15 September 2014
ONEPIP Group today announced that it is now insured under a Financial Institutions Civil Liability Insurance policy issued by AIG. ONEPIP Pte. Ltd., the parent company of ONEPIP (Hong Kong) Limited, is the first Money Service Operator (MSO) in Asia to be offered such an insurance cover by AIG.
AIG carries a network of over 64,000 people, and currently services more than 88 million clients in over 130 countries. Established more than 90 years ago, AIG specializes in providing insurance products for commercial, institutional and individual customers, and is currently the largest insurance organization in the world.
Having being insured by AIG, will give potential clients and strategic distribution partners, peace of mind when choosing to work with ONEPIP. In the event of any inaccuracy or miscalculation of funds resulting in a loss borne by a client, they may claim for financial compensation under the insurance policy. The insurance policy also includes employee’s error and omission, data protection and privacy, money laundering, defamation, and loss of documents.
Commenting on this Civil Liability coverage, Lee En Hui, CEO of ONEPIP Group says, “AIG is the largest insurance company in the world. Our technical staff had to convince AIG’s underwriters of the exacting standards in ONEPIP’s internal checks and balances processes, and that any claim on the insurance cover would only be a consequence of unforeseen circumstances including human errors. We are pleased that AIG has provided us with this insurance cover, and we had been informed that ONEPIP is the first MSO in the Asia region which they have covered under such an insurance policy. Reputation takes a long time to build, but can be lost in a moment. With this insurance policy now in place, together with ONEPIP’s holistic approach to operational risk management from the integrity of our people, to the integrity of our banking partners, to the integrity of our systems and processes, we hope that it will provide our clients with the added assurance when using our services.”