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 today at the opening of their Hong Kong office.
Hong Kong is the company’s second location in Asia, as they expand to match regional growth in the life insurance industry. FRS previously announced the opening of their South-East Asian headquarters at Menara Darussalam, Kuala Lumpur.
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% to $451.7bn. Research published from Munich Re puts growth in Asia’s emerging markets at above 10% for 2017-18. The same research placed Asian market share of the global insurance industry at 21.4% 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.”
Emerging markets challenges
The emerging markets of Asia and the Middle East share many of the same challenges, and FRS software is well positioned to assist in both regions. The Hong Kong office opening comes amid the month-long Hong Kong and Macau Irish Festival, centred around St Patrick’s Day on 17 March. The festival celebrates Irish culture along with strengthening business and investment links. It also comes on the heels of Cathay Pacific announcing direct flights from Hong Kong to Dublin four times a week from June 2018.