Axa Hong Kong and Macau (AXA) has partnered with Ant Bank (Hong Kong) and AlipayHK (Hong Kong) to expand its suite of insurance products including solutions for savings, health protection, and wealth accumulation for wealth customers based in Hong Kong.

AXA Hong Kong and Macau is a member of the AXA Group, a leading global insurer with presence in 50 markets and serving 95 million customers worldwide.

With the partnership, Ant Bank and AlibayHK will create an "E-wallet X Digital Bank" model, designed to integrate digital banking services with e-wallet functionalities, leveraging AXA's expertise and insurance portfolio to deliver embedded insurance products and services powered by advanced technology.

Ant Bank is a subsidiary of global digital payment provider Ant International that provides financial products and services, including funds and wealth management, insurance products and services.

AlipayHK is a financial app that serves over 4.2 million residents in Hong Kong, with the company providing a range of services including domestic and cross-border payment services, fund transfers, top-up and withdrawal. Its app allows users to top up their AlipayHK balance using linked credit or debit cards and withdraw funds to their bank accounts.

Axa said it will initially launch its most popular life and savings products, including "FortuneXtra Savings Plan", "Wealth Ultra Savings Plan", "Max Wealth Insurance Plan", on Ant Bank and its mini app in the AlipayHK app.

It then will gradually integrate additional insurance product categories during the year.

Sally Wan, chief executive of AXA Greater China, said that the move will “leverage synergies” between the partners to stimulate new growth opportunities for the benefit of all parties.

"AXA has consistently been proactive in developing diverse distribution channels and expanding our customer base, striving to provide comprehensive and diversified wealth management and protection solutions to a broader range of customers,” she added.

Yvonne Leung, chief executive, Ant Bank added that the collaboration builds on its successful partnership with AlipayHK in areas such as payments, interest-earning balances, Buy Now, Pay Later, and funds, while further integrating AXA's insurance services into the digital ecosystem.

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