MCIS Insurance Berhad (MCIS Life) has taken up a 4.99% stake in Merchantrade Asia Sdn Bhd, the leading e-money player and the country’s largest Money Services Business operator, through the acquisition of new ordinary shares of an undisclosed amount. The two companies kicked-off a marketing distribution arrangement in 2019 where MCIS Life provided a life insurance protection plan for Merchantrade’s customers which includes Malaysians as well as migrant workers. The strategic collaboration has come at an opportune time as the value of life insurance and other relevant financial products have magnified amidst the pandemic. The combined strength and synergy between both companies are poised to unlock more innovative, personalized, digital insurance solutions to meet the protection needs of customers from all walks of life.
This strategic acquisition is set to accelerate MCIS Life’s digital transformation journey and leverage on Merchantrade’s digital capabilities, access to extensive network of over 1,000 physical touchpoints throughout the country and their three million customers. Merchantrade is a fast-growing fin-tech company constantly at the forefront of digitisation and driving innovation in financial services thereby allowing the former to pivot on their expertise in pursuing the company’s ambition to be a digitally focused life insurer.