Ant Bank (Macao) and YF Life Launch the First Collaboration
Offering Free COVID-19 Protections to Advanced Account Users of Alipay (Macao)

March 31, 2021

Ant Bank (Macao) and YF Life Insurance International Limited (YF Life) have announced the launch of their new strategic collaboration. Leveraging the leading-edge mobile payment platform by Alipay (Macao) and YF Life’s extensive experience in the insurance industry in Macao, advanced account users of Alipay (Macao) may now enjoy a range of free COVID-19 protections as a value-added service, on top of the free vaccination protection provided by the Macao SAR Government.

From April 1 to December 31, 2021 (“the Benefit Period”), all Macao residents aged 18 to 60 who have been verified1 by Alipay (Macao), will be automatically enrolled in the free COVID-19 multiple protections2 underwritten by YF Life, without prior registration. During the Benefit Period, if an eligible user of Alipay (Macao) is diagnosed with COVID-19, or presents with adverse effects following vaccination, a benefit of MOP10,000 will be paid. In the unfortunate event that the user passes away due to COVID-19 or adverse effects following vaccination, a Death Benefit of MOP100,000 will be paid.

Venetia Lee, General Manager of Alipay in Hong Kong, Macao and Taiwan, says, “As an independent global leader in third-party payment platforms, Alipay is committed to addressing users’ needs for mobile payment in their daily lives—with just a simple click. We believe that the strategic collaboration between YF Life and Alipay (Macao) will offer our users peace-of-mind protections, while enhancing the reputation of Alipay (Macao).”

Mr. Edison Sam, Vice President of Digital Distribution at YF Life, says, “We are honored to be collaborating with Ant Bank (Macao). We believe that our strategic alliance will generate valuable synergies, and will introduce new momentum to our business development in Macao. We will strive to deliver excellence in insurance services to account users of Alipay (Macao) and look forward to working closely with the Alipay platform.”

Overview of Alipay (Macao)
About Alipay (Macao)

Operated by Ant Group, Alipay is the global leader in open platforms for the digital life. In 2004, Alipay pioneered third-party secured transaction services in China to address the issue of trust between online buyers and sellers in the early stages of e-commerce. From PC-based internet to mobile internet, and further developing to AI internet, Alipay has grown through continuous innovation, leading China to become the world leader in mobile payments. Currently, Alipay together with its global e-wallet partners, are serving approximately 1.2 billion users worldwide. With the launch of Alipay (Macao) by Ant Bank (Macao) on September 18, 2019, Macao residents are now able to own their own Alipay e-wallets for online and offline transactions. The service has been widely adopted by Macao people, especially the younger generations. At present, there are more than 200,000 Alipay (Macao) users in Macao.

Overview of YF Life

YF Life Insurance International Limited is a member of publicly listed Yunfeng Financial Group Limited, whose major shareholders include Yunfeng Financial Holdings Limited and Massachusetts Mutual Life Insurance Company, one of the “Five Largest US Life Insurance Companies”. Leveraging our robust financial background and solid reliability, YF Life is committed to helping customers “own the future” by providing professional and technology-enhanced one-stop risk- and wealth-management consulting services, as well as MPF services.

*Yunfeng Financial Holdings Limited and Massachusetts Mutual Life Insurance Company have an indirect shareholding in Yunfeng Financial Group Limited. The “Five Largest US Life Insurance Companies” is ranked according to the aggregate results of “Insurance: Life, Health (Mutual)” and “Insurance: Life, Health (Stock)” on total revenues for 2019, and based on the FORTUNE 500 as published on May 18, 2020.

1. The Alipay verification must be completed on or before April 30, 2021.
2. Subject to relevant terms and conditions.

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