PAObank secures insurance agency licence

It also inked a deal with China Ping An Insurance and FWD Hong Kong.

PAO Bank Limited (PAObank) has received an Insurance Agency Licence from the Insurance Authority and signed strategic partnership agreements with China Ping An Insurance (Hong Kong) Company Limited (PAHK) and FWD Hong Kong (FWD). 

The bank is introducing general and life insurance services to enhance its bancassurance offerings for retail banking customers.  
PAObank’s partnership with PAHK will provide general insurance products, including motor, travel, and home insurance. 

Meanwhile, its collaboration with FWD expands on their previous work on Hong Kong's first bank-insurance “Commercial Data Interchange” (CDI) project, now extending into retail banking with life insurance products.  

The bank is integrating financial technology and API technology to connect with insurance platforms, allowing customers to purchase insurance online with a streamlined process.  

PAObank Chief Executive Ambrose Wong said obtaining the licence is a key step in expanding its retail banking services. 

He added that the bank aims to provide more financial solutions for SMEs and individual customers.  

PAHK managing director Kelvin Cheung said the partnership will allow PAHK to offer online insurance services with instant quotes and applications. 

FWD’s Greater China managing director and Hong Kong CEO Ken Lau said the insurer is strengthening its bancassurance distribution strategy to reach more customers.  

PAObank plans to continue using financial technology to develop a broader range of digital banking and insurance solutions.