Mitsui Sumitomo Insurance (MSI), a member of MS&AD Insurance Group, has joined BEYOND Consortium to bid for a digital full bank licence in Singapore.
The consortium, which also consists of “), V3 Group Limited, Far East Organization, Singapore Business Federation, EZ-Link Pte Ltd and Heliconia Capital Management, announced its bid on January 5th.
MSI holds a minority stake in the consortium and will support BEYOND through its general insurance arm in Singapore – MSIG Insurance (MSIG Singapore).
“This partnership is strategically important to MSI as a group as well as to us in the region,” said Alan Wilson, CEO of MSIG Asia.
“We look forward to the opportunity to help and to support the under-served in Singapore through our extensive expertise, customised service and offerings, and strong regional network,” Wilson continued. “Being the largest general foreign insurer with a presence in all of the ASEAN markets puts us in a unique position to be part of this joint ambition through the Beyond Consortium.”
Craig Ellis, CEO of MSIG Singapore, also commented: “As a major financial centre, Singapore is an ideal launch pad and a natural springboard to the region for digital banking. The digital bank licence will enable MSIG to strengthen its industry-leading position in Singapore’s general insurance market.”
“This is a very exciting phase for MSIG,” Ellis said, “and we are extremely pleased to have found like-minded partners whose vision is aligned with our Group’s global ambition to expand its digital footprint.”
Singapore is a key market for MSI, but it is also the base for the company’s Global Digital Hub, which was set up last year to drive digitalisation with a focus on ASEAN markets.
As part of its arrangement with the consortium, MSI will leverage technology and analytics to customise products for BEYOND in the form of micro-coverages, modular, and usage-based insurance.
The product range will cover the protection needs of under-served segments, including SMEs, the silver segment and the gig economy.
“Besides empowering individuals to lead fulfilling lives through adequate risk protection, MSIG will support the growth aspirations of local businesses by lowering cost barriers and providing them easier access to insurance covers,” Ellis continued.
“Our deep appreciation of the insurance needs of the SMEs and consumers across segments are distinct competitive advantages that puts us in a strategic position to support the Consortium,” he added.
“Given our regional connectivity and global resources, we are well placed to support the Consortium’s expansionary plans beyond the Singapore shores.”
