The collaboration aims to combine banking and insurance offerings, reflecting a broader trend of integration within the financial services sector in Asia.
The partnership, announced as PAObank marks its fifth year of operations, is designed to create a unified platform where customers can access both banking and insurance solutions.
A central feature of the partnership is the launch of new joint initiatives, including a campaign titled “5th Anniversary Treasure Reward.”
This campaign offers PAObank customers the opportunity to earn cash rewards by completing specific actions, such as setting PAObank as their default FPS account, exchanging foreign currency through the bank’s app, and making new time deposits. Customers who complete all three tasks are eligible for a total of HKD1,000 in cash rewards.
In addition, new retail banking customers who open an account using a referral code will receive complimentary travel insurance provided by CPAIHK. These customers will also benefit from an 18% annual interest rate on a one-month Hong Kong dollar time deposit, up to a maximum of HKD50,000. CPAIHK customers opening a PAObank account are eligible for a 20% annual interest rate on a similar deposit product.
PAObank chief executive Ronald Iu described the collaboration as part of a broader strategy to integrate insurance into digital banking.
“As a member of Ping An, PAObank is committed to integrating insurance into our banking services. Each company within the group carries unique strengths, enabling us to create a ‘1+1>2’ experience for our customers,” he said.
He added that the collaboration with CPAIHK marks the initial phase of a long-term plan to create a unified ecosystem for insurance and banking.
“This collaboration with CPAIHK is just the first step in our strategic blueprint, aiming to build an integrated insurance and banking ecosystem where customers can fulfil their financial needs within a single app, enjoy exclusive benefits and protection, and propels PAObank into a bank with insurance DNA,” Iu said.
Kelvin Cheung, managing director of CPAIHK, added that the company regularly utilises the group’s integrated financial infrastructure to enhance its service offerings.
“We are delighted to deepen our collaboration with PAObank, integrating insurance and banking services to provide our customers with superior wealth management and protection solutions,” he said.
