AGBA, a NASDAQ-listed financial services and insurance provider, announced that it had acquired Sony Life Financial Advisers, a duly licensed financial adviser and insurance broker based in Singapore.
The acquisition marks a key milestone for the wealth and health group as it signals a new hub for its operations in Asia. Although based in Hong Kong and the Greater Bay Area (GBA), AGBA said that Singapore was chosen for expansion due to the island nation’s position and reputation as a centre for innovation, business, and finance.
In a news release, AGBA group president Wing-Fai Ng said that Southeast Asia, in particular Singapore, plays a key role in the development of the financial service markets.
“As a company, AGBA will continue to leverage our existing infrastructure, business partners, and our large user base to optimise customer experience through technology,” Ng said. “The acquisition of Sony Financial Advisers is a win-win solution for both companies as our businesses are similar and our products are complementary. Our expectation is for the latest acquisition of Sony Life Financial Advisers in Singapore to bring forth new prospects and promising business opportunities — especially in the Southeast Asian region.”
In the same announcement, Sony Life Financial Advisers managing director and CEP Yoshiki Moriyama said that the agreement is good news for all stakeholders.
“We are confident AGBA has the capabilities, resources and commitment to take SLFA to new heights. We will work together with AGBA to obtain regulatory and other approvals. As we do so, SLFA will continue to deliver the high standard of service that its customers have come to expect,” Moriyama said.
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