China Construction Bank (Asia) (“CCB Asia”) and FWD Hong Kong (“FWD”) hosted a ceremony to celebrate the 15th anniversary of their partnership. The collaboration between CCB Asia and FWD brings together two organisations with a shared vision: to create an efficient bancassurance ecosystem and provide banking customers with a more diversified and innovative wealth management and insurance experience.
CCB Asia and FWD have signed another long-term agreement for the next decade to further deepen their strategic partnership in the bancassurance business. This extended partnership focuses on fintech to enhance the insurance sales service and customer experience, with the aim of expanding market share of bancassurance business in Hong Kong.
CCB Asia and FWD will launch their strategic collaboration plan in the first quarter of 2023. As one of the bankswith open banking, CCB Asia will connect to FWD’s digital platform through open application programming interface (Open API). Leveraging the open API function, FWD will deliver automatic premium payment services to CCB Asia customers, greatly reducing the time needed for payment process and allowing instant premium transfers. The insurance policy will be effective as early as the same day after a successful application, providing a more seamless insurance experience and faster protection for banking customers. This open API initiative improves data accuracy, and also enhances privacy protection, fostering the co-creation of innovative and efficient bancassurance services.
Ms. Annie Chen, CCB Asia’s Chief Retail Banking Officer, said, “We are delighted to extend our long-term bancassurance partnership with FWD. At CCB Asia, customer-centricity is our business philosophy while innovation and security are equally important within digital banking offerings. FWD’s creative thinking and digital technology continuously give new impetus to our insurance distribution business. With open API, CCB Asia and FWD can deliver more innovative and convenient insurance experiences to personal banking customers through ongoing enhancements of services powered by fintech.”
Mr. Ken Lau, FWD’s Managing Director for Greater China and Hong Kong CEO, said, “CCB Asia has always been an important strategic partner for FWD. We are grateful to CCB Asia for their long-standing trust and for maintaining a close and long-term relationship with us. This extended partnership will take bancassurance services to new height by combining CCB Asia’s extensive customer network, cutting-edge fintech strengths and leading position in cross-border services with FWD’s digital offerings and insurance solutions. With such synergies, these two organisations will be able to capture new opportunities in the Greater Bay Area and provide comprehensive wealth management services to a wider group of CCB Asia customers.”
CCB Asia has been a long-term partner of FWD in the bancassurance business since 2007 and both signed a 10-year bancassurance partnership agreement in May 2021. Previously, the two organisations jointly launched an innovative and convenient online cross-platform insurance service and provided a new personalized insurance solution for banking customers. This included Wealth ICON Supreme II Insurance Plan and MaxFocus Vision Insurance Plan to meet the expanding needs of clients and to achieve flexible wealth management planning. This can drive the growth of related businesses for both parties and further demonstrates their mutually beneficial and win-win partnership strategy.
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About China Construction Bank (Asia)
China Construction Bank (Asia) Corporation Limited (“CCB (Asia)”) is the comprehensive and integrated commercial banking platform of China Construction Bank Corporation (“CCB”) in Hong Kong. As the flagship of CCB Group’s overseas business, CCB (Asia) holds a variety of licenses and provides a wide array of banking services including retail banking services, commercial banking services, corporate banking services and treasury business etc., along with its industry-leading advantages in RMB services, FinTech, cross-border services and green finance. Through the extensive network and diversified service channels of CCB Group in Mainland China and Hong Kong, CCB (Asia) provides comprehensive, one-stop and integrated finance solutions to individuals, corporate and institutional clients. Adheres to “market-oriented, customer-centric” business philosophy, with its integrated operational platform as the basis, FinTech as the core drive and innovation as the leading force, CCB (Asia) is committed to providing efficient, safe and novel smart banking services to the general public.
For more information about CCB (Asia), please visit www.asia.ccb.com.
About FWD Hong Kong & Macau
FWD Hong Kong & Macau are part of the FWD Group, a Pan-Asian life insurance business with approximately 10 million customers across ten markets, including some of the fastest-growing insurance markets in the world.
It offers life and medical insurance, employee benefits, and financial planning. FWD Macau provides a suite of life and medical insurance.
FWD is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.