Singapore and Lusaka, 22 December 2025 - Embed Financial Group Holdings Pte. Ltd. (“EFGH”), a Singapore-incorporated financial technology and digital infrastructure group, has signed a Master Services Agreement (“MSA”) with Phoenix Assurance of Zambia Limited (“Phoenix”), a licensed insurer incorporated in Zambia.

The agreement establishes a formal framework for the digital and embedded distribution of Phoenix’s insurance products through digital and partner-led channels.

Under the MSA, EFGH will provide access to its digital infrastructure and integration capabilities to support distribution through ecosystem partners. Phoenix will make available its insurance products and will remain responsible for underwriting, product approvals and regulatory compliance in the jurisdictions where such products are offered.

The parties intend to explore expansion opportunities in Zambia, Namibia, Eswatini, Mozambique and Botswana, subject to regulatory and operational feasibility. Specific scope, technical requirements and commercial terms will be defined in separate Statements of Work to be executed between the parties.

The agreement sets out provisions governing confidentiality, intellectual property ownership, data protection and compliance. EFGH retains ownership of its platform and related intellectual property and grants Phoenix a limited licence for use in connection with the agreed distribution initiatives. Pre-existing intellectual property remains with the originating party.

Both parties have committed to compliance with applicable insurance, financial services and data protection laws, including the Zambian Data Protection Act 2021, Singapore’s Personal Data Protection Act and other relevant regulatory requirements in the jurisdictions where services are performed.

The MSA is governed by the laws of Zambia and includes arbitration provisions under the Singapore International Arbitration Centre rules, as specified in the agreement.

No financial terms were disclosed.

About Embed Financial Group Holdings

Embed Financial Group Holdings Pte. Ltd. is a Singapore-based financial technology and digital infrastructure group focused on enabling embedded finance and digital insurance distribution across Africa and Asia.

About Phoenix Assurance of Zambia Limited

Phoenix Assurance of Zambia Limited is a licensed insurance company incorporated in Zambia, providing insurance products within its authorised markets.