Income Insurance axes sale of platform to Embed after firm allegedly failed to make CPF payments

Income Insurance previously said that more than 50 per cent of Hive’s existing employees would be transferred to EFGH.

ST PHOTO: AZMI ATHNI

Published Sep 08, 2026, 05:00 PM

Updated Sep 08, 2026, 10:18 PM

Income Insurance has cancelled the sale of its digital platform Hive to Embed Financial Group Holdings (EFGH) after EFGH allegedly failed to pay CPF contributions for employees.

EFGH faces legal action from the CPF Board and investigations by MOM for non-payment of salaries, with mediation ongoing for six salary claims.

EFGH, founded in 2024 with expansion plans in Asia and Africa, declined to comment, while NTUC supports affected workers in claiming unpaid wages.

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 the fintech firm 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 woul d 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 its deputy group CEO Eugene Leow, former senior media executive at Mediacorp and SPH Media, and chief growth and technology officer Dallas Ng.

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 CEO, 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.

Dennis Ng is executive chairman of Embed Financial Group Holdings, which has been taken to court by the CPF Board for allegedly failing to make mandatory CPF contributions for several employees. PHOTO: EMBED FINANCIAL HOLDINGS GROUP

Dennis Ng is executive chairman of Embed Financial Group Holdings, which has been taken to court by the CPF Board for allegedly failing to make mandatory CPF contributions for several employees.

PHOTO: EMBED FINANCIAL HOLDINGS GROUP

“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$538 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.

Sharon Salim is a business correspondent at The Straits Times, with a focus on jobs, workplace culture and trends.

Ministry of Manpower

Income Insurance 此前表示，Hive 现有员工的 50% 以上将转移到 EFGH。

ST 摄影：AZMI ATHNI

发布于 2026 年 9 月 8 日下午 5:00

更新于2026年9月8日晚上10:18

Income Insurance 取消了将其数字平台 Hive 出售给 Embed Financial Group Holdings (EFGH) 的交易，原因是 EFGH 被指控未能为员工支付 CPF 缴款。

EFGH 因拖欠工资面临中央公积金局的法律诉讼和人力部的调查，目前有六起工资索赔案件正在调解中。

EFGH成立于2024年，计划在亚洲和非洲扩张，该公司拒绝置评，而全国职工总会则支持受影响的工人追讨未付工资。

新加坡——Income Insurance 已终止将其数字保险平台 Hive 出售给总部位于新加坡的金融科技公司 Embed Financial Group Holdings (EFGH) 的拟议交易。

此前，这家金融科技公司因涉嫌未向六名员工缴纳强制性公积金而被起诉，随后法院做出了这项决定。

Income Insurance 的一位发言人于 9 月 8 日告诉《海峡时报》，该公司原本应该被转移到 EFGH 的员工“目前仍将受雇于 Income Insurance”。

发言人补充说：“我们将继续支持我们的员工，保持对客户和合作伙伴的持续服务，并将对他们所依赖的服务的干扰降到最低。”

Income Insurance曾在6月份表示，将把Hive出售给EFGH，具体金额未披露。这意味着EFGH将拥有Hive 100%的股份，而Income Insurance仍将是该平台的客户。

该保险公司此前表示，Hive 现有员工中超过 50%（42 人中的 27 人）将转移到 EFGH。

EFGH 由其执行主席兼集团首席执行官 Dennis Ng 于 2024 年创立，他此前曾在保诚、安联和花旗担任高级职务。

创始团队还包括副集团首席执行官 Eugene Leow（曾任新传媒和新加坡报业控股媒体高级主管）以及首席增长和技术官 Dallas Ng。

另外两位联合创始人居住在非洲。

丹尼斯·吴在8月份接受《商业时报》采访时表示，他的“金融互联网”公司倡导普惠金融。

他表示，EFGH 在非洲约九个市场开展业务，这些市场中许多人仍然无法获得银行服务、保险或保险不足。

他还表示，计划进一步扩大公司在亚洲的业务版图。

据《海峡时报》看到的起诉书显示，EFGH 未向其副集团首席执行官、首席运营官、前首席财务官和集团战略合作主管等人支付 2026 年 3 月的公积金缴款。

人力部、中央公积金局和三方争议管理联盟在9月8日的一份联合声明中表示，中央公积金局发现EFGH未能按期在2026年4月的最后期限前支付款项。

他们指出，截至 9 月 4 日，TADM 已收到针对 EFGH 提出的六起薪资索赔，并正在与相关各方合作，通过调解解决这些索赔。

吴丹尼斯是Embed Financial Group Holdings的执行主席，该公司因涉嫌未为多名员工缴纳强制性公积金而被中央公积金局告上法庭。图片：EMBED FINANCIAL HOLDINGS GROUP

Dennis Ng 是 Embed Financial Group Holdings 的执行主席，该公司因涉嫌未向多名员工缴纳强制性公积金而被中央公积金局告上法庭。

图片来源：EMBED金融控股集团

发言人表示：“中央公积金局已对 EFGH 提起诉讼，目前该案正在法院审理中。”他还补充说，人力部正在调查 EFGH 是否违反了《雇佣法令》中关于拖欠工资的条款。

雇主必须在每月最后一天向符合条件的雇员缴纳公积金（CPF）供款。对于未能在次月14日前缴纳的雇主，将采取强制措施。

记者联系EFGH时，对方拒绝置评。

全国职工总会（NTUC）表示，非工会企业 EFGH 的工人已联系他们寻求帮助，以解决工资拖欠问题。

全国职工总会发言人表示，据受影响的工会成员反映，他们尚未收到应得的工资。

发言人补充说：“TADM@NTUC一直在为受影响的工会成员（包括专业人士、经理和高管）提供咨询和调解支持，包括协助他们在三方争议管理联盟提交薪资索赔。”

工会成员最高可索赔 3 万美元，而非工会成员最高可索赔 2 万美元。

“不支付或延迟支付工资是严重违反劳动法和工人权利的行为。”

发言人补充说：“我们鼓励面临工资拖欠或延迟发放的工人尽早寻求帮助。”

2026年初，EFGH被指定为比亚迪新加坡国际马拉松的合作伙伴，并于12月宣布与新加坡国家奥林匹克理事会建立为期五年的赞助合作关系。

EFGH 还将其对环法自行车赛新加坡绕圈赛的赞助期限延长了三年，从 2025 年开始，该赛事将于 11 月 7 日和 8 日回归。

2025 年 12 月，该公司公布了其在美国上市的计划，即通过与一家在美国上市的特殊目的收购公司 (SPAC) 合并，在该交易中，该公司的估值约为 4.25 亿美元（5.38 亿新元）。

此前当被问及为何该公司选择 SPAC 途径而不是传统的首次公开募股时，EFGH 表示，该协议为双方提供了一种结构化、透明的方式来进入美国监管程序。

Sharon Salim 是《海峡时报》的商业记者，主要关注就业、职场文化和趋势。

人力部