Hong Kong’s PAObank has acquired an Insurance coverage Company Licence from the Insurance coverage Authority (IA), permitting the digital financial institution to supply basic and life insurance coverage providers.
In tandem with this growth, PAObank entered bancassurance agreements with China Ping An Insurance coverage (Hong Kong) Firm (PAHK) and insurer FWD Hong Kong (FWD).
Via its partnership with PAHK, PAObank will supply a various vary of basic insurance coverage merchandise together with motor, journey and residential insurance coverage.
PAObank CEO Ambrose Wong mentioned: “Acquiring the Insurance coverage Company Licence is a pivotal milestone for the event of our retail banking providers.
“We’re delighted to have reached a strategic partnership settlement with PAHK and FWD respectively to additional increase our monetary providers choices for our particular person clients. Along with time deposits and insurance coverage providers, we’re accelerating efforts to launch extra insurance coverage merchandise.”
Moreover, PAObank strengthened its alliance with FWD, constructing on their prior work on Hong Kong’s first bank-insurance Industrial Information Interchange initiative.
This enlargement extends their partnership into retail banking, enabling PAObank to supply life insurance coverage merchandise to its clients.
By integrating monetary expertise and software programming interface options, PAObank permits seamless connectivity with insurers’ platforms, offering clients with a one-stop on-line insurance coverage expertise.
The financial institution’s digital infrastructure facilitates an accessible and safe means for customers to buy insurance coverage.
FWD Hong Kong CEO and Better China managing director Ken Lau mentioned: “We’re delighted to additional strengthen our strategic partnership with PAObank. FWD is actively increasing our multi-channel distribution technique to serve extra clients by way of our bancassurance partnership community.
“Via this collaboration, FWD will present extra clients with life insurance coverage merchandise, working hand in hand with PAObank to carry larger advantages to each events.”
