The new partnership will be implemented this year and is part of both firms' commitment to growing in the region.

Standard Chartered Bank and Allianz have entered into a 15-year bancassurance agreement for Standard Chartered to distribute Allianz's general insurance products.

Products include travel, personal accident, fire and motor insurance products for retail banking clients in Hong Kong, Singapore, Malaysia, Indonesia and China.

The products will be distributed through Standard Chartered's branch network as well as a proprietary digital bancassurance platform.

"Bancassurance is a key focus for Standard Chartered as we continue to innovate and expand our offerings that meet the evolving needs of our clients in branches and online," said Karen Fawcett, chief executive of retail banking at Standard Chartered.

George Sartorel, regional CEO for Asia-Pacific at Allianz, said: “This partnership also builds on our shared commitment towards the growth and development of the Asia region, which is in line with Allianz's ambitions to expand our presence regionally, and to drive greater value for our customers and employees."

According to Allianz's economic research, Asia's demand for non-life insurance is expected to grow at 10.8 per cent per annum over the next four years to reach a total market size of approximately $280 billion by 2020, driven by emerging markets growth and Asia's rising insurance penetration rates.