HONG KONG, 11 November 2014 - FWD Hong Kong announced the official opening of FWD’s representative office in Shanghai. The milestone will pave the way for FWD to establish a life insurance company in China. The FWD Shanghai Representative Office is located in one of Shanghai’s central business districts, JinAn District.
David Wong, CEO, Greater China, FWD, spoke at the opening event, "Shanghai is an important financial centre and a strategic starting point for FWD in China. The China (Shanghai) Pilot Free Trade Zone ("Shanghai Free Trade Zone") is also the first ever free trade zone established in the mainland. We are confident that it will play a vital role in driving innovation and sustainable growth of China’s insurance industry in the future."
Mr Wong continued, "The official opening of our new representative office was made possible with the assistance and support of various government departments of Shanghai. FWD plans to set up a life insurance company in China specialising in online health insurance products and services. This aligns with the State Council’s blueprint for promoting the development of diversified health insurance and innovative endowment as stated in the Several Opinions on Accelerating the Development of a Modern Insurance Industry ("new ten national rules”) released this August. The FWD Shanghai Representative Office will focus on preparatory work for market entry including market research and partnership formation. We will also work closely with the Shanghai Free Trade Zone to further explore development opportunities for Hong Kong insurers."
FWD's vision is to become a leading pan-Asian life insurer that changes the way people feel about insurance. As China’s insurance market flourishes, its development is further supported by the "new ten national rules” that vowed to make commercial insurance an essential pillar of the country's social security system. Mr Wong said, “We believe FWD's entry into China’s insurance market will further strengthen FWD Group's competitive edge in the pan-Asian arena. FWD possesses an experienced management team with a strategic focus on leveraging technology. With a deep-rooted customer-led approach to business, we are confident that FWD can contribute to the long-term innovation and growth of the insurance industry in China."
FWD Shanghai Representative Office: 2207N, 1228 YanAn Road Middle, JinAn Kerry Centre III JinAn District, Shanghai, China 200040