{
  "id": 6267150,
  "title": "Income Insurance axes sale of platform to Embed after firm allegedly failed to pay CPF",
  "url": "https://urgent.news/2026/09/08/income-insurance-axes-sale-of-platform-to-embed-after-firm-allegedly-6267150",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-08T10:19:31.000Z",
  "source": {
    "name": "The Business Times - Singapore",
    "slug": "the-business-times-singapore",
    "url": "https://www.businesstimes.com.sg/singapore/income-insurance-axes-sale-platform-embed-after-firm-allegedly-failed-pay-cpf"
  },
  "original_language": "en",
  "account": "Income Insurance has cancelled its plan to sell its digital insurance platform, Hive, to Singapore-based fintech firm Embed Financial Group Holdings (EFGH) due to alleged failures in making mandatory Central Provident Fund (CPF) contributions for six employees. An Income Insurance spokesperson informed that employees previously set to move to EFGH will \"remain employed by Income Insurance for now\" and that the insurer will continue to provide support to its customers and partners to minimize disruption. The CPF Board detected the non-payment during the April 2026 deadline and TADM was notified by the end of April 2026. The Ministry of Manpower, CPF Board and the Tripartite Alliance for Dispute Management (TADM) are working on resolving the claims through mediation. EFGH, founded in 2024 by Dennis Ng, aims to provide inclusive finance across Africa and plans to expand into more parts of Asia. The company faced allegations of non-payment of salaries, with six salary claims lodged against EFGH as of September 4, 2026.",
  "summary": "[SINGAPORE] Income Insurance has terminated the proposed sale of Hive, its digital insurance platform, to Singapore-headquartered fintech firm Embed Financial Group Holdings (EFGH).",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Straits Times Business",
        "title": "Income Insurance axes sale of platform to Embed after firm allegedly failed to pay CPF",
        "url": "https://urgent.news/2026/09/08/income-insurance-axes-sale-of-platform-to-embed-after-firm-allegedly",
        "published": "2026-09-08T09:00:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}