Singapore Life Diversifies into Payments Through the Acquisition of Canvas

Singapore Life, known for its insurtech business seem to be throwing their hat into prepaid payments card space with their recent acquisition of Canvas, from local payments platform Yolopay. This news comes fresh after Singapore Life’s two funding rounds just last month.

Following the acquisition process, now completed, former Yolopay marketing director – Liam McCance – joins Singapore Life as chief marketing officer and head of its new fintech venture division.

Walter de Oude, Singapore Life’s founder and chief executive chimes in on the acquisition:

Walter de Oude

“We are extremely excited to bring Canvas to market and Liam onboard to spearhead Singapore Life’s latest tactical initiatives. Prepaid Visa card brand Canvas designed specifically for parents to manage their teens’ expenses is the way forward in an increasingly cashless society. Canvas is without a doubt, a practical financial solution for families; and an excellent teaching tool for young adults to learn how to prioritise their allotted pocket money prudently.”

 

“Along with our increasing number of wealth-centric product verticals, 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.”

Through soon-to-be launched prepaid Visa card brand Canvas, parents can decide the amount of pocket money they assign to their children. With Canvas, parents now have a simple yet highly effective cashless method to issue pocket money and manage spending limits. Other administrative tools include facilitating expenditure limits by the hour or even completely turn off use via mobile phone. The Canvas app will be available mid 2019 on Android and iOS devices.

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