SINGAPORE – Income Insurance has terminated the proposed sale of Hive, its digital insurance platform, to Singapore-headquartered fintech firm Embed Financial Group Holdings (EFGH).
The decision came after EFGH was taken to court for allegedly failing to make mandatory CPF contributions for six employees.
An Income Insurance spokesperson told The Straits Times on Sept 8 that its employees who were supposedly due to be transferred to EFGH will “remain employed by Income Insurance for now”.
“We will continue to support our people, maintain continuity for our customers and partners, and minimise disruption to the services they rely on,” the spokesperson added.
Income Insurance had said in June that it would sell Hive to EFGH for an undisclosed sum. This meant EFGH would have owned 100 per cent of Hive, with Income Insurance remaining a customer of the platform.
The insurer previously said that more than 50 per cent of Hive’s existing employees – 27 out of 42 – would be transferred to EFGH.
EFGH was founded in 2024 by Dennis Ng, its executive chairman and group chief executive who previously held senior roles at Prudential, Allianz and Citi.
The founding team also includes Eugene Leow, former senior media executive at Mediacorp and SPH Media, and Dallas Ng, who heads tech and product development at EFGH. The other two co-founders are based in Africa.
In an interview with The Business Times in August, Dennis Ng said his “finternet”, or financial internet company, champions inclusive finance.
He said EFGH is present in about nine markets in Africa, where many people remain unbankable, uninsured or underinsured. He also said he plans to scale the company’s footprint further into more parts of Asia.
According to charge sheets seen by ST, EFGH failed to pay CPF contributions for the month of March 2026 to its deputy group chief executive, chief operating officer, former chief financial officer and group head of strategic engagement, among others.
The CPF Board had detected the non-payment when EFGH failed to do so by the deadline in April 2026, said the Ministry of Manpower (MOM), CPF Board and the Tripartite Alliance for Dispute Management (TADM) in a joint statement on Sept 8.
They noted that as at Sept 4, TADM had received six salary claims lodged against EFGH and was working with the relevant parties to resolve the claims through mediation.
“The CPF Board has initiated prosecution actions against EFGH and the case is currently before the courts,” said the spokespeople, adding that MOM is investigating EFGH for possible offences on non-payment of salaries under the Employment Act.
Employers must pay eligible employees their CPF contributions on the last day of the calendar month. Enforcement action would be taken against those who fail to pay by the 14th of the following month.
EFGH declined to comment when contacted.
The National Trades Union Congress (NTUC) said workers from EFGH, a non-unionised company, have reached out for assistance regarding salary arrears.
NTUC understands from affected union members that they had not received the salaries due to them, said an NTUC spokesperson.
“TADM@NTUC has been providing advisory and mediation support to the affected union members, who are professionals, managers and executives, including assisting them with the filing of salary claims at the Tripartite Alliance for Dispute Management,” the spokesperson added.
Union members can pursue claims up to a cap of $30,000, while non-union members can claim up to $20,000.
“Non-payment or delayed payment of salaries is a serious violation of employment law and workers’ rights. Workers facing unpaid or delayed salaries are encouraged to seek help early,” the spokesperson added.
Earlier in 2026, EFGH was named partner for the BYD Singapore International Marathon in December, and announced a five-year sponsorship partnership with the Singapore National Olympic Council.
EFGH also extended its sponsorship of the Tour de France Singapore Criterium for three more years after coming on board in 2025, with the race returning on Nov 7 and 8.
In December 2025, the company revealed its plan to list in the US by merging with a US-listed special purpose acquisition company (SPAC), in a deal valuing the company at about US$425 million (S$541 million).
When asked previously why the firm chose the SPAC route instead of a traditional initial public offering, EFGH said the agreement gives both sides a structured, transparent way to enter the US regulatory process.
