Singapore – Income Insurance has transferred its digital insurance platform, HIVE, to Singapore-based Embed Financial Group Holdings (EFGH), in a move aimed at expanding the platform’s reach and development within the embedded finance sector.
Announced on June 18, the business transfer sees HIVE become part of EFGH’s digital financial infrastructure portfolio. Financial terms of the transaction were not disclosed.
Developed and incubated within Income Insurance over the past five years, HIVE functions as an API-first digital infrastructure platform designed to connect insurers’ core systems with distribution channels. The platform enables insurers and partners to launch insurance products such as micro-insurance, subscription-based offerings and usage-based coverage through digital ecosystems.
According to Income Insurance, HIVE has supported partnerships with insurers, digital platforms and service providers across Singapore and Southeast Asia, helping develop insurance propositions intended to address protection gaps in the region.
Following the transfer, HIVE will be integrated into EFGH’s broader technology infrastructure, which supports enterprises seeking to embed financial services into existing customer journeys. The company said the addition of HIVE will strengthen its capabilities in embedded insurance alongside its existing offerings in programmable payments, cross-border digital systems and blockchain-based trust infrastructure.
As part of the transfer, employees involved in HIVE’s development and operations will move to EFGH to maintain continuity of the platform and its services.
Andrew Yeo, CEO of Income Insurance, said: “Over the past five years, we have built HIVE into a strong, scalable platform that has delivered meaningful value to our customers and partners around Southeast Asia. We believe the time is right for HIVE’s next phase of growth within a global digital ecosystem platform player that is well placed to accelerate growth and expansion to further unlock its full potential.”
Dennis Ng, Executive Chairman of EFGH, said: “Insurance works best when it is present at the right moment, not searched for after the fact. HIVE was built to make that possible. Bringing it into EFGH’s infrastructure gives us a platform capability that extends what we can offer across the markets and partnerships we are already building, from public transport in Singapore to cross-border financial services across Asia and Africa. This is a practical addition, not just a strategic one.”
EFGH, headquartered in Singapore, works with governments, regulated financial institutions and enterprises to deploy embedded finance solutions. The company has previously announced partnerships with SimplyGo to explore embedded micro-insurance services within Singapore’s public transport ecosystem. EFGH has also entered into a definitive business combination agreement with a U.S.-listed special purpose acquisition company, which values the company at approximately US$425 million and is intended to support a proposed listing on the New York Stock Exchange.
Income Insurance said it will continue using the HIVE platform following the transfer. The company added that the transaction does not alter existing policy terms, benefits or claims processes for its policyholders.
