Allianz Partners With FPT Group to Enter Vietnam
Allianz has announced its intention to enter the general insurance sector in Vietnam through a digital joint venture (JV) to be set up with the FPT Group – as the strategic technology partner.
The Memorandum of Understanding (MOU) proposes bringing the two complementary businesses together, with Allianz providing 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.
“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.” – Member of Board Management, Allianz SE, Sergio Balbinot.
“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.” – Founder & Executive Chairman of FPT Group, Dr. Truong Gia Binh.
As the leading IT corporation in Vietnam with more than 10 years of experience in the insurance industry, FPT is well-placed to assist clients with end-to-end services, which are trusted by customers worldwide. Moreover, FPT guarantees an extensive ecosystem with technology expertise in multiple industries.
Vietnam is one of the fastest growing economies in Asia, with a general insurance market which is expected to experience robust growth. Combined with Vietnam’s high internet and mobile penetration, the country is well placed for increased access to digital insurance solutions.