The signing ceremony took place on the sidelines of the World Economic Forum in Davos and was attended by Vietnam's Prime Minister Nguyen Xuan Phuc, Allianz SE board member Sergio Balbinot and FPT's founder and executive chairman Dr. Truong Gia Binh. (Photo: Shutterstock)
Allianz intends to enter the general insurance sector in Vietnam through a digital joint venture to be set up with the FPT Group. To expand Allianz's footprint in Asia, FPT Group will support Allianz to develop digital insurance products and services to meet the protection needs of local customers.
The memorandum of understanding proposes bringing the two complementary businesses together. Allianz will provide expertise and advice on best practices in insurance product customization, financial technology and asset management. 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.
Partnering into the future
The signing ceremony took place on the sidelines of the World Economic Forum in Davos and was attended by Phuc, Balbinot and Binh.
"FPT and Allianz are the perfect match to address the needs of the growing Vietnam market. Allianz has the protection expertise to provide accessible and innovative insurance services, while FPT provides the local knowledge and a digital network reaching an expanding, educated and youthful population," Binh said in a press release. "Our partnership is exciting for the future growth potential of Vietnam, and we look forward to many successes."
Vietnam is one of the fastest growing economies in Asia, with a general insurance market that is expected to experience robust growth. Combined with Vietnam's high internet and mobile penetration, the country is well placed for increased access to digital solutions.
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