Partnership with Singapore Fintech Association recognises the tremendous value and vibrancy startups bring to the financial ecosystem
Singapore, 8 November 2017 – To support fintech entrepreneurs in strengthening their safety net and managing risk better, Prudential Singapore (Prudential) is partnering with the Singapore Fintech Association (SFA) to offer its members complimentary Group Personal Accident coverage for a year.
This initiative is targeted at supporting young startups established in Singapore within the last five years. Such companies have less than ten employees on average and are usually run by the founders themselves. These entrepreneurs tend to overlook provisioning for adequate personal insurance coverage for themselves and their employees especially in the first critical years of operations.
To help close their protection gap, Prudential is extending personal accident protection with coverage of S$350,000 to employees of the startups registered with SFA1. The plan provides 24-hours, worldwide coverage against accidental death and injury and no medical underwriting is required.
Mr. Wilf Blackburn, CEO of Prudential Singapore, said Prudential’s support of SFA’s members is in recognition of the tremendous value and vibrancy that fintech startups bring to Singapore’s insurance industry and financial ecosystem.
There are now some 1,600 to 2,4002 tech startups seeking and creating opportunities in Singapore with many having set up shop here following the rollout of the Smart Nation masterplan3 in 2014.
“Fintechs play an important role in the development of Singapore’s financial services industry as they create innovative solutions that enrich the lives of consumers and the community. At Prudential, collaboration with fintechs forms a key pillar of our digital roadmap to deliver better customer experiences, enhance efficiency and help people meet their life goals,” said Mr. Blackburn.
This is Prudential’s second boost to the local fintech community following the introduction of its PRU Fintegrate Partnership programme through which it collaborates with fintechs to develop new digital solutions. Mr Blackburn said that in doing so the company has gained a deeper appreciation of the challenges startups face in establishing and growing their businesses.
“Having insurance will give startups the peace of mind to focus on what they do best, which is to innovate, test new ideas and develop solutions for customers. This coverage should grow in tandem with the company as it matures and expands its footprint and employee base,” he said.
The SFA which has more than 200 active members is a cross-industry, non-profit initiative which facilitates collaboration between stakeholders in the fintech ecosystem. Mr. Chia Hock Lai, President of the SFA, said that the organisation is committed to helping fintechs build sustainable businesses.
"The partnership with Prudential Singapore provides vital reassurance to our members at an early stage in their business. It means one less factor to consider as they grow. With support from Prudential, the SFA can continue their commitment to help fintechs in the region accelerate their businesses," said Mr. Chia.
As part of their agreement, Prudential and SFA will explore insurance education and awareness-raising initiatives for fintechs. SFA members who require wider insurance coverage will also be able to seek advice from Prudential Financial Consultants knowledgeable in enterprise solutions.
Prudential’s offering to SFA members is in line with the insurer’s commitment to help companies in managing employee well-being and business risk with its range of enterprise solutions. To find out more, visit http://www.prudential.com.sg
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About Prudential Assurance Company Singapore (Pte) Ltd
Prudential Assurance Company Singapore (Pte) Ltd is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 86 years. The company has an AA Financial Strength Rating from leading credit rating agency Standard & Poor’s, with S$31.5 billion funds under management as at 31 December 2016. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 4,000 financial consultants. http://www.prudential.com.sg
About the Singapore FinTech Association
The Singapore FinTech Association (SFA) is a cross-industry, non-profit organization designed to facilitate collaboration between all market participants and stakeholders in the FinTech ecosystem. It has over 200 members, who represent the full range of stakeholders in the FinTech industry, from early stage innovative companies to large financial players and service providers. The SFA also partners with institutions and other associations, from Singapore and globally, to cooperate on initiatives relating to the FinTech industry. Find out more at http://SingaporeFinTech.org