Newly incorporated digital bank GX Bank Berhad and Zurich Insurance Malaysia have jointly announced a 10-year exclusive
partnership to co-create micro protection products for the underserved in Malaysia.
By leveraging intuitive technology and data-driven insights, GXBank will identify customer pain points, and work with Zurich Malaysia to co-create innovative digital insurance products that are simple, user friendly and affordable. The first product, set to be introduced by GXBank and Zurich Malaysia in the third quarter of the year, aims to protect underserved individuals from unauthorised transactions resulting from cyber-crime, as well as transactions initiated by electronic scam messages.
Pei-Si Lai, Chief Executive Officer, GXBank, “Our partnership enables us to address safety pain points regarding digital banking, and safeguard Malaysians against life and financial uncertainties. Echoing Pei-Si, Junior Cho, Country CEO / Head of Zurich Malaysia said “For many, the need for insurance protection is often weighed between the affordability and their financial standing. Coupled with the lack of understanding of the need for insurance protection, these are the main reasons why the populace, especially the financially vulnerable, remain uninsured.
A 2023 survey by PwC reported a worrying 84% of the uninsured population are between 18-34 years old 1 – Malaysians in their prime years of life. The statistics are alarming; 58% of adults in Malaysia do not have any life or takaful insurance. 2
The situation is exacerbated by the rising cyber-crimes in the country – online fraud cases have doubled over 5 years from 2019 to 2023 3 , with losses in 2023 (January to November) estimated at a staggering RM1.3 billion 4 .
