Insurtech platform PolicyPal announced today its acquisition of an Asia-focused financial technology company based in the United States.
The Singapore-homegrown insurtech platform under AMTD Digital acquired Value Champion, which provides resources and advice for people looking to obtain loans, credit cards, insurance, or general financial advice.
Val Yap, Chief Executive Officer and Founder of PolicyPal, said the acquisition will help them accelerate existing growth plans, expand their financial content library, and enrich their ability to offer consumers more support in financial decision making.
“We are confident that this acquisition will bring about enormous opportunities to empower more people to take charge of their financial decisions, and narrow the gap in financial literacy in Asia,” Yap said in a statement.
With the combination of the two fintech companies, PolicyPal will be able to move deeper into the financial lives of its customers.
Value Champion 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.
Its four online websites in Singapore, Hong Kong, South Korea, and India will retain their individual names and operations as PolicyPal’s subsidiaries.
Mark Lo, CEO of AMTD Digital said the combination of two startups will consummate PolicyPal’s advisory capability and accelerate its overseas expansion.
With the pandemic creating a surge in demand for financial guidance and products in areas like financial planning, refinancing, investing, and asset-allocation decisions, Yap said the expansion across Asia is an important step towards their vision of “a world where every consumer makes financial decisions with confidence”.
Value Champion provides resources and advice for people looking to obtain loans, credit cards, insurance, or general financial advice. As of December 31, 2020, the firm had over 200,000 consumers in four markets, Singapore, Hong Kong, Korea, and India using its products.