The acquisition is a key milestone for AGBA’s business and expansion beyond the Greater Bay Area into Southeast Asia.

NASDAQ-listed AGBA
Group Holding Limited has entered into a sale and purchase
agreement to acquire Sony Life Financial Advisers Pte Ltd, a duly
licensed financial advisor and insurance broker in Singapore.
AGBA, together with its subsidiary, the AGBA Group, is a one-stop
financial supermarket based in Hong Kong.

With over 400,000 individual and corporate customers, the AGBA
Group offers the broadest set of financial services and
healthcare products in the Greater Bay Area in China. It serves a
large captive customer base, while at the same time unlocking
growth through the introduction of innovative new wealth and
health products and services through a variety of B2B and B2C
distribution channels.

The latest acquisition was announced by AGBA last week. While
AGBA’s primary focus is in the Greater Bay Area in China,
Singapore was chosen for expansion due to the island nation’s
position and reputation as a global centre for innovation,
business and finance. Ranked 10th place for average income by
country, Singapore is known to have one of the highest saving
rates in the world.

Singapore is also home to one of the largest and fastest growing
family office and wealth management centres in the world. AGBA
believes its advanced technology and infrastructure in wealth
management will offer the industry compelling solution sets in
the long run.

Yoshiki Moriyama managing director and CEO, Sony Life Financial
Advisers Pte Ltd said, “We are confident AGBA has the
capabilities, resources and commitment to take SLFA to new
heights. We will work together with AGBA to obtain regulatory and
other approvals. As we do so, SLFA will continue to deliver the
high standard of service that its customers have come to expect.
When such approvals are given, Sony Life and AGBA are both
committed to ensure an orderly and seamless transition. This
agreement is good news for all stakeholders. We are committed to
support AGBA and to ensure that SLFA is well positioned to
succeed.”

Wing-Fai Ng, group president, AGBA Group Holding Limited said
that beyond the Greater Bay area, Southeast Asia is important in
the development of financial service markets. “Singapore, in
particular, holds magnificent potential for this, given its
strategic geographical location and status as a global centre for
innovation and finance.

“As a company, AGBA will continue to leverage our existing
infrastructure, business partners, and our large user base to
optimise customer experience through technology.” Ng added that
AGBA will increase the strength of its competitive advantages in
procuring and financing new clients and partners.

“The acquisition of Sony Financial Advisers is a win-win solution
for both companies as our businesses are similar and our products
are complementary,” Ng said. “Our expectation is for the latest
acquisition of Sony Life Financial Advisers in Singapore to bring
forth new prospects and promising business opportunities -
especially in the Southeast Asian region.”

Yoshiki Moriyama (left), Managing Director and CEO, Sony Life
Financial Advisers Pte Ltd, and (right) Wing-Fai Ng, Group
President, AGBA Group Holding Limited.

Sony Financial Advisers is a duly licensed financial advisor and
insurance broker in Singapore which was established in 2017. It
has become a retail financial services advisory firm that serves
mass affluent retail customers (comprising Japanese residing in
Singapore as well as local residents) for both their protection
and investment needs.

Established in 1993, the AGBA Group offers financial services and
healthcare products in the Greater Bay Area in China.