Singapore-based financial company Singlife announced on Wednesday that it is partnering with GXS Bank. Together, they will include insurance coverage with the bank’s first investment product called GXS Invest.
Singlife said in a statement that GXS Invest is GXS Bank’s digital investment platform, which is available on its digital bank app.
GXS Bank is starting with the Fullerton SGD Cash Fund (Class G), a low-risk money market fund.
As part of the partnership, customers who invest in this fund through GXS Invest will get free group personal accident insurance from Singlife.
This insurance covers accidental death and total permanent disability. It helps protect customers’ income and financial goals without requiring the purchase of a separate insurance plan.
Eligible GXS customers will be covered for up to three times the amount they invest, up to a maximum of S$100,000 (about $77,843).
“Protection isn’t an afterthought – it’s the foundation that enables customers to invest with confidence,
“More than just bundling products, this partnership represents a fundamental shift in how insurance and investment can work together,” said Varun Mittal, Head of Innovation & Ecosystem at Singlife.
According to him, by leveraging GXS’s digital-native infrastructure, the firm is delivering protection at the exact moment customers take action toward their financial future.
“Singlife is proud to drive this change as we continue to
make protection available exactly when and where it’s needed, be it in banking, health, lifestyle, and beyond,” he added.
According to the statement, the collaboration bridges a gap in Singapore’s financial landscape, where traditional investment and insurance products are often offered separately.
With this partnership, customers can now invest and protect their money all in one product.
This deal with GXS Bank is part of Singlife’s plan to add insurance to digital services like health subscriptions and employee wellness programs, making insurance easier and more useful for people.
GXS Bank is a separate company and is not connected to Singlife’s other businesses.
GXS Invest is a service from GXS Bank, which is licensed and regulated by the Monetary Authority of Singapore.
Singlife is based in Singapore and also works in the Philippines. It offers a range of insurance products, including life, health, general insurance, investments, employee benefits, and financial advice.
Singlife provides digital services through the Singlife App and GROW with Singlife, an investment platform.
Singlife is now fully owned by Sumitomo Life, which bought the company in 2024.
As of December 31, 2024, Singlife manages over S$16 billion (about $12.45 billion) in assets.
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