Hong Kong’s PAObank has received an Insurance Agency Licence from the Insurance Authority (IA), allowing the digital bank to offer general and life insurance services.
In tandem with this development, PAObank entered bancassurance agreements with China Ping An Insurance (Hong Kong) Company (PAHK) and insurer FWD Hong Kong (FWD).
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Through its partnership with PAHK, PAObank will offer a diverse range of general insurance products including motor, travel and home insurance.
PAObank CEO Ambrose Wong said: “Obtaining the Insurance Agency Licence is a pivotal milestone for the development of our retail banking services.
“We are delighted to have reached a strategic partnership agreement with PAHK and FWD respectively to further expand our financial services offerings for our individual customers. In addition to time deposits and insurance services, we are accelerating efforts to launch more insurance products.”
Additionally, PAObank strengthened its alliance with FWD, building on their prior work on Hong Kong’s first bank-insurance Commercial Data Interchange initiative.
This expansion extends their partnership into retail banking, enabling PAObank to offer life insurance products to its customers.
By integrating financial technology and application programming interface solutions, PAObank enables seamless connectivity with insurers’ platforms, providing customers with a one-stop online insurance experience.
The bank’s digital infrastructure facilitates an accessible and secure way for users to purchase insurance.
FWD Hong Kong CEO and Greater China managing director Ken Lau said: “We are delighted to further strengthen our strategic partnership with PAObank. FWD is actively expanding our multi-channel distribution strategy to serve more customers through our bancassurance partnership network.
“Through this collaboration, FWD will provide more customers with life insurance products, working hand in hand with PAObank to bring greater benefits to both parties.”
