Allianz has formed a partnership with FPT Group to enter the Vietnam market and expand its operations across Asia.
FPT Group will be the strategic technology partner and will support Allianz’s move to Vietnam and the development of new digital insurance products and services which meet the needs of locals.
Through the memorandum of understanding Allianz will provide this joint venture with expertise and advice on insurance product customisation, financial technology and asset management. In return, FPT Group will offer access to its distribution channels and affiliates, as well as advise and assist Allianz with local market knowledge and connect it with subsidiaries and partners.
Detailed in the MoU is that both Allianz and FPT Group intend to enter a joint venture agreement to establish a new incorporated general insurance company within Vietnam.
Allianz Asia Pacific regional chief executive George Sartorel said, “Today’s announcement outlines our intention to expand Allianz’s world-leading digital insurance products and services into Vietnam – a key emerging market and one of the fastest growing economies in Asia.
“FPT is the right partner for Allianz to enhance its ability to build a strong market position in the country, and further underscores our ambitious growth strategy in the wider region. We look forward to contributing to the continued development of Vietnam’s fast-growing insurance sector, boosting financial inclusion for the under-protected, and reaching an expanding pool of digitally-minded consumers.”
Late last year, Allianz Life Ventures formed a strategic partnership with SixThirty to support InsurTech and FinTech startups. Through the agreement, Allianz will provide mentorship to companies within the SixThirty portfolio, building networking opportunities and aiding with strategic planning.
Copyright © 2019 FinTech Global
