Grab-led GXBank teams up with Zurich to offer affordable insurance

    • GXBank CEO Pei-Si Lai (left) and Zurich Malaysia head Junior Cho (right).
    • GXBank CEO Pei-Si Lai (left) and Zurich Malaysia head Junior Cho (right). PHOTO: GXBANK
    Published Tue, May 7, 2024 · 09:20 AM

    GXBANK, a Malaysia-based digital bank backed by Grab and Singtel, has entered into a 10-year partnership with Zurich General Insurance Malaysia and Zurich Life Insurance Malaysia to develop cost-effective insurance products.

    Their initial product, slated for launch in the third quarter of this year, aims to safeguard customers from unauthorised transactions resulting from cybercrime.

    Such a product holds significance in the country, as the number of online fraud cases has doubled in 2023 compared to 2019.

    Pei Si Lai, CEO of GXBank, said in a statement that this increase in cybercrime, along with a lack of understanding of the need for insurance and lack of affordable options, are some of the main reasons why many Malaysians are still underserved.

    Citing a 2023 PwC report, the bank said that about 84 per cent of uninsured Malaysians are aged between 18 and 34.

    GXBank was formed by a consortium consisting of Singapore’s GXS Bank – a joint venture between Grab and Singtel – along with a clutch of Malaysian investors, including the Kuok Group. The company launched in November 2023 as Malaysia’s first digital bank.

    Other license holders in Malaysia include a consortium led by Sea Group and YTL Digital Capital, as well as a group consisting of Boost Holdings and RHB Bank. TECH IN ASIA