Singapore-based wealth technology and life insurance firm, Singapore Life Pte. Ltd. has secured a $90 million investment from Japanese life insurer, Sumitomo Life Insurance Company, taking its total funding to date to $153 million.
The latest expansion drive by Singapore Life sees Sumitomo Life acquire roughly 25% of the total issued and outstanding shares in the firm. The transaction is expected to support Singapore Life’s expansion plans in Singapore and beyond.
Singapore Life describes itself as the first independent homegrown company to be fully licensed by the Monetary Authority of Singapore since 1970. The firm reports that its latest investment from Sumitomo Life enables it to further accelerate its mobile-first ambitions as it looks to remove silos of legacy financial services, reduce fragmentation, and establish a connected consumer financial journey and interface.
The investment from Sumitomo Life comes after investments from Aberdeen Standard Investments and Aflac Incorporated and IPGL Limited.
Walter de Oude, Founder and Chief Executive Officer (CEO) of Singapore Life, commented: ” Consumers today have access to thousands of financial products and services, yet none are fully integrated and compatible to their mobile-first lifestyles. Singapore Life was founded as a response to this – to encourage people to take action on their insurance needs.
“Now with the backing of Sumitomo Life in addition to our existing shareholders who recognise this, we will reshape the way that consumers experience financial services for the better and unlock the potential of money for everyone.”
The firms states that within the context of its licensing from the Monetary Authority of Singapore (MAS), it looks to push the boundaries of innovation within the financial services sector, which it states gives it a unique head start over other, non-financial players that are looking to enter the market.
Masahiro Hashimoto, President and CEO of Singapore Life, added: “We foresee rapid growth in the life insurance markets in Southeast Asia and Singapore in particular. We are excited to support Singapore Life’s growth by participating in the company as a long-term strategic investor.”
Walter de Oude, continued: “We truly believe there is a need to reshape the financial industry. Consumer needs have changed dramatically in the past decade and there is no single offering that adequately addresses this. While we aim to lead the charge, fulfilling this will require a collective effort from traditional finance companies, technology firms, and regulators to collaborate and foster customer-centric innovation.
“As we grow our base of allies, we look forward to partnering with other fintech providers across the region to design financial products that earn the money and trust of everyday consumers.”
