FWD’s revolutionary Cash-up Insurance Plan makes saving easy through Octopus’ O! ePay

July 28, 2020 - 09:13
FWD’s revolutionary Cash-up Insurance Plan makes saving easy through Octopus’ O! ePay

Mobile wallet users now have a new and convenient way to start savings and gain insurance protection via the familiar stored value facility


HONG KONG, CHINA - Media OutReach - 28 July 2020 - FWD Hong Kong ("FWD") has introduced its Cash-up Insurance Plan("Cash-up"), a fintech initiative that makes it easy for Hong Kong's mobilewallet users to establish a savings habit while gaining life insuranceprotection at the same time. FWD's Cash-up is a collaboration with Octopus O!ePay, Hong Kong's iconic network based stored value facility operated byOctopus Cards Limited, and is available via a fully digital, intuitiveinterface where customers can conveniently apply for insurance plans, paypremiums, manage savings, gain returns and make withdrawals.

FWD partners with Octopus O! ePay toprovide Cash-up Insurance Plan, a digitalinsurance solution with guaranteed crediting interest rates to encourage HongKong's mobile wallet users to establish a savings habit.



Cash-upofferspolicyholders with guaranteed crediting interest rates of 4-2-2 over the firstthree policy years. The crediting interest will be calculated daily, creditedto the account and can be withdrawn at policy anniversaries.

"Cash-up is an easy-to-use insurance product, developed to meet thechanging needs of today's digital lifestyle and brings our vision to life as westrive to change the way people feel about insurance every single day," said KenLau, FWD Managing Director of Greater China and Hong Kong Chief ExecutiveOfficer. "In addition to added convenience, we also want to encouragepeople, especially the younger generation, to form strong saving habits. This partnershipwith O! ePay allows us to bring this message and our leading customerexperience to even more people in Hong Kong."  

"We aredelighted to welcome FWD as one of our O! ePay online payment servicemerchants.  The account value of Cash-upby FWD can also be used to top up O! ePay, essentially withdrawing the moneyback into O! ePay for everyday use. We believe this innovative cooperation willhelp make daily expense management even easier for our customers." said Mr.Sunny Cheung, Chief Executive Officer of OCL.


Cash-up application is a click away for mobile wallet users

FWD keeps everything simple for Cash-up from the very first step withOctopus' O! ePay. O! ePay Plus and O! ePay Pro account holders aged 19 to 70years (age next birthday) who are Hong Kong permanent identity card holders andwith the support of a second identity document (Home Return Permit or passport)are eligible to apply for Cash-up.  


Guaranteed returns for the first three years

Forming strong savings habits is important for young adults taking onfinancial responsibilities for the first time, and FWD's Cash-up offers policyholders a fast start with guaranteed creditinginterest rates of "4-2-2" over the first three policy years, i.e. 4% creditinginterest rate for contributions in the first year of the policy, followed by aguaranteed crediting interest rate of 2% for the second and third policy year. The crediting interest of Cash-up will be calculated daily,credited to the policyholder's account and can be withdrawn at each policyanniversary.

Easy to start with no fee for withdrawals plus death benefits

Cash-up can be activated simply with an initial premium payment of as littleas HK$300 through a credit card. There is no limit on the number of contributionsand account value withdrawals through O! ePay, as long as the contribution amountis within HK$300 to HK$5,000 each time and the withdrawal does not exceedHK$5,000 a day. Total contributions can be up to HK$20,000 per policy year andare capped at HK$100,000 per policy term (see also table 1). Unlike traditionalinsurance plans, Cash-up does not charge any fees for account value withdrawal,allowing for extra flexibility to manage savings and wealth.


Cash-up is a digital insurance option that combines saving andprotection by also providing life protection. On death, Cash up will pay a benefitof 105% of the account value and if the death is accidental, Cash up will pay afurther 100% or HK$20,000, whichever is lower.

Note: Cash-up Insurance Plan is underwritten by FWDLife Insurance Company (Bermuda) Limited (incorporated in Bermuda with limitedliability). The above information does not contain the full terms and benefitsof the policy, key product risks, and major exclusions. For details, pleaserefer to its product brochure and policy provisions downloadable at https://www.fwd.com.hk/en/save/cash-up/. This promotion material isintended to be distributed in Hong Kong only and shall not be construed as anoffer to sell, a solicitation to buy or the provision of any insurance productsof FWD outside Hong Kong. All selling and application procedures of thepromotion must be conducted and completed in Hong Kong.


Table 1:Premium contribution limit and withdrawal limit

Contribution limit

Number of contributions


Per each contribution

at least HK$300 but not more than HK$5,000

Within a policy year

Total contribution of not more than HK$20,000

Within the policy term

Total contribution of not more than HK$100,000

Withdrawal limit

Number of withdrawals


Per each withdrawal

Not less than HK$300

Within a day

Not more than HK$5,000

Account value immediately after each withdrawal

Not less than HK$300

About FWD Hong Kong & Macau

FWDHong Kong offers life and medical insurance, general insurance, employeebenefits, and financial planning. Its life insurance and general insuranceoperating entities have been assigned strong financial strength ratings byinternational rating agencies -- FWD Life Insurance Company (Bermuda) Limited (incorporatedin Bermuda with limited liability) is rated "A3" by Moody's and "A" by Fitch;and FWD General Insurance Company Limited is rated "A" by Fitch. FWD Macauprovides a suite of life and medical insurance.

FWDHong Kong & Macau is a part of the FWD Group, the insurance business ofinvestment group, Pacific Century Group. FWD Group spans Hong Kong & Macau,Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia.

By creating fresh customer experiences witheasy-to-understand products supported by digital technology, FWD aims to becomea leading pan-Asian insurer that changes the way people feel about insurance.

For more information about FWD Hong Kong & Macau please visit WWW.FWD.COM.HK and WWW.FWD.COM.MO.