PAObank now offers insurance after securing an insurance agency license from Hong Kong's Insurance Authority.
The bank has simultaneously inked a deal with two major insurers – China Ping An Insurance (Hong Kong) Company Limited (PAHK) and FWD Hong Kong – to provide insurance solutions to retail customers.
As a new entrant to Hong Kong insurance market, the license now allows PAObank to introduce insurance offerings across both general and life insurance segments.
This growth strategy is part of the bank’s expanded portfolio of bancassurance services.
Through its partnership with PAHK, PAObank will deliver essential general insurance products, including motor, travel, and home protection plans.
The collaboration with FWD builds upon their previous offering in Hong Kong's first bank-insurance "Commercial Data Interchange" (CDI) project, now extending their relationship to bring life insurance solutions to retail banking customers.
The bank said it intends to take advantage of financial technology and API integrations to create seamless connections with insurance platforms.
This way, customers can purchase policies online through a simplified process that reduces traditional paperwork and waiting times.
"Securing this license represents a pivotal development in our retail banking evolution," said Ambrose Wong, PAObank's chief executive. He said the bank was committed to developing more comprehensive financial solutions for both SMEs and individual customers.
Kelvin Cheung, managing director at PAHK, said the partnership would enable them to offer online insurance services featuring instant quotes and applications.
Ken Lau, FWD's Greater China managing director and Hong Kong CEO, said that the collaboration aligns with FWD's strategy to strengthen its bancassurance distribution channels and reach a broader customer base.
Looking ahead, PAObank said that it aims to sustain its focus on fintech to develop an expanded range of digital banking and insurance solutions that meet evolving customer needs in Hong Kong's competitive financial marketplace.
Do you support this growth strategy? Share your thoughts below.
