Malaysia’s first digital bank, GXBank, has joined hands with insurance company Zurich Malaysia through a 10-year exclusive bancassurance tripartite partnership, with the aim of co-creating “simple, user-friendly, and affordable” digital insurance products in the country.
According to a joint press statement, the partnership's first offering will be micro-insurance solutions for underserved individuals, aimed at protecting them from scams and cybercrimes, set to be rolled out by the third quarter of 2024.
This is in response to the rising number of cybercrimes in Malaysia, with an estimate of RM1.3 billion loss due to online fraud cases in 2023 as reported by the Bukit Aman Commercial Crime Investigation Department.
In the statement, Pei-Si Lai, Chief Executive Office at GXBank said that the partnership will help them in safeguarding Malaysians against “life and financial uncertainties.”
Junior Cho, Country CEO and Head of Zurich Malaysia, added, “Together, we look forward to instilling confidence and empower Malaysians to take charge of their financial future, and support Malaysians in caring for what truly matters in their lives.”
GXBank and Zurich Malaysia also assured the public that they will continue to roll out affordable insurance products for Malaysians in the coming years.
