Singapore, 18 June 2026 – Income Insurance Limited (Income Insurance) today announced the business transfer of its digital insurance platform, HIVE to Embed Financial Group Holdings Pte Ltd (EFGH), a Singapore-headquartered digital financial infrastructure group.
HIVE was developed and incubated within Income Insurance over the past five years to support product innovation, digital distribution, and customer engagement. The platform serves as an API-first digital infrastructure layer that connects core systems to distribution channels, orchestrating innovative insurance product constructs, data and customer journeys to embed insurance into everyday consumer moments. This enables insurers and partner platforms to launch insurance solutions at speed and at scale, including stackable micro-insurance, subscription-based and usage-based products.
The platform has been used to support partnerships with a range of ecosystem partners, including insurers, digital platforms and service providers in Singapore and the region, and has contributed to the development of more flexible and accessible insurance propositions that address protection gaps in Southeast Asia.
EFGH’s operating model centers on enabling enterprises to integrate financial services, including insurance, into their existing customer journeys. Following the transfer, HIVE will form part of EFGH’s broader technology stack supporting these use cases. The transfer will position HIVE beyond a regional digital ecosystem platform player, where it can continue to evolve globally with expanded market reach and broader international opportunities alongside complementary capabilities in embedded finance.
Income Insurance employees currently involved in the development and operation of HIVE will be transferred to EFGH as part of the business transfer to provide continuity for the platform while enabling the team to continue its work within a dedicated infrastructure environment.
Andrew Yeo, CEO, Income Insurance said “Over the past five years, we have built HIVE into a strong, scalable platform that has delivered meaningful value to our customers and partners around Southeast Asia. We believe the time is right for HIVE’s next phase of growth within a global digital ecosystem platform player that is well placed to accelerate growth and expansion to further unlock its full potential.”
Dennis Ng, Executive Chairman of Embed Financial Group Holdings Pte Ltd, said “Insurance works best when it is present at the right moment, not searched for after the fact. HIVE was built to make that possible. Bringing it into EFGH’s infrastructure gives us a platform capability that extends what we can offer across the markets and partnerships we are already building, from public transport in Singapore to cross-border financial services across Asia and Africa. This is a practical addition, not just a strategic one.”
EFGH is a Singapore-headquartered digital financial infrastructure group that partners with governments, regulated financial institutions and enterprises to deploy embedded finance at scale. Its capabilities include programmable payments, embedded insurance, cross-border digital systems and blockchain-based trust infrastructure. In Singapore, EFGH has entered into strategic partnerships with SimplyGo Pte. Ltd., the system integrator for Singapore’s public transport ticketing and payments ecosystem, to explore embedded micro-insurance services within the SimplyGo app. EFGH has entered into a definitive business combination agreement with a U.S.-listed special purpose acquisition company, implying an equity value of approximately US$425 million as set forth in the business combination agreement, ahead of a proposed listing on the New York Stock Exchange (NYSE).
Following the completion of the business transfer, Income Insurance will continue to utilise the HIVE platform as a customer. The business transfer of HIVE does not, in itself, change Income Insurance’s existing insurance policy terms, benefits, and claims processes for policyholders.
The business transfer is expected to close in the third quarter of 2026.
For media queries, please contact:
Praveen Randhawa, Income Insurance
Email: praveen.randhawa@income.com.sg
Eugene Leow, EFGH
Email: eugene.leow@efgh.xyz
Yvonne Koh, Saeloun Asia
Email: yvonne.koh@saelounasia.com
Tel: +65 9005 5908
About Income Insurance
Income Insurance Limited (Income Insurance) is one of the leading composite insurers in Singapore, offering life, health and general insurance. Established in Singapore to plug a social need for insurance in 1970, Income Insurance continues to put people first by serving the protection, savings and investment needs of individuals, families and businesses today. Its lifestyle-centric and data-driven approach to insurance and financial planning puts the company at the forefront of innovative solutions that empower the people it serves with better financial well-being.
Additionally, Income Insurance is committed to being a responsible business that champions the environment and builds stronger communities by supporting financial inclusion, education for youth-in-need and seniors’ well-being.
For more information, please visit www.income.com.sg
About Embed Financial Group Holdings
EFGH is a Singapore-headquartered digital financial infrastructure group that partners with governments, regulated financial institutions and enterprises to deploy embedded finance at scale. Its capabilities include programmable payments, embedded insurance, cross-border digital systems and blockchain-based trust infrastructure. EFGH operates via a B2B2C model across markets in Asia and Africa. EFGH has entered into a definitive business combination agreement with a U.S.-listed special purpose acquisition company, ahead of a proposed listing on a major U.S. exchange.
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