- Published on Tuesday, 04 April 2017 15:08
- Written by Saigoneer.
Canada’s Sun Life Financial has acquired a 25% stake in Crescent Asia Limited, the holding company of Global Online Financial Solutions (GOFS), which owns the Timo platform.
Just a few weeks after receiving major funding to expand its operations, Timo, the digital banking disruptor, has also entered into a major partnership with Sun Life Insurance Vietnam to offer insurance products directly within the Timo mobile and desktop banking platform.
Late last month Sun Life Vietnam began a three-year partnership with GOFS. Sun Life can now offer its robust life and health insurance packages to Timo’s fast-growing membership base, which has reached over 40,000 individuals in under 10 months, while bank members will be able to apply for select policies directly through their mobile app.
This is just the latest example of how Timo is digitalizing processes that used to require tedious office visits and huge amounts of paperwork.
Kevin Strain, president of Sun Life Financial Asia, said of the agreement that “we are excited about our partnership with Timo as not only does it expand the breadth of our distribution channels in Vietnam, by offering our products through a fast and convenient digital platform, but it also gives Timo’s members access to our vast network of professional advisors.”
Meanwhile Larry Madge, CEO of Sun Life Vietnam, added “with our intense Client-centric approach, we will constantly find ways to provide smarter, faster and better services to Timo’s members that enhances their experience and helps them to achieve lifetime financial security.”
The move on Timo’s part is one facet of the fintech company’s strategy to provide users with a broad range of convenient digital financial services. Timo’s founder, Don Lam, shared that “our vision from day one has been to find the best digital solutions for our Timo members.”
The partnership with Sun life, he explained, "will bring a more robust financial management tool for everyone that is looking for easy access to their money and effortless management of their financial well-being."