Singapore Life generates S$70mn in funding

Singapore Life has generated US$50 million (S$70 million) in a Series A funding round led by Hong Kong listed Credit China FinTech Holdings through its subsidiary, Impact Capital Holdings, as well as UK-based investment firm IPGL Limited. Singapore Life highlighted that the money raised marked the largest-ever Series A funding round by a Singapore-based insurance technology company. Walter de Oude, CEO of Singapore Life said, “Credit China FinTech and IPGL bring the best of technology-led business success in support of Singapore Life’s long term strategy. They are experienced trailblazers in fintech and committed to Singapore Life’s long term development and capital needs. Having the support of these strong international shareholders attests to the strong confidence in Singapore Life’s strategy, and in Singapore as a financial centre and a destination for global investment,” Singapore Life has submitted an application to the Monetary Authority of Singapore (MAS) for a direct life insurance license. The company aim to offer universal life products, standalone term insurance with associated riders, investment linked plans and wrappers, as well as endowment assurance.