Cathay Financial has reportedly decided to join Plug and Play Singapore’s insurance technology (Insurtech) program.
Both parties are planning to extend their partnership by working cooperatively with promising startups that are developing products and services for the financial services and health industry. Cathay Financial and Plug and Play began working together in 2017.
At that time, Cathay was a partner with the Fintech program in Silicon Valley. The company is now focused on working with businesses in Singapore and with companies based in Southeast Asia.
Marcus Lopez, executive VP at Cathay Financial Holdings, stated:
“External partnerships like the one with Plug and Play are significant as we focus on innovation. We continue to accelerate our digital transformation across our subsidiaries, and we believe this partnership will strengthen the way we adopt technology into our businesses and create value.”
Cathay Financial’s management recently confirmed that it would be working with nine multinational Fintech firms, which were chosen from more than 400 global Fintech solution providers. The companies were selected after they took part in an innovation program, which was focused on helping businesses enhance operational efficiency.
Shawn Dehpanah, EVP of corporate development and innovation at Plug and Play (Asia-Pacific), noted:
“Cathay Financial Holdings is one of Taiwan’s and Asia Pacific’s premier financial institutions. We’ve extended their existing partnership from our Fintech program based out of Silicon Valley to Singapore and the APAC Insurtech innovation ecosystem. This will provide the Cathay innovation team visibility into the fastest growing startup ecosystem in the world which is digitally transforming the financial market.”
Cathay Financial has joined Plug and Play for its fourth batch of the Insurtech accelerator program. There’s also a three-month-long Fintech program, which will support 40 early-stage firms.(beginning this month).
Plug and Play currently works with 11 companies, which include Astra Financial, MSIG, Willis Towers Watson, Krung Thai Bank, Tokio Marine (and now Cathay Financial).