PAO Bank Limited (PAObank) has received its Insurance Agency Licence from the Insurance Authority and signed strategic partnership agreements with China Ping An Insurance (Hong Kong) Company Limited (Ping An) and FWD Hong Kong (FWD) on 5 March 2025. With this, PAObank is introducing both general and life insurance services.
PAObank has partnered with Ping An in a bancassurance collaboration, drawing on their expertise in general insurance. Together, they will offer a range of products, including motor, travel, and home insurance, to meet the diverse protection needs of customers.
PAObank has also expanded its partnership with insurer FWD after successfully launching Hong Kong’s first bank-insurance “Commercial Data Interchange” (CDI) collaboration. This initiative promotes cross-sector data sharing and drives innovation in data integration for Hong Kong’s financial sector.
Building on this success, PAObank and FWD are now expanding their partnership into retail banking, this time with delivering life insurance products to customers.
PAObank combines financial technology and API technology to connect with insurance companies’ platforms, providing simple and convenient online insurance services. Customers can buy insurance with a few clicks, enjoying a smooth and secure experience.
Obtaining the PAObank insurance agency licence marks a major step forward in this journey. Ambrose Wong, Chief Executive of PAObank, said,
“Obtaining the Insurance Agency Licence is a pivotal milestone for the development of our retail banking services. We are delighted to have reached a strategic partnership agreement with PAHK and FWD respectively to further expand our financial services offerings for our individual customers. In addition to time deposits and insurance services, we are accelerating efforts to launch more insurance products. With a focus on serving SMEs and individual customers, we aim to provide a diverse array of financial services, creating greater value for our clients.”
Ken Lau, Managing Director of Greater China and Hong Kong Chief Executive Officer, FWD, also shared,
“We are delighted to further strengthen our strategic partnership with PAObank. FWD is actively expanding our multi-channel distribution strategy to serve more customers through our bancassurance partnership network. Through this collaboration, FWD will provide more customers with life insurance products, working hand in hand with PAObank to bring greater benefits to both parties.”
Aside from obtaining the PAOBank insurance agency licence, PAObank also aims to continue establishing a sustainable financial ecosystem while aiding in digital banking developments.
Source of image: Edited from Freepik
