Manulife Expands Bank Partnership Network In Asia

Tom Burroughes

7 January 2016

Singapore-headquartered already was the main provider to DBS of insurance solutions in Hong Kong and Indonesia, and its second largest provider in Asia overall, DBS said.

The firms are co-funding up to S$100 million ($69.6 million) over the next 15 years to be invested in digital technology and innovation enhancements.

In September, Manulife and Standard Chartered entered a distribution partnership – also for 15 years – giving Manulife exclusive rights to offer its Mandatory Provident Fund to the bank’s customers in Hong Kong. Under that arrangement, Manulife acquired Standard Chartered’s existing MPF and occupational retirement schemes ordinance businesses, and the related investment management entity. Manulife has, meanwhile, broadened its wealth management capabilities in recent months (see an example here).

DBS said its 6 million retail, wealth and small- and medium-sized business customers can access Manulife’s life and health solutions and do so across the bank’s network of over 200 branches and its sales force of over 2,000 professionals.

Manulife Financial Asia is part of the Canada-headquartered financial services group Manulife.