FWD Group is pleased to collaborate with ToVest within the RWA ecosystem to introduce innovative wealth protection solutions to the digital asset space. Together, we are launching integrated insurance options for tokenized gold, equities, and digital instruments, ensuring that as our customers’ portfolios evolve, their protection remains steadfast and secure.

Financial Profile and Strength of FWD

FWD currently serves approximately 34 million customers across 10 Asian markets, with total assets under management of around USD 59.4 billion (2025). The Group’s consolidated capital adequacy ratio stands at 283%, significantly above regulatory requirements, underscoring its strong solvency and financial resilience. In the first nine months of 2025, new business value (APE) grew 37% to USD 1.935 billion, while new contract service margins increased 27% year-on-year to USD 1.158 billion.

The Group’s 2025 Hong Kong IPO raised approximately USD 466 million in new capital, accompanied by deleveraging initiatives through refinancing and repayment of USD 1.65 billion in debt, which reduced annual finance costs by USD 72 million. FWD ranks among the Top 7 MDRT (Million Dollar Round Table) global multinational insurers (2025), reflecting a strong financial advisory network and robust distribution capabilities.

ToVest and the Expansion of RWA

ToVest is an investment and trading platform for tokenized real-world assets and digital assets, enabling investors to access economic exposure to gold, commodities, equities, and other traditional financial instruments through tokenization. The platform emphasizes transparency, cross-border accessibility, and liquidity, combining traditional financial standards with blockchain-based infrastructure for both retail and institutional users.

With RWA emerging as one of the fastest-growing segments in digital assets, the integration of insurance into RWA markets is seen as a natural next step to enhance risk management and drive broader market adoption.

Rationale for the Partnership

The partnership aligns with FWD’s digital insurance expansion strategy and its focus on capturing younger customer segments, where demand for asset protection linked to digital financial transactions is rising sharply. Meanwhile, ToVest provides technology and distribution capabilities, particularly in real-time portfolio monitoring and risk-alert systems.

Planned Product Models

Both parties have agreed to develop and implement several product models, including:

Insurance for RWA Positions and Tokenized Assets

Allows users to insure tokenized RWA positions such as GOLDx or tokenized stocks, with an expected annual premium of 0.5–1%. The goal is to mitigate price volatility or operational risks and increase long-term holding rates.

“Hold & Protect” Program

Encourages users to maintain RWA holdings for longer periods in exchange for free insurance coverage for 30–90 days, aiming to improve capital stickiness on the platform.

Referral-Linked and Agent-Distributed Insurance

Expands distribution channels via agents and KOLs, where both referrers and referees may receive complimentary coverage upon meeting activity thresholds.

AI Risk Alerts with Automated Insurance Recommendations

Leverages real-time data to issue liquidation-risk alerts and recommend suitable insurance coverage, helping users avoid large drawdowns in leveraged trading.

Joint Market Activation and Events

Targeting Hong Kong, Vietnam, Indonesia, and Thailand — markets where FWD maintains commercial presence and sizable customer bases.

Market Implications

The insurance-enabled RWA model may facilitate broader adoption of digital asset products, especially in emerging markets where legal protections for digital assets remain limited. The partnership is viewed as an important step in establishing insurance as a stabilizing financial layer for tokenized markets, similar to how credit insurance products historically supported the development of corporate bond markets.