Canadian Sun Life Financial has officially forged a three-year partnership in insurtech with Global Online Financial Solutions Limited (GOFS), which is one of the leading financial service providers in Vietnam operating first digital bank Timo.
Founded in 2015 by Don Lam, who was earlier the CEO of asset management firm VinaCapital, Timo is a digital banking platform which offers services from ATM cards, opening of saving accounts to payments to accounts.
This is all done online as it is the first bank in the country to operate without branches or traditional transaction offices. The company claims to have 20,000 members within six months of its launch.
For Sun Life, this partnership means that its Vietnam unit will have the opportunity to introduce life and health insurance products through Timo’s digital platform.
Depending on selected products, Timo’s customers will be able to apply for Sun Life’s products directly thru the Timo mobile app or be referred to a Sun Life advisor.
Larry Madge, the CEO of Sun Life Vietnam said, “The partnership with Timo will strengthen our position in Vietnam through the application of technology, bringing Sun Life Vietnam closer to the people’s taste.”
Kevin Strain, the president of Sun Life Financial Asia is similarly excited with the partnership as he said that the collaboration with Timo will set up a dominant distribution network in Asia as well as reinforcing the company’s growth across Asia through new ways of distribution.
On the other hand, this partnership also marks an evolution for Timo as the startup will now become a more robust financial management platform.
“Our combined dedication to our customers is a winning formula that will bring financial inclusion and management to everyone that is looking for easy access to their money and effortless management of their financial well-being,” said Don Lam, the Founder of Timo.
By Vivian Foo, VCNewsNetwork