Singapore-based insurer Singlife has announced a new partnership to bolster the financial services that it offers to small and medium enterprise (SME) clients.
This collaboration sees the insurer partnering with fintech Aspire, also based in Singapore, to expand services to their SME customers. SMEs, in turn, can expect seamless access to a suite of services, ranging from financial-related software to affordable business insurance.
Singlife will also offer complementary business-related insurance products through Aspire. The fintech will provide cashbacks up to 8% on premiums paid for customers who have successfully onboarded, helping these clients combat rising inflation while raising employee wellbeing.
In addition, Aspire will also offer its financial platform services to Singlife’s SME clients who are on the hunt for new digital solutions to serve their financial needs. Aspire general manager Thomas Jeng (pictured left) said that this partnership serves as an important buffer given the current economic climate in Singapore.
“We are delighted to partner with Singlife to support the SME ecosystem in Singapore with meaningful offerings during a time of heightened risk and macroeconomic volatility. As we continue to expand our offerings and support more businesses, we look forward to working closely with Singlife to provide innovative financial solutions that meet the evolving needs of SMEs in Singapore,” Jeng said.
Likewise, Singlife head of innovation and ecosystem Varun Mittal (pictured right) hoped that this partnership is just the beginning of many more in the future.
“As like-minded homegrown businesses, we are very proud of our collaboration with Aspire, which we hope is the first of many other partnerships with strong digital partners in the market. Our approach throughout our entire growth story has focused on supporting and empowering local businesses and we are excited for the many possibilities this partnership will bring,” Mittal said.
Recently, Insurance Business Asia spoke with Singlife head of sustainability Chia Ko Wen on the insurer’s ESG initiatives and his thoughts on the crumbling NZIA alliance.
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