Allianz announced its intention to enter the general insurance sector in Vietnam through a digital joint venture (JV) to be set up with the FPT Group-driving long-term success in the market and expanding Allianz's footprint in Asia. FPT Group, as the strategic technology partner, will support Allianz in the fast-growing insurance market in Vietnam to develop innovative digital insurance products and services to meet the protection needs of local customers. The Memorandum of Understanding (MOU) proposed bringing the two complementary businesses together, with Allianz providing expertise and advice on best practices in insurance product customisation, financial technology, and asset management. FPT will provide access to its distribution channels and affiliates, advise and assist Allianz with local market knowledge, and connect the firm with FPT's subsidiaries and partners. As the leading IT corporation in Vietnam with more than 10 years of experience in the insurance industry, FPT is well-placed to assist clients with end-to-end services, which are trusted by customers worldwide. Moreover, FPT guarantees an extensive ecosystem with technology expertise in multiple industries.