At Embed Financial, a big push to support sports that are inclusive

[SINGAPORE] Embed Financial Group Holdings (EFGH) is based in Singapore and designs and operates digital financial infrastructure across Asia and Africa.

But beyond its core business, the young company – founded a little over two years ago – is also going big on its support of sports in Singapore.

Last year, EFGH became the new title sponsor of the Tour de France Singapore Criterium, and it recently extended the partnership with this major cycling event for an additional three years until 2028.

In December, the EFGH National Championships will be a key feature of the BYD Singapore International Marathon with a beefed-up total prize pool of S$177,500. This marks the first time that the national championships will have a named sponsor since it was integrated into the annual marathon’s race weekend back in 2017.

And just two months ago, EFGH and the Singapore National Olympic Council announced a five-year sponsorship partnership to support Team Singapore athletes, along with a new awards initiative at the Singapore Sports Awards to recognise coaches.

BT Weekend visited EFGH’s office at Robinson Road where we met executive chairman Dennis Ng, a 54-year-old who previously held senior roles at Prudential, Allianz and Citi before he founded EFGH in 2024. This is an edited excerpt of the interview.

Tell me about the company and what you do.

We are what we call a “finternet” – or financial Internet – company. We are a digital financial infrastructure company valued at US$425 million and looking at a listing on a US exchange.

Since the start, we have always been about inclusive finance. We partner with governments, regulated financial institutions and enterprises to deploy embedded finance at scale.

Right now we are present in about nine markets in Africa, and we have two CEOs based there – one in Zimbabwe and one in Congo.

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A lot of people in that continent are underinsured or not insured at all, and many are unbankable because 70 per cent of Africa’s economy is the informal economy.

We are going to expand to more areas in Asia, including South Korea and Japan. We are also talking to potential partners in Indonesia and Vietnam, and the whole idea is to serve the emerging markets as much as possible.

How did you decide to get so involved in sports events?

I would say that supporting globally recognised events in Singapore reflects our confidence in the nation’s role as a gateway city for business, sport and innovation. Our partnerships reflect a broader commitment to strengthening the sporting ecosystem – from supporting elite athlete development to contributing to the continued growth of major international sporting events here.

Quite often, it’s a foreign company that is a sporting event’s title sponsor so I felt that a Singapore company should lead the charge.

This is a chance for us to be part of a major event like the Tour de France which is broadcast to 150 countries or more. You look at these elite cyclists and the way they train with so much discipline. It’s similar to our business because to operate in the emerging markets, you need a lot of discipline and grit too.

What is it about the marathon that appeals to you?

The Singapore Marathon has always attracted large crowds and we see people come to Singapore and run long distances, which is not easy. You have to train hard and commit to the rigour. I’m not a marathon runner but I see my friends train for as long as eight months to make sure they are ready for the big day.

Betterment Sports – part of the joint venture that’s organising and promoting the Singapore Marathon – came to have a chat with me and I agreed we could do something together, because this event puts Singapore on the map.

Thousands of people take part, including many from overseas, and we have this opportunity to support it and interact with people from all over the world.

Running and cycling are the two most popular sports in Singapore and many other countries too.

It’s about us wanting to be inclusive. We want to make sure every person can have access to simple financial tools. Running and cycling, as you have correctly pointed out, are both very inclusive. You have a pair of shoes, you’re good to go. You have a bicycle, you’re good to go. We could have picked something like golf, but at the end of the day it’s a sport that only a small segment of the population plays.

Are you an active person yourself?

I’m a weekend warrior, the furthest I can run these days is 5 km, and sometimes I end up walking (laughs). I enjoy running at the East Coast Park area which is close to where I live.

There’s a fixed route that I do. I try not to deviate from it because I might lose track of the distance. Running helps me to clear my mind, and it’s not just about the cardio.