PAO Bank Limited (PAObank) has officially received its Insurance Agency Licence from the Insurance Authority, marking a significant milestone in the expansion of its retail banking services. The bank has also signed strategic agreements with China Ping An Insurance (Hong Kong) Company Limited (PAHK) and FWD Hong Kong (FWD) to enhance its bancassurance offerings.
With this new licence, PAObank is set to introduce both general and life insurance products to its retail banking customers, further diversifying its financial services. Through its partnership with PAHK, the bank will offer a range of general insurance options, including motor, travel, and home insurance.
In addition, the collaboration with FWD builds on their prior work on Hong Kong’s first bank-insurance “Commercial Data Interchange” (CDI) project. This expanded partnership will focus on offering life insurance products to retail banking customers.
To improve customer experience, PAObank is integrating financial technology (fintech) and Application Programming Interface (API) solutions to seamlessly connect with insurance platforms. This innovation will enable customers to purchase insurance online through a simplified process.
PAObank’s Chief Executive, Ambrose Wong, emphasized that obtaining the insurance agency licence is a pivotal step in the bank’s mission to expand its range of services for both SMEs and individual customers.
Kelvin Cheung, Managing Director of PAHK, highlighted that the partnership will enable PAHK to provide online insurance services with instant quotes and applications, improving convenience for customers.
Ken Lau, Managing Director of FWD Greater China and CEO of FWD Hong Kong, added that the partnership supports FWD’s strategy to strengthen its bancassurance distribution and extend its reach to more customers.
Looking ahead, PAObank intends to continue leveraging fintech to expand its digital banking and insurance solutions, aiming to provide comprehensive financial services to a wider audience.
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