HSBC Privé World Elite Mastercard cardholders will be upgraded to the World Legend Mastercard tier, unlocking the enhanced benefits under the new programme.

Sunny Chow, Head of Cards and Unsecured Lending, Retail Banking and Wealth, HSBC Hong Kong, said, “Launching the first World Legend Mastercard in Hong Kong and Asia Pacific with HSBC Privé reflects the direction premium banking is moving toward. Privé clients increasingly value meaningful experiences, and this invitation-only card for HSBC Private Bank clients allows us to respond with a proposition that is more distinctive, more portable and more personal. Backed by Mastercard’s global reach and HSBC’s service expertise, it strengthens how we support our clients’ internationally connected lifestyle, wherever they choose to be.”

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Now serving as First Vice President (FVP) and Chief Marketing and Communications Officer (CMO), Sena has been instrumental in transforming the brand’s perception—from being known primarily as a pawnshop network into a broader financial ecosystem supporting millions of Filipinos.

Since joining the company in 2011, Sena has helped steer marketing beyond traditional promotion into a strategic business function—one that blends storytelling, data, and purpose to strengthen both brand trust and financial inclusion.

Looking back on his journey, Sena reflects on the milestones that shaped Cebuana Lhuillier’s transformation and the role marketing continues to play in expanding access to financial services in the Philippines.

Changing the perception of pawnshops into trusted financial partners

When Sena first joined Cebuana Lhuillier, the brand was already widely recognised across the country. However, he saw an opportunity to reshape how people perceived pawnshops and expand the brand’s role in Filipinos’ financial lives.

“When I joined Cebuana Lhuillier in 2011, it was already a strong brand, but mostly seen as a pawnshop. We knew it could be more,” Sena said.

At the time, pawnshops were often associated with hesitation or stigma. Sena and his team set out to shift this perception by making branches feel more welcoming and accessible.

“A big focus was changing how people saw pawnshops. Before, there was hesitation, even embarrassment, in walking into a branch. We worked to shift that, making it feel normal, practical, and even empowering. Over time, Cebuana became a place where people felt comfortable and respected, no different from going to a bank,” he explained.

At the same time, the brand began expanding its services—from pawning and remittance to loans, insurance, MSME support, and investment products.

“We repositioned the brand from ‘just a pawnshop’ to a trusted financial partner. As we expanded from pawning and remittance to loans, insurance, MSME support, and investment products, we stayed anchored on one thing: giving Filipinos accessible, dignified ways to manage and grow their money,” Sena added.

For Sena, marketing’s role was to unify these services into a single narrative.

“Marketing’s role was to bring this all together into one clear story, how Cebuana supports Filipinos at every stage of their financial journey.”

“In the end, it wasn’t about moving away from our roots, but building on them, using trust to show we can grow with our customers, wherever they are in life.”

Marking the transformation from pawnshop chain to financial ecosystem

One of the most significant shifts during Sena’s tenure was moving Cebuana Lhuillier’s marketing approach away from product promotion and toward storytelling rooted in real Filipino experiences.

“One of our biggest shifts was moving from product-led messaging to purpose-driven storytelling. Instead of just talking about services, we started telling real Filipino stories, their goals, struggles, and wins. That’s what moved us from transactions to real connection and trust,” Sena said.

This approach became particularly visible during key milestones in the company’s expansion. Sena cited the launch of microsavings in 2019 and the development of the brand’s insurance offerings as examples.

“Microsavings in 2019 wasn’t just a product; it opened doors for the underbanked, and the storytelling helped drive adoption. Same with our insurance company in 2020, it wasn’t just a rename, it clarified our role in making protection more accessible.”

Campaigns such as “Pasasalamat”, “Iponventure”, and “Buwis Buhay” played a crucial role in translating financial services into human stories.

“Our campaigns brought this to life. Pasasalamat built trust through real stories, Iponventure made saving feel exciting, and Buwis Buhay made microinsurance real and urgent. These weren’t just ads, they made our services feel human and relevant,” he said.

The storytelling approach also extended to the brand’s broader platforms, celebrating Filipino resilience.

“We carried that into how we show up everywhere, from more story-driven TVCs to platforms like Happiest Pinoy that celebrate Filipino resilience. It all ladders up to one thing: making the brand feel closer to people’s lives.”

At the same time, the company leaned heavily into digital channels to strengthen engagement.

“At the same time, we leaned into digital to build real brand love, not just reach. Today, Cebuana is the most followed financial services brand in the country, with billions of impressions and strong engagement across platforms. But more than the numbers, it shows we’ve become a brand people don’t just use, they actually connect with.”

“In the end, what really drove the transformation was aligning storytelling, innovation, and purpose, turning Cebuana from a pawnshop into a full financial ecosystem that grows with Filipinos.”

Why purpose-driven storytelling matters in financial services

For Sena, storytelling has become one of the most powerful tools in financial services marketing—particularly in a category where trust is critical.

“In financial services, trust is everything, but it doesn’t come from product features alone. It comes from being relevant and actually understanding people,” he said.

Purpose-driven storytelling allows brands to focus on the real-life meaning behind financial decisions rather than just the technical features of a product.

“That’s where purpose-driven storytelling comes in. It shifts the focus from what a product does to why it matters in real life, especially in a market like the Philippines, where every financial decision involves trade-offs.”

Campaigns such as “Pasasalamat” and “Buwis Buhay” were built around insights into how Filipinos think and feel about money.

“Campaigns like Pasasalamat and Buwis Buhay work because they’re rooted in real insight. One builds trust by honouring the meaning behind every transaction, the other makes risk relatable through humour and everyday situations. They tap into how people really think and feel about money, not just what they do.”

For Sena, the strategy also serves as a differentiator in a competitive financial services landscape.

“Strategically, this also sets the brand apart. In a category where products can feel the same, meaning is what differentiates.”

“At the end of the day, it’s not about being emotional for the sake of it. It’s about being clearer, more relevant, and more trusted. And that’s what drives real growth.”

Balancing creativity and strategy within marketing teams

Despite the emphasis on creativity, Sena believes strong strategy and discipline remain essential to producing impactful marketing work.

“Creativity and discipline aren’t opposites. They actually make each other better. The best ideas come from having clear strategic guardrails that keep creativity focused,” he said.

His team begins every campaign with a clear understanding of the audience and behavioural objectives.

“We start with real insight: who we’re talking to, what behaviour we want to shift, and the role the brand should play. That clarity gives the team room to explore, but with direction.”

Collaboration across departments also plays a key role in ensuring marketing efforts remain grounded in real customer experiences.

“We also don’t work in silos. Strong ideas come from collaborating across product groups, ops, and frontline teams, so what we say is grounded in real customer experience.”

For Sena, progress often comes from constant refinement rather than one-off breakthroughs.

“And we keep testing and refining. Not everything has to be a big breakthrough; progress often comes from small, consistent improvements. That balance is key. Discipline makes sure creativity doesn’t just look good—it actually works.”

Turning marketing into a growth engine for the business

Reflecting on his 15-year journey with Cebuana Lhuillier, Sena says one of his most defining milestones has been transforming marketing into a strategic growth driver within the organisation.

“One of the biggest milestones has been turning marketing into a true growth engine, not just a support function,” he said.

“When I joined, it was mostly about promoting services. Now, marketing shapes how the business grows, how products are positioned, journeys designed, and the brand shows up across touchpoints.”

Insights generated from marketing initiatives now help guide product development as well.

“Insights even guide new product development, making sure what we build hits real customer needs.”

The marketing team has also focused on combining creativity with data and technology to improve the customer journey.

“We’ve balanced creativity with data, culture, and measurable impact, expanding our digital ecosystem and creating smoother end-to-end experiences.”

While awards and industry recognition are appreciated, Sena emphasises that the true measure of success lies in impact.

“Awards are nice, they are very important markers, and we are grateful for the recognition from industry leaders, and it validates our efforts. But impact matters more, how marketing helps Filipinos access, understand, and feel empowered by financial services.”

“What I value most is seeing the team operate with clarity and purpose, moving from execution to shaping differentiation and long-term value.”

Building the next milestones for a digital financial future

As financial services continue to digitise, Sena believes the next chapter for Cebuana Lhuillier lies in bridging physical and digital experiences.

“As financial services go digital, it’s not just about keeping up, it’s about making access real for more Filipinos,” he said.

The company’s strong nationwide branch network remains a key advantage in enabling this transition.

“A key focus has been linking our strong on-the-ground presence with seamless digital experiences, so moving across channels is effortless.”

At the same time, evolving customer expectations around convenience and personalisation are shaping future strategies.

“We’re also staying relevant as behaviours shift, speed, simplicity, and personalisation matter more than ever. At the same time, inclusion is core: digital should open doors, not create barriers.”

Ultimately, Sena hopes Cebuana Lhuillier will continue to be a trusted partner in Filipinos’ financial journeys.

“The goal? Be trusted, clear, and relevant everywhere, while helping Filipinos move forward with confidence,” he concluded.

****

Under his leadership, storytelling, purpose, and innovation have helped redefine what the brand stands for—moving beyond transactions to become a trusted partner in Filipinos’ financial lives. 

As the company continues to expand its ecosystem under the broader vision of PJ Lhuillier Group of Companies, Sena’s focus remains clear: ensuring that every new milestone strengthens not only the brand’s growth but also its mission of making financial access more inclusive, human, and empowering for millions of Filipinos.

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“Growth is actually maturing,” Mense said during an exclusive interview at AppsFlyer’s BFSI Experience 2026 in Bangkok. “Just because you have a drop in the number of installs doesn’t mean things are stalling.”

It was a keynote message that cut through the noise of the data — and one that carries significant implications for every bank, fintech, and financial services brand competing for the APAC consumer.

The era of volume is over: welcome to the lifecycle economy

For years, APAC’s BFSI (Banking, Financial Services, and Insurance) sector rode a wave of aggressive user acquisition. More installs. More spending. More scale. But the latest AppsFlyer State of Finance for Marketers in APAC 2026 report signals that the market has decisively shifted gears.

Mense framed it with a disarming analogy: “Make new friends, but you gotta keep the old.” Acquiring new users — the new friends — still matters, but the strategic weight is now falling on what happens after the install. Onboarding. Retention. Lifecycle value. These are no longer nice-to-haves; they are the new battleground for competition.

Nowhere is this more evident than in remarketing spend, which surged 193% in Southeast Asia as brands reallocated budgets away from pure acquisition toward re-engagement. Remarketing is less expensive than acquiring a cold user, Mense noted, but critically, it is also proving more effective — particularly when the goal is driving repeat usage and long-term customer value.

“Sometimes you use a product once or twice, and then you fall out,” he said. “Brands want to make sure there is a sustainable purpose why customers are coming back.” Gamification strategies and lifecycle engagement mechanics are increasingly how BFSI players are solving that problem.

The invisible problem: fragmented journeys and data silos

If retention is the new imperative, visibility is the core challenge. The modern financial customer journey in APAC has become deeply non-linear — bouncing across multiple apps, platforms, and partner ecosystems before any conversion occurs. A user might discover a finance product through a social ad, research it on a comparison site, download it via a search result, and complete registration weeks later, after a push notification.

“The customer journey no longer happens in one place,” Mense said. “It bounces everywhere.”

For marketing teams, this fragmentation creates a measurement nightmare. Attribution data sits in silos. Onboarding signals are disconnected from acquisition signals. Remarketing outcomes are tracked separately from lifecycle engagement metrics. The result, as Mense put it, is that “teams struggle to see what’s actually driving engagement and how to extract value across that lifecycle.”

The consequences of this blind spot are not just analytical — they are commercial. Brands that cannot unify their view of the customer journey are making decisions on incomplete data, misallocating budgets, and ultimately losing customers they could have retained.

Better signals, better data, better decisions

So what is the prescription? Mense distilled it into a deceptively simple three-step framework: 

• Better Signal
• Better Data
• Better Decisions

The catch is that none of this is achievable without the right foundation. “Data tracking is no longer just a tech job,” he said. “As complexity increases, companies start to lose visibility into what’s really working.”

For BFSI brands — banks, fintechs, insurers, crypto platforms — investing in measurement infrastructure is no longer a back-office IT decision. It is a frontline marketing priority. The ability to measure accurately across any channel, any partner, and any platform is what separates brands that will lead the next chapter of APAC’s digital finance market from those that will be left optimising in the dark.

Artificial intelligence is accelerating this urgency. Mense acknowledged that AI is increasingly acting as a “force multiplier” — helping brands move faster and solve more effectively in a retention-first environment. But he was equally clear that AI’s effectiveness depends entirely on the quality of the signals feeding it. Garbage in, garbage out — at AI speed.

The future belongs to those who build now

Looking ahead, the brands that win in APAC’s retention-first economy will be those who invest today in the infrastructure that makes the customer lifecycle visible, measurable, and optimisable. Not just for the markets of 2026 — but for the markets of 2028 and beyond, where the pace of change will only accelerate.

As Mense put it, invoking Peter Drucker: “Invent the future.” Transformation never stops. And for APAC’s BFSI brands, the window to build the right foundation — before competitors do — is open right now, but not indefinitely.

To dive deeper into the data behind these insights, access AppsFlyer’s full report, AppsFlyer State of Finance for Marketers in APAC 2026, here.

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In an announcement, GTJAI’s board of directors confirmed that on Tuesday (10 March 2026), the Securities and Futures Commission (SFC) and the Independent Commission Against Corruption of Hong Kong (ICAC) attended the company’s principal office with search warrants and seized certain documents.

The company also confirmed that an employee was detained, noting that the individual is not a member of the board.

“The Company attaches significant importance to this matter and will closely monitor the development of this matter,” GTJAI wrote.

In response to the ICAC probe, the company said it has immediately suspended the detained employee from all operational and executive duties until further notice.

GTJAI added that it is in the process of obtaining more information regarding the investigation and will issue further announcements as required under the Listing Rules.

“The Group continues to uphold strict compliance standards and pursue prudent and stable operations, with a view to creating long-term value for its customers, business partners and shareholders of the Company,” the statement said.

Addressing operational concerns, the board confirmed that the group’s overall business, including its investment banking and other business segments, continues to operate normally.

“The Group remains financially sound, with all business activities being conducted in an orderly and compliant manner,” the statement assured. “Shareholders of the Company and potential investors are advised to exercise caution in dealing in the shares of the Company.”

Separately, The Business Times reported that Hong Kong regulatory authorities also raided the offices of Citic Securities’ local unit, citing people familiar with the matter.

At this stage, the exact reasons for GTJAI’s and Citic’s probe have not been publicly disclosed. According to reports, while the specifics remain unclear, authorities are strictly examining investment practices in Hong Kong.

The raids come amid a resurgence in Hong Kong’s capital markets. Data from the Hong Kong Stock Exchange’s 2025 year review showed Hong Kong ranked as the world’s top IPO venue in 2025, with record-setting average daily trading volumes and sharply rising fundraising levels compared to the previous year.

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The initiative, called Financial Services Verification (FSV), adds an additional layer of security to Google’s existing financial products and services advertising policies. It is designed to ensure that only legitimate and licensed financial service providers are able to promote their offerings to users in Malaysia.

The rollout comes as financial scams continue to rise in the country. According to the Ministry of Home Affairs Malaysia, Malaysians lost RM2.77 billion to financial fraud in 2025.

Beginning 14 April 2026, certain advertisers offering financial products or services will be required to complete a verification process before they can run ads on Google’s platforms. 

As part of this process, advertisers must demonstrate that they are authorised by Malaysian regulators, including Bank Negara Malaysia, the Securities Commission Malaysia, or the Labuan Financial Services Authority, and complete Google’s advertiser verification programme.

Advertisers will be able to begin the verification process starting 10 March 2026 through Google’s compliance partner, G2. The verification requirement will apply not only to financial services providers but also to non-financial advertisers targeting users searching for financial services.

Advertisers that fail to complete the updated verification process before enforcement begins will no longer be permitted to display financial services ads to Malaysian users.

“Scammers are constantly evolving their tactics to evade detection. That’s why we’re strengthening our defenses to ensure only authorised financial providers can reach users on Google. By partnering with authorities to enforce these stricter checks, we’re staying one step ahead of bad actors and giving Malaysians greater confidence when engaging with financial services online,” said Ben King, country managing director, Google Malaysia.

The initiative has also received support from regulators.

“MCMC welcomes this initiative by Google as it is a critical step in preventing financial scams from reaching Malaysians. Tackling digital fraud requires a whole-of-ecosystem approach, where technology platforms, regulators, and the public all play a role. Verifying the legitimacy of financial advertisers is essential to our goal of ensuring a safe and trusted digital environment for all Malaysians,” said Abdul Karim Fakir Ali, managing director of the Malaysian Communications and Multimedia Commission.

The FSV requirement forms part of Google’s broader fraud prevention framework, which includes measures such as Advertiser Identity Verification and limited ad serving for high-risk categories. These safeguards are complemented by AI-powered consumer tools such as Google Lens and Circle to Search that help users identify potential scams in real time.

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This enables Malaysian customers to enjoy interest-free installment payment options when shopping for a wide range of products on Temu’s platform. New Atome users will also benefit from exclusive discount vouchers with their first purchase with Temu.

Andy Tan, chief commercial officer at Atome Financial, said: “We’re incredibly excited by this partnership. Over the past 18 months, Temu has become one of the most popular e-commerce platforms in Malaysia. Integrating Atome as a payment checkout option will provide millions of Temu customers in Malaysia with the choice, convenience and flexibility of how they want to shop and pay, significantly enhancing the consumer shopping experience.”

It is worth noting that online shopping continues to surge in Malaysia, thanks to rapid digital adoption and changing consumer shopping habits. Data from Ipsos Malaysia’s 2024 E-Commerce landscape report notes nearly 1 in 2 Malaysians shopped online in 2024, with the growth especially significant among 18-24 and 35-44 year olds. Fashion, accessories, electronics and homecare products were among the most popular categories. 

Moreover, the rapid shift in consumer preferences is establishing Malaysia as a leading regional e-commerce hub, with the Department of Statistics Malaysia (DOSM) reporting that the Information and Communication Technology (ICT) and e-commerce sectors contributed MYR 427.7 billion to the national economy in 2023, growing 3.9% from the year before.

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With the objective of offering an affordable banking solution and maintaining a lower cost structure than traditional banks, Tyme Group has reached more than 15 million customers. 

The bank specialises in emerging markets populations and, besides South Africa and the Philippines, it has a global headquarters in Singapore and a development hub in Vietnam, where it plans to open its next operation.

David Vélez, founder and CEO of Nubank, said, “Since the beginning of Nubank, we have believed that the future of financial services globally is of digitally-native companies. We have met dozens of teams across different geographies, and we think that Tyme Group is extremely well-positioned to be one of the digital bank leaders in Africa and South East Asia. We are excited to work with Tyme to share many of our learnings of scaling this model to hundreds of millions of customers.”

Meanwhile, Coen Jonker, Chairman and co-Founder of Tyme, commented, “Nubank revolutionized financial services and having them as a shareholder will help build rapport to our model, execution and expansion plans, both financially and through business counsel. We are focused on improving the financial lives of millions of people in our region, and we are energized by this round of investments to keep pushing forward.”

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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.”

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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.” 

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