[ad_1]
The life insurer acquires a stake in Merchantrade Asia Sdn Bhd and strengthens its collaboration
PETALING JAYA, MALAYSIA – Media reach – November 22, 2021 – MCIS Insurance Berhad (MCIS Life) has acquired a 4.99% stake in Merchantrade Asia Sdn Bhd, the leading electronic money player and the largest money services operator in the country, through the acquisition of new ordinary shares of an undisclosed amount.
The two companies launched a marketing distribution agreement in 2019 where MCIS Life provided a life insurance protection plan to Merchantrade clients, which includes Malaysians as well as migrant workers.
In August 2021, they partnered again to deliver a product aimed at underserved communities such as Malaysians eligible for the Perlindungan Tenang Voucher (PTV) program.
The strategic collaboration has come at an opportune time as the value of life insurance and other relevant financial products has grown amid the pandemic. The combined strength and synergy between the two companies are poised to unlock more innovative and personalized digital insurance solutions to meet the protection needs of clients from all walks of life.
This strategic acquisition is intended to accelerate MCIS Life’s digital transformation journey and leverage Merchantrade’s digital capabilities, access to a vast network of more than 1,000 physical contact points across the country and their three million customers.
MCIS Life CEO and Managing Director Mr. Prasheem Seebran said Merchantrade is a rapidly growing financial technology company consistently at the forefront of digitalization and innovation in financial services, enabling the premiere of rely on its expertise to pursue the company’s ambition to be a digitally-focused life insurer.
Mr. Ramasamy Veeran, Founder and Managing Director of Merchantrade, said: “Having an established brand like MCIS Life with us resonates with our goals of expanding our insurance offerings as it allows us to better develop new products and services. generation who continue to add positive value to customers and the communities around us as we make the future more convenient, easier and more secure for generations to come. “
“By leveraging our core businesses with strategic partnerships and collaborations, we will continue to accelerate the deployment of innovative financial services and strengthen our comprehensive ecosystem of interconnected technologies, such as global remittances, payments, solution portfolio, currency exchange, microinsurance, telehealth, micro-loans, telecommunications services and more. All with the aim of offering customers a reliable first digital experience and improving financial access in all areas, â€added Ramasamy.
“Forging this partnership with Merchantrade offers MCIS Life significant upside potential. It allows us to break with the traditional bancassurance model which generates often exorbitant costs and simultaneously strengthens our position as a unique partner in life insurance within the Merchantrade ecosystem. Elaborate prasheem.
Prasheem added that MCIS Life’s strategy is focused on improving the customer experience through innovative product solutions and digitized service offerings. Synergies between the two companies will be further supported by Merchantrade’s technological solutions as well as by its foray into the payment space.
“We aim to achieve our goals by deploying more products tailored to Merchantrade’s target market and this strategic alliance is expected to contribute more than 25% of new MCIS Life non-branch contributions by 2025.”
The acquisition is a bold step forward, further strengthening the existing ties between the two companies since 2019 and MCIS Life sees tremendous value in Merchantrade’s mobile e-wallet application and nationwide on points of contact across Canada. land allowing access to underserved communities.
“Currently, MCIS Life is the exclusive life insurance partner of Merchantrade. Given the potential of the business and the various opportunities for collaboration and value creation for existing and potential clients, this investment is expected to bring us value. significant, â€explained Prasheem.
In line with its brand promise – “People Helping People†– MCIS Life also aims to deploy more inclusive, simple and affordable solutions for Merchantrade’s underserved clientele, such as the B40 segment in Malaysia and migrant workers. It will also expand its offerings of benefits and bespoke products for corporate clients, premium products for the remittance market and online products for the tech-savvy.
About MCIS Vie
MCIS Insurance Berhad (MCIS Life) is a pioneer life insurer in Malaysia since 1954, regulated by Bank Negara Malaysia, and a proud member of the Sanlam Group, one of the largest international insurance groups, since 2014.
#PeopleHelpingPeople
About the Sanlam group
Sanlam is a pan-African financial services group listed on the Johannesburg, Namibia and A2X stock exchanges. Through its five business divisions – Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investment Group, Sanlam Corporate and Santam – the Group offers complete and tailor-made financial solutions to institutional clients and consumers in all market segments. Sanlam’s areas of expertise include life and general insurance, financial planning, retirement, investments and wealth.
Founded in 1918 as a life insurance company, Sanlam has grown into the largest non-bank financial services group in Africa through its strategy of diversification.
Based in South Africa, Sanlam has direct interests in financial services entities in Namibia, Botswana, Swaziland, Zimbabwe, Mozambique, Mauritius, Malawi, Zambia, Tanzania, Rwanda, Uganda, in Kenya and Nigeria. The Group owns Saham Finances, thus having a footprint of insurance operations in Morocco, Angola, Algeria, Tunisia, Ghana, Niger, Mali, Senegal, Guinea, Burkina Faso, Côte d’Ivoire, Togo, Benin, Cameroon, Gabon, Republic of the Congo, Madagascar, Burundi and Lesotho.
Sanlam also has business interests in India, Malaysia, and the United Kingdom, and has business interests in the United States, Australia, the Philippines, Lebanon, and Saudi Arabia.
For more information on Sanlam, please visit us at 
www.sanlam.com
About Merchantrade Asia
Merchantrade Asia Sdn. Bhd. is a leading financial technology company, Malaysia’s largest money services business operator, and a rapidly growing electronic money issuer.
Merchantrade operates 98 branches, 2 major banknote wholesale centers, has over 1000 branches and cash withdrawals merchants across Malaysia. Its award-winning digital platforms such as the eRemit mobile money transfer app, available in Malaysia and Singapore, enable personal money transfers around the world, and Merchantrade Money, a digital wallet and app based on a card that offers a range of digital financial services, including multi-currency wallet solution, digital payments, money transfer services, currency exchange, microinsurance, mobile top-ups and more.
For more information, please visit www.mtradeasia.com
#MCISLife
[ad_2]
