Life insurance company Singapore Life has acquired Yolopay, supporting its move into the prepaid card sector.
As part of the deal, former Yolopay managing director Liam McCance has joined Singapore Life as chief marketing officer and head of the company new venture division.
Canvas is a soon-to-be launched visa card which is aimed towards educating children around saving and managing their pocket money. The app enables parents to assign their children pocket money in a cashless manner and implement spending limits.
The Canvas app is set to be available on mobile devices by mid-2019.
Singapore Life is a Monetary Authority of Singapore licensed life insurance company which offers policies both digitally and physically. The InsurTech offers various insurance policies as well as various wealth management tools, including independent financial advisers.
Singapore founder and CEO Life Walter de Oude said, ?Along with our increasing number of wealth-centric product verticals, Canvas is a great addition to the Singapore Life family and adds payment functionality to our core offerings.
?We are constantly looking to adapt and evolve our technology to provide value-added services to our customers. All this would not have been possible without the immense faith and trust placed in us by our partner Visa.p>
The Singaporean InsurTech company has already raised a significant amount of this capital this year. Most recently, the company pulled in a $13m investment from Aberdeen Standard Investments, and prior to that, Aflac Incorporated bought a minority stake in the company for $20m.
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