Income sells digital insurance platform to Embed Financial

The digital insurance platform was built inside Income over the past five years.

Income Insurance Limited has announced the business transfer of its digital insurance platform, HIVE, to Singapore-headquartered digital financial infrastructure group Embed Financial Group Holdings Pte Ltd (EFGH).

The transaction is scheduled to close in the third quarter of 2026. Financial terms were not disclosed, but EFGH has recently entered into a business combination agreement with a US-listed special purpose acquisition company ahead of a proposed listing on the New York Stock Exchange, implying an equity value of approximately US$425.0m (S$548.7m).

HIVE was developed within Income Insurance over the past five years to embed insurance products into everyday digital consumer transactions, such as stackable micro-insurance and usage-based products. 

The platform has supported partnerships across Southeast Asia, and its integration into EFGH is intended to extend its distribution reach beyond the region into global markets.

As part of the transfer, Income Insurance employees currently operating HIVE will move to EFGH to ensure operational continuity. Income Insurance will also continue to use the platform as a corporate customer. 

The company stated that the transfer will not alter its existing policy terms, benefits, or claims processes for current policyholders.

(US$1.00 = S$1.29)