AXS earmarks millions in partnership with HL Assurance to enhance cyber fraud protection for users

SINGAPORE, 28 May 2024 — AXS, a leading provider of secure and convenient payment solutions with over 23 years of industry experience, is investing $3.5 million to launch a Cyber Fraud Protection insurance feature in collaboration with HL Assurance.

The new initiative, available to AXS users from today till May 31, 2025, offers them enhanced protection against fraudulent activities and includes a complimentary $5 AXS bill payment e-voucher upon sign-up.

The Fraud Protect360 insurance covers AXS users for up to $1,000 against cyber incidents such as unauthorised electronic fund transfer from their personal bank accounts and online retail fraud where payment was sent but goods were not received.

Introduced in partnership with HL Assurance, this insurance plan aims to offer an extra layer of protection, ensuring peace of mind for users as they conduct their transactions on the AXS platform and engage in other online activities.

The user benefits are:

• Free Cyber Fraud Protection: The Fraud Protect360 insurance is provided at no additional cost, giving users essential financial protection without any extra expense.

• First in Singapore coverage: The Fraud Protect360 safeguards against fraudulent transactions across emails, mobile text messages (SMS), and WhatsApp which is the first in Singapore.

• Free e-voucher: Users who sign up for the Fraud Protect360 insurance will receive a $5 AXS e-voucher. This voucher can be used for bill payments and other services within the AXS mobile app, adding immediate value for users.

Chin Mun Chung, CEO of AXS Services, commented, 'We are thrilled to partner with HL Assurance to offer a first-of-its-kind fraud insurance and a $5 AXS bill payment voucher to all AXS mobile app users.

This initiative not only aims to provide our customers with peace of mind in their everyday lives but also seeks to help alleviate financial burden. Together, we are committed to delivering innovative solutions that offer comprehensive protection and tangible relief to our users.

Kelvin Lim, CEO of HL Assurance, said, "We are excited to announce the launch of our latest insurance product in collaboration with AXS. This partnership marks a significant milestone in our ongoing commitment to protect the best interests of our customers.

By leveraging AXS's platform and our innovative approach, we are confident that this new product will set a higher standard in safeguarding against fraudulent cyber activities, providing peace of mind and greater financial security to the public.

HL Assurance, a subsidiary of the prominent Hong Leong Group, is a respected insurance provider in Singapore and a member of the General Insurance Association (GIA), renowned for its wide array of insurance offerings. This partnership allows AXS users to benefit from HL Assurance's expertise in fraud protection and enhance their overall security experience.

AXS users can now sign up for the new feature within AXS mobile app and enhance their security at no extra cost. They just need to provide their name, date of birth, mobile number, and email address.

For more information, please visit www.axs.com.sg/promotion/gain-access-to-greater-protection-with-hl-assurance

About AXS

AXS Pte Ltd. was founded in year 2000 on the notion of bridging the digital barrier between consumers and business organisations.

With a remarkable 23-year track record in catering to the bill payment needs of both consumers and organisations on a multi-channel ubiquitous platform, AXS has emerged as the foremost payment solutions provider in Singapore. To date, they have processed over 650 million bills with total payment value exceeding $210 billion for Singapore residents.

AXS is licensed by the Monetary Authority of Singapore as a Major Payment Institution and certified with Data Protection Trustmark. Its secured and trusted platform garnered over one million consumers every month, with access to AXS's extensive range of over 800 bill payment services through a network of kiosks, mobile app and Internet portal.

With the support of its majority stakeholder, Tower Capital Asia, AXS's next step is to transform into a regional cloud-based payment solutions provider, delivering a more powerful and seamless payment experience to organisations and consumers regionally.

For more information, please log on to https://www.axs.com.sg

About HL Assurance

HL Assurance is a member of the Hong Leong Group, a leading conglomerate with diversified businesses in banking and financial services, manufacturing and distribution, property development and investments, hospitality and leisure, and principal investment with a presence in Asia, Europe, North America, and Oceania. As a licensed general direct insurer and a member of the General Insurance Association of Singapore, HL Assurance offers a broad spectrum of insurance products, including car, travel, home contents, and fire insurance.

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