Singapore Life acquires fintech platform Canvas

Insurance company Singapore Life has acquired Canvas, a prepaid card platform, from local payments platform Yolopay.

Canvas is a Visa card brand aimed at parents who can issue children with pocket money and manage spending limits, with an app to adjust this set to be available this year.

As per the terms of the acquisition, Liam McCance, a former partner at Yolopay, will join Singapore Life as Chief Marketing Officer of its new fintech venture division.

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McCance stated: “Singapore Life intends to leverage on innovations via acquisitions, investments, and partnerships with companies aligned with Singapore Life’s ‘digital-first’ ethos. We expect to make more collaborative announcements in the near future.”

Walter de Oude, founder and chief executive at Singapore life, said: “We are extremely excited to bring Canvas to market and Liam onboard to spearhead Singapore Life’s latest tactical initiatives.”

De Oude praised the practicality of the Canvas solution as well as its ability to teach young people how to prioritise their finances.

He added: “Canvas is a great addition to the Singapore Life family and adds payment functionality to our core offerings. We are constantly looking to adapt and evolve our technology to provide value-added services to our customers. All this would not have been possible without the immense faith and trust placed in us by our partner Visa.”