Allianz and FPT Group have signed a Memorandum of Understanding (MoU), which details both the companies' intention to enter into a JV agreement for the establishment of a newly incorporated general insurance company in Vietnam.
Allianz stated that FPT Group, as a technology partner, will help in developing new digital insurance products and services that meet the protection needs of local consumers in the country.
The MOU seeks to bring the two complementary businesses together, with Allianz offering expertise and advice on best practices in insurance product customization, financial technology, and asset management.
FPT will provide access to its distribution channels and affiliates, advise and assist Allianz with local market knowledge, and connect the firm with FPT’s subsidiaries and partners.
Allianz board management member Sergio Balbinot said: “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. 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.”
FPT group founder & executive chairman Truong Gia Binh said: “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.”
With more than 10 years of experience in the insurance industry in Vietnam, FPT claims to be well-placed to offer assistance for its clients with end-to-end services. Additionally, FPT claims to guarantee an extensive ecosystem with technology expertise in multiple industries.
Last November, Allianz secured regulatory approval from the China Banking and Insurance Regulatory Commission (CBIRC) for establishing the first foreign insurance company in the country.
The new holding company, dubbed Allianz (China) Insurance Holding Company, will be based in Shanghai. It is planned to be established in 2019.