Hong Kong, 12 March 2018
As Emerald Isle strengthen ties with Hong Kong, Dublin based insurance software company expands in East Asia
Financial Risk Solutions (FRS), a Dublin-based provider of unit-linked investment administration and compliance oversight software, was joined by An Tánaiste, Simon Coveney TD to open their Hong Kong office at International Commerce Centre. It marks their second location in Asia, as the company expands to match regional growth in the life insurance industry.
Matthew Baldwin, Head of Asia, Financial Risk Solutions commented “It is a privilege for FRS to have the Tánaiste, Simon Coveney TD open our new Hong Kong office. This marks a exciting time for the company as we expand further to service our clients in Asia’s thriving life insurance market”.
Statistics released by the Insurance Agent Registration Board (IARB) showed that in 2016, the total gross premiums of the Hong Kong insurance industry increased by 20.7 percent to $451.7 billion. Research published from Munich Re puts growth in Asia’s emerging markets at above 10 percent for 2017-2018. The same research placed Asian market share of the global insurance industry at 21.4 percent by 2025.
Baldwin continued “Our Robotic Process Automation (RPA) fund administration software has been well received with regional life insurers. We are extremely encouraged by this response in the large populous Asian markets, where pensions are a huge agenda point for both government and individuals making appropriate provision for their old age.”
Further announcements are expected from the company as FRS is engaged with six leading life companies across China, Indonesia, Thailand, the Philippines, Malaysia and Singapore. The opening comes amid the month long Hong Kong and Macau Irish Festival, also known as the March of the Irish. It celebrates Ireland culture along with developing business and investment links, with activities centred around Ireland’s national day, St. Patricks Day on March 17th. It also comes on the heels of Cathay Pacific announcing direct flights from Hong Kong to Dublin four times a week. FRS previously announced the opening of their South East Asian headquarters at Menara Darussalam, Kuala Lumpur.
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