Financial services and insurance company, Allianz, has announced that it plans to create a digital joint venture (JV) with FPT Group, to enter Vietnam’s general insurance market.
Through a Memorandum of Understanding (MOU), Allianz says it will provide expertise and advice on best practices in insurance product customisation, financial technology, and asset management.
FPT – a global technology and IT service group headquartered in Vietnam – will provide access to its distribution channels and affiliates, and it will also offer local market knowledge.
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“We are delighted to embark on the next stage of our partnership with FPT Group at an exciting time for the development of the Vietnamese economy,” said Sergio Balbinot, Member of Board Management, Allianz SE,
“Allianz is well-placed to support the protection needs of local consumers by delivering innovative digital insurance solutions for a demographic ready to adopt them.”
Commenting on the joint venture, Dr. Truong Gia Binh, Founder & Executive Chairman of FPT Group, added: “FPT and Allianz are the perfect match to address the needs of the growing Vietnam market. Allianz has the protection expertise to provide accessible and innovative insurance services, while FPT provides the local knowledge and a digital network reaching an expanding, educated and youthful population.
“Our partnership is exciting for the future growth potential of Vietnam, and we look forward to many successes.”