Allianz Group on January 24 announced its intention to enter the general insurance sector in Vietnam through a digital joint venture (JV) to be set up with local IT company FPT Group, driving long-term success in the market and expanding Allianz’s footprint in Asia, stated the group in a press release.
FPT Group, as the strategic technology partner, will support Allianz in the fast-growing insurance market in Vietnam to develop innovative digital insurance products and services to meet the protection needs of local customers.
The Memorandum of Understanding (MOU) proposes bringing the two complementary businesses together, with Allianz providing expertise and advice on practices in insurance product customization, financial technology, and asset management.
Meanwhile, 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.
The signing ceremony took place on the side-lines of the World Economic Forum in Davos and was attended by Prime Minister of Vietnam Nguyen Xuan Phuc, Allianz SE Board Member Sergio Balbinot, and FPT’s Chairman Truong Gia Binh.
“We look forward to contributing to the continued development of Vietnam’s fast-growing insurance sector, boosting financial inclusion for the under-protected, and reaching an expanding pool of digitally-minded consumers,” said Regional Chief Executive of Allianz Asia Pacific George Sartorel said.
Allianz is one of the world’s largest investors, managing over EUR650 billion (US$741 billion) on behalf of its insurance customers while its asset managers Allianz Global Investors and PIMCO manage an additional EUR1.4 trillion (US$1.59 billion) of third-party assets.
FPT Corporation provides IT and telecommunication products and services in Vietnam and internationally. The company operates through information technology and telecommunication, and investment and education segments.