Hong Kong-based Nasdaq-listed wealth and health firm AGBA Group Holding Ltd has entered into a sale and purchase agreement to acquire Sony Life Financial Advisers, a licenced financial adviser and insurance broker in Singapore for an undisclosed sum.
Established in 1993, AGBA claims to offer the broadest set of financial services and healthcare products in China’s Greater Bay area serving over 400,000 individual and corporate customers.
The acquisition marks a key milestone for AGBA in its expansion to key markets in Asia. Although AGBA’s primary focus is in the Greater Bay area, Singapore was selected for its business expansion on the back of the city-state’s reputation as a global centre for innovation, business and finance, the company says in a statement.
Beyond the Greater Bay area, Southeast Asia plays a key role in the development of financial service markets, says AGBA group president Ng Wing-Fai. “Our expectation is for the latest acquisition of Sony Life Financial Advisers in Singapore to bring forth new prospects and promising business opportunities — especially in the Southeast Asian region,” he adds.
