30/09/2024

BANKING & INSURANCE 12 MONDAY | SEP 30, 2024 Manulife Future Shield provides financial security, creates legacy PETALING JAYA: Manulife Malaysia has introduced Manulife Future Shield, a health protection plan designed to provide lifelong security and financial support while creating a legacy for families. The whole-life plan addresses challenges such as an aging population and financial burdens faced by the “sandwich generation”. Its key features include lifelong protection, a withdrawal benefit, guaranteed policy issuance, and no medical check-up requirement. Manulife Future Shield aims to reshape the view of retirement, set new standards for protection, and build financial resilience. With Malaysia’s aging population growing, people are living longer and grappling with rising living costs. Millennials, forming much of today’s workforce, are part of the sandwich generation, balancing financial support for both their parents and children. As living costs and inflation continue to rise, reliance on Employee Provident Fund savings has proven insufficient, with many Malaysians depleting their funds within five years of retirement. Manulife Malaysia CEO Vibha Coburn emphasised the importance of Manulife Future Shield in addressing the evolving needs of individuals and families. She noted that this new product is designed to protect customers’ health during their retirement years and complement their existing financial plans. Manulife Future Shield provides whole life protection until age 99, ensuring security for policyholders. Its withdrawal benefit offers financial support during retirement to cover rising expenses like healthcare and nursing care, allowing policyholders to enjoy a stress-free retirement. Additionally, the plan’s hassle-free enrollment process guarantees policy issuance without the need for a medical check-up, making it accessible to more individuals. Zurich’s Savings Booster a unique blend of growth and protection PETALING JAYA: Zurich Life Insurance Malaysia (Zurich Malaysia) has introduced Savings Booster, a savings rider designed for individuals seeking financial security with a unique blend of growth and protection. The rider, when combined with Zurich Prestige Cover, offers a reliable solution with multiple benefits, including a guaranteed dual maturity feature that is first-of-its-kind in the Malaysian market. Savings Booster also provides the assurance of steady cashback and a guaranteed maturity point, helping individuals adapt their savings strategies as life evolves. Customers can look forward to the combination of lump sum dual maturity payouts, steady cash back and long-term protection.

Malaysia-Cambodia QR payment link takes off

o In first phase of cross-border facility, Cambodians can make instant retail payments here by scanning the DuitNow QR code

PETALING JAYA: Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC) have launched a cross-border QR payment linkage between Cam bodia and Malaysia. Consumers and merchants in both countries will be able to make and receive instant cross-border QR payments. The project commenced after the signing of a memorandum of understanding between BNM and NBC to strengthen cooperation in payment system and innovation in February, which was witnessed by the prime ministers of Malaysia and Cambodia. The initiative will be rolled out in two phases. The launch on Sept 19 marked the completion of the first phase of the payment connectivity. Under the first phase, users from Cambodia can make instant retail payments in Malaysia by scanning DuitNow QR codes displayed by merchants using their mobile payment applications (Bakong app and Maybank M2U KH app). The successful launch of the payment linkage is made possible through the strong collaboration of various stakeholders from both countries including the NBC, Payments Network Malaysia Sdn Bhd (PayNet), Malayan Banking (Maybank) as the sponsoring and settlement bank as well as The card, which is backed by CGC’s guarantee, offers businesses greater financial flexibility to manage day-to-day operations without collateral requirements. Through this, SMEs gain quicker and easier access to funds to meet their financing needs. The card application process is streamlined with minimal document ation for convenience. Alliance Bank group CEO Kellee Kam said the Alliance Bank Visa Platinum Business Credit Card offers a 56-day interest-free repayment period and 0% flexible payment options for up to six months, further supporting cash flow management. “The card allows micro SMEs to build a stronger credit history, enhancing their ability to access larger funding and better financial solutions in the future,” he added. Businesses can benefit from

participating financial institutions from both countries. In the next phase of the linkage, users in Malaysia travelling to Cambodia will be able to pay their purchases seamlessly to Cambodian merchants by scanning KhmerQR using the mobile payment appli cations of participating financial institutions. The QR payment linkage initiative will enable over five million merchants in Cambodia and Malaysia, mostly small businesses, to access a wider customer base from both countries. More broadly, it will drive trade, boost tourism and promote economic growth in both nations. This milestone also reflects Asean’s collective vision and the objectives of the Regional Payment Connectivity Initiative for greater regional financial integration and inclusive economic development. BNM governor Datuk Seri Abdul Rasheed Ghaffour said, “This colla boration brings us closer to realising the vision of an interconnected and seamless retail payment ecosystem between Cambodia and Malaysia. By linking the national QR codes, cross-border transactions between our two countries will be faster and more efficient, offering significant benefits to millions of individuals and businesses in both countries. This initiative will not only support the broader digital economy

Abdul Rasheed (third from left) and Serey (second from the left) at the launch of the cross-border QR payment linkage between Malaysia and Cambodia.

(PG) over the last decade to support unserved and underserved MSMEs. “The latest PG of RM550 million, launched in May 2024, underscores the joint commitment to fostering MSME growth. The pandemic accelerated the shift to cashless transactions, making timely access to credit crucial. This initiative enables MSMEs to secure financing swiftly and easily without collateral, vital for sustaining growth in today’s fast-paced environment.” Visa’s Asia-Pacific commercial and money movement solutions head Chavi Jafa emphasised the importance of providing SMEs with access to digital payments. “This collaboration, backed by CGC credit guarantees, allows SMEs to better manage working capital through Visa business cards, improving cash flow and offering transparency over business expenses.” The new credit card is available to all Malaysian-registered businesses that have been in operation for at least one year and have a minimum annual sales turnover of RM50,000. cooperation between the central banks and their partners from both countries. “This cross-border payment initiative will play a crucial role in boosting trade activities and advancing financial inclusion in both nations, signifying an important step towards realising the vision of an Asean network of fast, efficient, secure and interconnected retail payment systems across the region.”

agenda but also boost economic activities across the region by leveraging on the convenience and efficiency of QR payments. “We remain committed to driving greater economic and financial integration within Asean, in close collaboration with regional partner by advancing safe and secure digital financial services.” NBC governor Dr Chea Serey said the launch marked a significant achievement, reflecting the strong

Alliance Bank rolls out CGC-backed Visa business credit card PETALING JAYA: Alliance Bank Malaysia Bhd has enhanced its partnership with Credit Guarantee Corporation (CGC) with the launch of the Alliance Bank Visa Platinum Business Credit Card.

From left: Zamree, Kam and Chavi at the introduction of the Alliance Bank Visa Platinum Business Credit Card.

cashback rewards of up to 1% on business expenses or opt for a low finance charge of 8.88% per annum. Kam stressed the importance of SMEs to the bank, highlighting its focus on supporting their growth. “We understand the challenges micro SMEs face in securing financing, particularly those with limited collateral or credit records. As

part of our ‘Bank for Life’ commitment, this partnership with CGC provides an accessible and faster route to financing, helping SMEs manage cash flow,” he said. CGC president and CEO Datuk Mohd Zamree Mohd Ishak highlighted the long-standing Alliance Bank-CGC partnership, which has delivered RM3.2 billion in portfolio guarantees

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