The Singapore regulator has approved a licence for the life insurance firm, enabling to start offering services to clients such as HNW individuals.

Singapore Life, which caters to clients such as high net worth individuals, has got a green light to be a fully licensed direct life insurer by the Monetary Authority of Singapore, becoming the first local player to get this status in almost half a century.

Starting in HNW customer segment, Singapore Life will provide alternative solutions to individuals using the Asia city-state as a financial hub and destination.

Regulatory clearance was granted by the Monetary Authority of Singapore, Singapore Life said, becoming the first domestic organisation of its type to get such a licence since 1970. 

The company said it will soon offer life insurance solutions across the wealth spectrum, either via digital channels or with the help of an advisor.

Singapore Life raised $50 million, which it said is the largest-ever such sum by a Singapore-based InsurTech company -  in its Series A funding round in April this year. International shareholders involved in that money-raising round were Credit China FinTech Holdings Limited and IPGL Limited. It has also partnered with Munich Re Group and Pacific Life Re.