• Nna/kyodo

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Sumitomo Life Insurance Co. has purchased a stake of about 25 percent in Singapore Life Pte. for $90 million in a drive to capitalize on the fintech startup’s long-term growth.

Sumitomo Life completed the transaction to become a major shareholder last Friday, spokesman Akira Sasaki told NNA on Monday, adding that the major life insurer will have a director on the Singapore Life board.

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