Hong Kong-headquartered AGBA Group Holding has entered into a sale and purchase agreement to acquire Sony Life Financial Advisers (SLFA), a licensed financial adviser in Singapore.
The AGBA Group offers the broadest set of financial services products in the Greater Bay Area in China.
While AGBA’s primary focus is in the Greater Bay Area in China, Singapore was selected for expansion due to the island nation’s position and reputation as a global centre for innovation, business and finance, AGBA said.
Singapore is also home to one of the largest and fastest growing family office and wealth management centres in the world. AGBA believes its advanced technology and infrastructure in wealth management will offer the industry compelling solution sets in the long run, it added.
“We are confident AGBA has the capabilities, resources and commitment to take SLFA to new heights,” said Yoshiki Moriyama, managing director and CEO of Sony Life Financial Advisers. “This agreement is good news for all stakeholders. We are committed to support AGBA and to ensure that SLFA is well positioned to succeed.”
“The acquisition of Sony Financial Advisers is a win-win solution for both companies as our businesses are similar and our products are complementary,” said Wing-Fai Ng, group president of AGBA Group Holding. “Our expectation is for the latest acquisition of Sony Life Financial Advisers in Singapore to bring forth new prospects and promising business opportunities — especially in the southeast Asian region.”