PRNewswire
Hong Kong, June 3: Today, Bindo Labs – the parent company and developer of Wonder, a leading payments gateway and fintech platform for merchants in Hong Kong – announced its collaboration with Generali Hong Kong, a member of Generali Group, one of the world’s largest integrated insurance and asset management groups, to digitalise payments acceptance for insurance premium collections from policyholders in Hong Kong. A first-of-its-kind innovation, this collaboration leverages Citi’s Spring by Citi® digital payment acceptance solution to enhance Generali Hong Kong’s payments’ processing, supporting a more unified customer experience.
The strategic collaboration between Wonder, Generali Hong Kong and Citi® will link premium collections with policy statuses through automated payments reconciliation and digital payment methods. The solution will both, accelerate insurance policy underwriting growth and improve operational efficiency, as well as enhance the overall customer experience by offering greater convenience.
This collaboration marks the first time a global insurance company in Hong Kong can:
– Integrate with over 20 payment methods through Wonder’s unified online and offline payment solution and Citi’s Spring by Citi platform.
– Manage cost of acceptance through transparent “interchange plus” pricing model.
– Combine digital payment acceptance with direct cash settlement to Citi.
– Offer all services on a cloud-based platform which enables effortless upgrades for future development.
Jason Ngan, Founder and Chief Executive Officer of Wonder said in a company statement, “The strategic collaboration between Wonder and Citi is founded on the mutual dedication and commitment to empower Generali Hong Kong and its valued clients with streamlined payment solutions for making and receiving payments. Through this landmark collaboration between a bank and fintech in serving leading global financial institutions, it strongly signifies to the banking and finance community that banks and fintechs are not competitors, but rather are ideal strategic collaborators, capable of unleashing synergies through cooperation and jointly creating new value.”
Alessandro Lavenia, Chief Financial Officer of Generali Hong Kong further added, “Generali Hong Kong has focused on expanding its payment options for policyholders in Hong Kong to drive growth and prepare for future business opportunities. Previously, each new payment method required a dedicated gateway, leading to slow time-to-market. With this strategic collaboration, we can readily adopt new payment methods more quickly while enhancing operational efficiency and customer experience.”
Anoushka Dua, Head of Payments – Asia South, Japan, Asia North & Australia, Services at Citi said “As our insurance clients swiftly embark on extensive digital transformations, they are reshaping their product offerings into a suite of digital services to remain competitive and enhance customer experiences. We are pleased to support them and act as their banking collaborator on this digital journey, and we look forward to growing together in this dynamic market.”
Priyanka Gargav, Head of Spring by Citi – APAC & EMEA at Citi said, “Spring by Citi, our innovative digital payment acceptance solution, is empowering insurance clients in their digital transformation. By collaborating with leading fintechs, we aim to deliver, amongst other things: faster settlement, transparent and lower cost, more streamlined reconciliation, and a best-in-class customer experience.”
This strategic collaboration gained significant attention at the 2024 Hong Kong FinTech Week, showcasing the benefit of a bank and fintech collaborating together to create a more unified payments acceptance solution for businesses and consumers.
About Generali Hong Kong
In 1981, Assicurazioni Generali S.p.A. was first registered as an authorised insurer in Hong Kong, with the business extending into the life insurance sector in 2016 with Generali Life (Hong Kong) Limited. With a combination of local knowledge and Generali Group’s global expertise, we develop unique and innovative life insurance, general insurance, specialty insurance, and employee benefits solutions to meet the needs of our customers.
Website: www.generali.com.hk
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi
About Wonder
Wonder is a leading payments and FinTech platform for merchants in Hong Kong and Asia Pacific, enabling any merchant, from micro-businesses to multinational enterprises to pay and get paid effortlessly.
Wonder is Hong Kong’s first full-stack omni-channel payments platform, allowing merchants to digitally complete KYC onboarding in minutes, open an account, accept payments, pay digitally, and manage transactions all from one single platform. Key products include Wonder App, Wonder Terminal, Wonder Dashboard, Wonder Card and Wonder Taxi. Beyond the full-stack suite of payments and FinTech products, Wonder has also pioneered instant payments settlement (T+0) in Hong Kong and continues to expand access to digital financial services through innovation and strategic partnerships.
Headquartered in Hong Kong, Wonder completed a Series A funding round led by Hong Kong Telecom (HKT), and has offices in Hong Kong, Japan, Taiwan, Singapore, Malaysia, Shenzhen, and Changsha.
Website: https://wonder.app
Media Contact:
Name: Wonder Inquiry
Email: inquiry@wonder.app
(ADVERTORIAL DISCLAIMER: The above press release has been provided by PRNewswire. ANI will not be responsible in any way for the content of the same)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages
