Income Insurance Limited has 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 within Income Insurance over the past five years as an API-first digital infrastructure layer connecting core systems to distribution channels, enabling insurers and partner platforms to launch products at speed and scale, including stackable micro-insurance, subscription-based and usage-based products. The platform has supported partnerships with insurers, digital platforms and service providers in Singapore and the region.
Following the transfer, HIVE will form part of EFGH’s broader technology stack, extending its distribution reach beyond Singapore and Southeast Asia. Income Insurance employees involved in HIVE’s development and operation will transfer to EFGH.
“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,” said Andrew Yeo, CEO of Income Insurance.
Dennis Ng, Executive Chairman of EFGH, 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 partners with governments, regulated financial institutions and enterprises to deploy embedded finance at scale, with capabilities spanning programmable payments, embedded insurance, cross-border digital systems and blockchain-based trust infrastructure. In Singapore, it has partnered with SimplyGo, the system integrator for the public transport ticketing and payments ecosystem, to explore embedded micro-insurance within the SimplyGo app. EFGH has entered a definitive business combination agreement with a US-listed special purpose acquisition company, implying an equity value of approximately US$425 million, ahead of a proposed listing on the New York Stock Exchange.
Income Insurance will continue to use the HIVE platform as a customer after completion. The transfer does not change existing policy terms, benefits, or claims processes for policyholders, and is expected to close in the third quarter of 2026.