Singapore Life buys payments app amid fintech consolidation

Singapore

THERE are some bubbling signs of consolidation in the fintech space, as Singapore Life - an insurer largely distributing products online - snaps up payments service firm Yolopay's assets to broaden its suite of services in the finance space.

The Business Times understands that Singapore Life paid less than S$2 million to buy up the technology behind Yolopay's mobile application aimed at parents who want to control the pocket money used by their children. The mobile application, known as Canvas, is due to be launched middle of this year on Android and iOS devices. It holds a pre-paid Visa card on which parents can load pocket money for their children's use.