Canada's Sun Life Financial Inc. acquired a 25% stake in Vietnam's Crescent Asia Ltd., which owns digital bank Timo, DealStreetAsia reported March 31.

The company also entered into a three-year insurtech partnership with Crescent Asia unit Global Online Financial Solutions through Sun Life Vietnam Insurance Co. Ltd.

Timo is also sponsored by Vietnam Prosperity Joint-Stock Commercial Bank.

Under the partnership, Timo will be able to offer life and health insurance products to its members. Moreover, Timo's members will be able to access Sun Life Vietnam Insurance's products directly via the bank's mobile application.