Both firms will also invest US$100m in tech initiatives.
DBS and Canadian insurer Manulife have officially launched a US$1.2b bancassurance partnership that was first unveiled nine months ago.
Under the deal, Manulife will distribute its products in DBS branches across Singapore, Hong Kong, China and Indonesia. The move will strengthens DBS’ regional life insurance distribution capabilities, and significantly expands Manulife’s existing partnership with DBS.
Prior to this, Manulife was already DBS’ main provider of insurance solutions in Hong Kong and Indonesia, and their second largest provider in Asia overall.
Apart from the US$1.2b bancassurance partnership, both parties will also co-fund up to SGD100 million over the next 15 years to be invested in digital technology and innovation enhancements.
“With the establishment of the joint fund, we will be able to focus on the development of innovative solutions to serve Asia’s fast-growing consumer base, and help them to fulfil their retirement and insurance needs,” said Tan Su Shan, Group Head of Consumer Banking & Wealth Management, DBS Bank.
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