Singapore Life acquires prepaid Visa card brand Canvas

The spending tracker platform is expected to launch by mid-2019.

Online-only insurer Singapore Life has acquired the prepaid Visa card brand Canvas from mobile payment company Yolopay with the goal of launching the platform in mid-2019 as it enters the competitive prepaid card space.

The mobile app Canvas aims to provide a way for parents to track their children’s expenses, issue pocket money and spending limits through the use of administrative tools. The app enables one to facilitate expenditure limits by the hour or even completely turn off use via mobile phone.

“Along with our increasing number of wealth-centric product verticals, Canvas is a great addition to the Singapore Life family and adds payment functionality to our core offerings. We are constantly looking to adapt and evolve our technology to provide value-added services to our customers,” said Walter de Oude, Singapore Life’s founder and CEO.

As part of the acquisition, Liam McCance, Yolopay’s former marketing director, is joining Singapore Life as chief marketing officer and head of fintech venture division of the life insurance company.