AGBA Group Holding (AGBA) has announced that it has entered into a sale and purchase agreement to acquire Sony Life Financial Advisers Pte Ltd (SLFA), a financial adviser and insurance broker in Singapore. AGBA is a leading one-stop financial supermarket headquartered in Hong Kong.
The latest acquisition marks a key milestone for AGBA; it is lucrative to its insurance and fintech businesses and expands access to key markets in Asia. While AGBA’s primary focus is in the Greater Bay Area in China, Singapore was selected for expansion due to the island nation’s position and reputation as a global centre for innovation, business and finance. Ranked 10th place for average income by country, Singapore is known to have one of the highest saving rates in the world.
Singapore is also home to one of the largest and fastest growing family office and wealth management centers in the world. AGBA believes its advanced technology and infrastructure in wealth management will offer the industry compelling solution sets in the long run.
Mr Yoshiki Moriyama, Managing Director and CEO of Sony Life Financial Advisers, said, “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. When such approvals are given, Sony Life and AGBA are both committed to ensure an orderly and seamless transition. This agreement is good news for all stakeholders. We are committed to support AGBA and to ensure that SLFA is well positioned to succeed.”
Mr Wing-Fai Ng, Group President, AGBA Group Holding, said that beyond the Greater Bay area, Southeast Asia plays a key role in the development of financial service markets.
“Singapore, in particular, holds magnificent potential for this, given its strategic geographical location and status as a global centre for innovation and finance,” Mr Ng said. “As a company, AGBA will continue to leverage our existing infrastructure, business partners, and our large user base to optimise customer experience through technology.” Mr Ng added that AGBA will further strengthen its competitive advantages in procuring and financing new clients and partners.
“The acquisition of Sony Financial Advisers is a win-win solution for both companies as our businesses are similar and our products are complementary,” Mr Ng said. “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.”
Trusted by over 400,000 individual and corporate customers, the AGBA Group offers the broadest set of financial services and healthcare products in the Greater Bay Area in China. The AGBA Group has a unique collection of complementary businesses that blends market-leading businesses with emerging business models. It serves a large captive customer base, while at the same time unlocking growth through the introduction of innovative new wealth and health products and services through a variety of B2B and B2C distribution channels.