Income Insurance axes sale of platform to Embed after firm allegedly failed to pay CPF
NTUC said workers from EFGH have reached out for help regarding salary arrears.
Income Insurance has cancelled plans to sell its digital insurance platform, Hive, to Singapore-based fintech firm Embed Financial Group Holdings (EFGH). This decision was made after EFGH was sued for allegedly not paying mandatory CPF contributions for six of its employees. An Income Insurance spokesperson stated that the employees who were to be transferred to EFGH "remain employed by Income Insurance for now".
The insurer added that they will continue to support their employees, maintain continuity for customers and partners, and minimise disruption to the services they rely on. EFGH was founded in 2024 by Dennis Ng, with the executive chairman and group chief executive previously holding senior roles at Prudential, Allianz and Citi.
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