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FWD Hong Kong has become the first Hong Kong-based insurer to win a fintech initiative award at the Shenzhen-Hong Kong Fintech Awards 2018.
The insurer received the honour for its partnership with HKT Payment Limited, which integrated the Tap & Go payment service into the iFWD platform. This allows customers to arrange instant cash withdrawal services from designated insurance plans to their mobile wallet accounts.
According to FWD, withdrawing cash from an insurance policy typically took weeks and involved burdensome paperwork. Its mobile service made it possible to immediately and seamlessly make transfers between a customer’s policy and mobile wallet.
“We are deeply honoured to become the first Hong Kong insurer to win this prestigious award,” said Ken Lau, FWD’s chief executive for Hong Kong and managing director for Greater China.
“This recognition of FWD’s instant withdrawal method, one of our many insurtech innovations, not only vindicates our development teams’ creativity and hard work, but also confirms that our dedication to challenge the status quo and reshape the industry by offering revolutionary products, services and technology-driven solutions is bearing substantial fruit.”
