Ravi Chandran
Prudential partners AFIN to provide support to Singapore FinTech community impacted by COVID-19
Employees of FinTechs registered on the API Exchange platform enjoy the following benefits:
- S$20,000 complimentary coverage against accidental death and injury. This sum increases to S$50,000 if an employee is retrenched
- A one-time hospital income payout of S$500 if hospitalised for dengue haemorrhagic fever
- PRUcare package:
– One-time cash benefit of S$500 when served with a quarantine order (A Quarantine Order (QO) is a directive issued to individuals under the Infectious Diseases Act and thus has legal force with severe penalties for non-compliance.)
– Daily hospitalisation allowance of S$200 for 3 months if hospitalised for COVID-19
On May 18, Prudential Singapore (“Prudential”) introduced a slew of initiatives to support Singapore FinTech community affected by COVID-19.
is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 89 years. The company has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor’s, with S$42.02 billion funds under management as at 31 December 2019. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 5,000 financial consultants.
The ASEAN Financial Innovation Network (AFIN) was established as a non-profit organization in 2018 by the ASEAN Bankers Association (ABA), International Finance Corporation (IFC), a member of the World Bank Group, and the Monetary Authority of Singapore (MAS). AMTD Foundation and Mastercard are AFIN’s Corporate Founding Members.
Prudential is providing local FinTech employees with financial relief and health coverage under the APIX Cares programme.
APIX Cares was introduced by the ASEAN Financial Innovation Network (AFIN) to help the Singapore FinTech community on the API Exchange (“APIX” ) platform cope with the COVID-19 global pandemic. The Monetary Authority of Singapore (MAS) is providing all Singapore FinTechs with six months of free access to APIX, as part of its S$125 million support package announced on 8 April 2020.
As Singapore’s first insurer to be onboarded on APIX and a committed partner in Singapore FinTech community, Prudential is providing both protection and financial support to employees of more than 1,100 FinTechs in Singapore. These FinTech employees stand to benefit from the following when their companies register on the APIX platform:
- Complimentary coverage against accidental death and injury
Employees in the Singapore FinTech community will receive complimentary coverage up to S$20,000 against accidental death and injury under Prudential’s PRUAffinity Personal Accident Plan. The coverage period starts from 8 April 2020 to 7 April 2021.The sum increases to S$50,000 if employees are retrenched. The increased coverage lasts for six months or until the employee finds a new job, whichever is earlier.
- Hospitalisation income payout for dengue haemorrhagic feverAs part of the PRUAffinity Personal Accident Plan, FinTech employees are also entitled to a one-time hospital income payout of S$500 if they are hospitalised for dengue haemorrhagic fever. With dengue cases in Singapore rising by more than double as of mid-April this year compared to a year ago5, the life insurer hopes this added benefit will support those affected by the dengue outbreak.
- PRUcare package: S$500 cash benefit for those served with quarantine orders and S$200 daily hospitalisation allowance if hospitalised for COVID-19Prudential is also extending its S$1.5 million PRUcare package that provides support to individuals and SMEs affected by COVID-19, to the FinTech community. FinTech employees who are policyholders of the above-mentioned complimentary PRUAffinity Personal Accident Plan will receive a one-time S$500 cash benefit if served with a Quarantine Order (QO) between 6 April and 30 June 2020.
The employees will receive a daily S$200 hospitalisation allowance (up to three months of hospitalisation) if they are hospitalised for COVID-19 between 6 April and 30 June 2020. Prudential hopes these benefits will provide some financial relief to the affected employees.
Dennis Tan, CEO, Prudential Singapore, said the insurer’s offer for support comes in recognition of the tremendous value FinTechs bring to the country’s rapidly digitising financial services sector.
“COVID-19 is impacting economies and societies the world over. Preparing for the world post-COVID requires us to rapidly adapt and innovate. We want to support the FinTech community that has helped our industry innovate, and with whom we have been partnering to make insurance simpler and more accessible to our customers. We hope through this package, we can provide them some peace of mind in knowing they are protected in these challenging times,” said Mr Tan.
Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “It is heartening to see AFIN and Prudential playing a proactive role in supporting the FinTech community. APIX Cares provides assurance and creates opportunities for FinTechs during these unprecedented times of change.
“We encourage FinTechs to actively tap on opportunities made available through APIX Cares to help them tide through these challenging times and emerge stronger.”
Manish Diwan, Managing Director of AFIN, welcomed the initiatives: “AFIN is delighted to play a role in this very thoughtful initiative by Prudential. On behalf of the FinTech community, we would like to express our gratitude to Prudential for creating this very special program for FinTech employees and that too in a very short time.
“AFIN is continuously working on creating value for the FinTech ecosystem. Multiple programmes have been launched to support and we will continuously work to bring more relief to our community.”
Since launch, the platform has attracted about 250 members, with more in the pipeline. In addition to the sandbox, a community forum was launched within the platform to unite members from different horizons: banks and FinTechs; developers and business leaders; governments and NGOs; and thought leaders and learners from all continents. They meet on the forum to exchange ideas, solve problems or share their experiences.
