SingSaver gets MAS brokerage licence to offer insurance comparisons on platform

FINANCIAL comparison platform SingSaver has secured a brokerage licence from the Monetary Authority of Singapore (MAS) to offer insurance products from 12 providers on its platform.

These providers are AXA, Allianz, FWD, HL Assurance, Ergo, MSIG, NTUC Income, Tokio Marine, Ergo, Sompo, Allied World and Etiqa TIQ.

The platform will now offer instant digital comparisons of insurance products across travel, home and maid categories. Its new broking team would also be able to advise consumers on insurance products.

SingSaver founder and country manager Rohith Murthy said: "We're seeing more demand from consumers in Singapore of all ages for online shopping when it comes to financial products. It used to be the case that banks and insurers sold you a product; now that model has been flipped upside down."

The fintech startup's parent group CompareAsiaGroup is backed by institutional investors such as Goldman Sachs, IFC World Bank, Alibaba and Experian.