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Insurtech Singapore Life rebrands to Singlife, launches debit card

SinglifeInsurtech company Singapore Life on Wednesday announced its rebranding exercise to change its name to Singlife, according to multiple news reports. It is also launching a mobile financial solution to connect savings, investments and protection plans on one platform.

As part of the rebranding strategy, the company unveiled its Singlife Account insurance plan. It has also teamed up with US-based VISA to issue debit cards. The account offers up to 2.5 per cent returns per annum and access to funds via the debit card, which gives customers instant access to their money with no lock-in period. The new debit card will not charge any additional FX charges on overseas expenditure, the reports added.

“This is the first time in Southeast Asia that we are partnering an insurtech to issue a debit card. The process for registration, usage and tracking of spend for this account is entirely digital and tailored to meet the needs of the technology-savvy segment in Singapore. We believe Singaporeans who are interested in managing their accounts digitally and enjoy benefits relating to insurance needs, will find this product extremely beneficial,” said Kunal Chatterjee, Visa Country Manager for Singapore & Brunei.

Singlife Account customers will also get free life insurance coverage of up to 5 per cent of account value and there will be no penalty for early withdrawals.

“The Singlife Account and Singlife Visa Debit Card are going to launch us into a space that has never existed before. The newly rebranded Singlife transcends the boundaries of traditional insurance to leapfrog into a much bigger digital finance ecosystem and we are the first to make this happen,” said Walter de Oude, founder and chief executive SingLife.

Customers can sign up for the services from Thursday onwards and the application is available on Google Play and Apple iTunes stores. To activate the account, a user will be required to deposit an initial contribution of S$500 ($363) via FAST transfer, the reports added.

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