PolicyPal first to enter Singapore fintech 'sandbox'
Singaporean insurtech firm PolicyPal has been approved as the first entrant to the government's fintech hothousing project after winning financial backing from venture fund 500 Startups and angel investors. The company, whose technology helps users manage their insurance policies, plans to use the money to test its products and experiment with new ideas in the "sandbox" scheme run by the Monetary Authority of Singapore, the city state's central bank. Since its launch last year, PolicyPal has amassed 8,000 users who take advantage of its artificial intelligence-driven digital policy management product.

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