SINGAPORE, Jan. 16 (Xinhua) -- Singapore Life, the first independent life insurer licensed by the Monetary Authority of Singapore, announced a 13 million-U.S. dollar investment by the Aberdeen Standard Investments in a recent round of funding on Tuesday.
"We are excited to have Aberdeen Standard Investments as a strategic investor," Walter de Oude, chief executive officer of Singapore Life said in his press release statement, citing ASI's investment expertise and credibility as drivers behind the relationship.
Singapore Life, the first fully digital insurer in Singapore, aims to simplify customer experiences by digitalizing life insurance and savings products.
ASI, a Scotland-based global asset company, boasts a portfolio of 557.1-billion-U.S. dollar in assets, with a presence in 80 countries.
"As the asset management and insurance industries are in the midst of a digital transformation, technology innovation will become a key differentiator," Martin Gilbert, co-chief executive of Aberdeen Standard Investments said, adding that "this is a truly exciting opportunity for us to expand our strategic relationship with such a fast-growing digital life insurance provider and be part of its growth journey."
There is "great potential in Singapore Life to continue disrupting the traditional insurance market and building market share," Hugh Young, head of Asia at Aberdeen Standard Investment said, adding that the investment leverages his company's expertise across the South East Asian markets to open up new opportunities and appeal to broader client bases in the region.
