Singapore, 28 Oct 2021 – PolicyPal, a Singapore-homegrown insurtech platform under AMTD Digital, today announced the acquisition of Value Champion, an Asia-focused FinTech company based in the United States.
Value Champion provides resources and advice for people looking to obtain loans, credit cards, insurance, or general financial advice. As of December 31, 2020, it had 400,000 consumers in four markets, Singapore, Hong Kong, Korea and India using its products (across 5 million sessions in 2020).
The combination of the two fintech companies will allow PolicyPal to move deeper into the financial lives of its customers. It augments PolicyPal’s depth of holistic financial planning capabilities to include tailored content and tools for consumers to help them plan their financial needs across various life stages.
In turn, Value Champion’s 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. Value Champion’s four online websites in Singapore, Hong Kong, Korea, and India will retain their individual names and operation as PolicyPal’s subsidiaries.
“Acquiring Value Champion will help us accelerate our existing growth plans, expanding our financial content library, and enrich our ability to offer consumers more support in financial decision making. Value Champion and PolicyPal are perfectly aligned in their goal of empowering people to make better, more informed financial decisions across all life cycles. 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,” said Val Yap, Chief Executive Officer and Founder of PolicyPal.
The pandemic has created a surge in demand for financial guidance and products in areas like financial planning, refinancing, investing and asset-allocation decisions.
“Expanding across Asia is an important step towards our vision of a world where every consumer makes financial decisions with confidence,” Yap said.
Mark Lo, CEO of AMTD Digital said, “Combining the offering and capability of the two startups will consummate PolicyPal’s advisory capability and accelerate its overseas expansion. I would like to congratulate the two founders on this deal and look forward to the great synergy created”.
Acquiring Value Champion will allow PolicyPal to make strategic expansion into financial planning and lifestyle management for Asian consumers, offering them a wide range of both financial products as well as investment ideas, by using Value Champion as its subsidiary in new markets.
Under AMTD Digital, AMTD Group’s one-stop digital solutions platform, PolicyPal is a leading Singapore-based InsurTech company that believes in bringing technology and insurance together for families and communities to manage their insurance needs. PolicyPal also operates a proprietary policy management platform that helps over 100,000 users easily track all their insurance policies on a single app.
PolicyPal Group owns two subsidiary entities, Baoxianbaobao and PolicyPal Tech.
Baoxianbaobao (branded as ‘PolicyPalFA’) is an insurance broker and exempt financial adviser licensed regulated by the Monetary Authority of Singapore with the mission of helping people make the right choice for their protection needs and provide affordable financial products.
About Value Champion
Founded by a former hedge fund investor DJ Kang, Value Champion consists of team of financial research analysts, whose backgrounds in finance and economics allows them to guide user towards making optimal financial decisions.