PolicyPal purchases US-based fintech firm
The Singapore insurtech firm plans to expand its financial products with the new acquisition.
Singapore-based insurtech firm PolicyPal has acquired the Asia-focused fintech firm Value Champion.
Based in the US, Value Champion provides resources and advice for people looking to obtain loans, credit cards, insurance, or general financial advice. As of December 31, 2020, it had over 200,000 consumers in four markets, Singapore, Hong Kong, Korea and India using its products.
With the acquisition, PolicyPal plans to expand into financial planning and lifestyle management for its Asian customers as well as offer them a wide range of financial products and investment ideas, by using Value Champion as its subsidiary in new markets.
In turn, Value Champion’s users across Asia will be able to access the combined resources and solutions of AMTD’s SpiderNet across the region, including PolicyPal (via its subsidiary, Baoxianbaobao, branded as PolicyPalFA) to kickstart their financial planning journey. Value Champion’s four online websites in Singapore, Hong Kong, Korea, and India will retain their individual names and operation as PolicyPal’s subsidiaries.