Singapore-based insurtech startup PolicyPal has raised an undisclosed seed funding from 500 Startups and a group of undisclosed angel investors.

It will also use the newly-raised capital to ramp up marketing and product development.

PolicyPal will also now join the Monetary Authority of Singapore (MAS)’s FinTech Regulatory Sandbox, where it will be testing their product through a partnership with insurance providers NTUC Income and Etiqa insurance.

These two companies will distribute their insurance products to consumers via PolicyPal’s mobile app over a period of six months.

NTUC income will also be working with PolicyPal through its Income Future Starter programme, an equity-free insurtech accelerator powered by Infocomm Investments’s programme TAG.PASS.

“In line with today’s fast-evolving Fintech landscape, we work closely with sandbox applicants to understand how we can facilitate meaningful Fintech experiments and enable financial institutions and start-ups to harness technology to deliver financial services and products that can benefit both consumers and the industry,” said MAS’s Chief Fintech Officer, Sopnendu Mohanty, in an official press statement.