Financial Service Provider AGBA Announces Acquisition Of Sony Life Financial Advisers

AGBA, a NASDAQ-listed financial services and insurance provider, announced the acquisition of Sony Life Financial Advisers, a Singapore-based duly licenced financial adviser and insurance broker.

The acquisition represents a significant milestone for the wealth and health group, indicating a new Asian hub for its operations. Despite being based in Hong Kong and the Greater Bay Area (GBA), AGBA chose Singapore for expansion due to the island nation's position and reputation as a centre for innovation, business, and finance.

AGBA group president Wing-Fai Ng stated in a news release that Southeast Asia, particularly Singapore, plays an important role in the development of financial service markets.

“As a company, AGBA will continue to leverage our existing infrastructure, business partners, and our large user base to optimise customer experience through technology,” Ng said. “The acquisition of Sony Financial Advisers is a win-win solution for both companies as our businesses are similar and our products are complementary. Our expectation is for the latest acquisition of Sony Life Financial Advisers in Singapore to bring forth new prospects and promising business opportunities — especially in the Southeast Asian region.”

Sony Life Financial Advisers managing director and CEP Yoshiki Moriyama stated in the same announcement that the agreement is good news for all stakeholders.

“We are confident AGBA has the capabilities, resources and commitment to take SLFA to new heights. We will work together with AGBA to obtain regulatory and other approvals. As we do so, SLFA will continue to deliver the high standard of service that its customers have come to expect,” Moriyama said.