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  • ICMR Research Series: Taking a Dual and Systematic Approach to Address Investor Vulnerability in Malaysia

    Before the COVID-19 pandemic, Malaysia was already faced with multiple complex challenges – from the impacts of climate change, and ageing populations, to rising inequalities. The pandemic has only accelerated these challenges and to a large extent, also exacerbated vulnerabilities affecting households and individuals’ levels of financial resilience.

    Given these challenges facing investors today, the burden of financial well-being is too heavy to rest solely on individuals themselves. To move forward beyond the present crisis, responsible finance will require that all stakeholders – government, policymakers, the financial industry, and more – treat individuals’ financial well-being as a shared responsibility.

    Building Financial Resilience

    Firstly, there is a need to build financial resilience across the population. As we explored previously in our series, a lack of financial resilience cuts across all drivers of vulnerability – predominantly linked to poor investment and saving behaviours, as well as an equally important factor when dealing with issues which are out of one’s control, such as unexpected life situations and industry-related issues.

    It is crucial to acknowledge that some individual barriers faced by certain segments of the population to be able to save or invest, involve embedded structural challenges that cannot be solved purely by market-based solutions. These include sluggish wage growth, unemployment especially for youths, mismatches between labour demand and supply, the rise of the gig economy and lack of social safety nets.

    Thus, a whole-of-nation approach which goes beyond the jurisdiction of any single regulator or an agency may be needed for holistic reforms that address both structural and individual barriers. Policymakers and regulators will need to focus their efforts on assisting vulnerable populations to become more financially resilient, such that they are better able to use market opportunities to save and invest.

    Since investor vulnerability is multifaceted, driven by various factors such as personal and financial circumstances, age, geographical location, and investment experience – policy actions need to take a tiered and nuanced approach. This includes a review of incentive structures complemented with behavioural nudges that can help shape and sustain the necessary savings and investment behaviours.

    Nudges are part of a wider toolbox in the behavioural sciences consisting of education and training, subsidies and taxes enable or restriction, and environmental restructuring (physical or social context) which specifically focuses on leveraging behavioural levers to guide people towards making decisions that benefit them the most in the long term, without significantly changing their present incentives.

    Examples of ‘nudge’ initiatives include behavioural interventions like “save more tomorrow” and “sidecar savings”, which encourage saving for retirement in easy, convenient, and painless ways, as well as micro-investing applications that help build an investment habit by investing in smaller amounts of money like the spare change from daily purchases.

    Raiz Malaysia for example is an automated investment service that rounds up each transaction from a user’s Debit Card to the nearest Ringgit and invests the change into a unit trust portfolio based on their financial situation and goals

    (Source: Raiz Malaysia)

    Dealing with vulnerable investors

    Secondly, the building of financial resilience must then be complemented with a targeted approach to improve the protection of vulnerable investors. ICMR’s study identified key trigger points that indicate vulnerability such as discretionary income and perceived financial status, health status, level of retirement savings, level of financial literacy, investment experience and encounters with scams.

    To identify if a possible investor could be vulnerable, the current Know-Your-Client (KYC) process could be further enhanced with the introduction of these trigger points into the process. Also, this assessment should be done on a more regular basis, preferably every 6 to 12 months, as one’s situation is not static and needs to be recalibrated accordingly.

    Emphasis needs to be placed on market intermediaries and agencies to better identify and manage vulnerable investors. Regulators then need to focus on the “duty of care” by providing guidance and overseeing the conduct of capital market intermediaries, including fair treatment of vulnerable customers coupled with investor protection measures.

    Most regulators have general guidelines for financial services that already require service providers to consider factors such as knowledge, experience, financial situation, and risk profile of the individual investor during service provision. At the same time, targeted programmes are being implemented in many jurisdictions to specifically protect certain vulnerable groups, like senior investors.

    In Malaysia, financial regulators have certainly been vocal on issues affecting investors such as unlicensed activities and scams, retirement inadequacy, as well as the inclusiveness of capital markets for retail investors. Given the prevalence of challenges facing today’s investors, considering how investor vulnerability may affect these outcomes would be beneficial for future policy and research.

    In line with this, the Securities Commission Malaysia (SC) launched the third Capital Market Masterplan (CMP3) in 2021, which identified “enhancing focus on protecting investors against vulnerabilities” as a strategic consideration, with the “identification and assessment of vulnerable investors” being one of the priorities over the next five years, as illustrated in the diagram below.

    Source: Securities Commission Malaysia (SC)

    Collaborative and behavioural insights for effective implementation

    Creating policies and initiatives alone may not be enough to address the rising issues of vulnerability. To ensure the effective implementation of these initiatives, financial vulnerability must be viewed across the value chain. Our report highlights that vulnerability drivers are a combination of behavioural and structural issues that fall and cut across the purview and jurisdictions of multiple agencies.

    Behavioural insights should be incorporated into every stage of a policy cycle, from development to all the way to post-implementation. While this may require embedding more rigorous evidence-based approaches to design and evaluation such as Randomised Control Trials (RCTs) into the policy cycle, it could eventually reduce the need for corrective measures once a policy is at the implementation stage.

    RCT is a trial in which subjects are randomly assigned to either a treatment group or a control group. The treatment group receives the intervention being studied, while the control group receives either no intervention or a placebo. The effects of an intervention or treatment are measured by comparing outcomes between the groups.

    Policymakers can also leverage this understanding to evaluate the effectiveness of policy implementation and make necessary adjustments. Behavioural insights can also help uncover unintended consequences or knock-on effects of certain policies, which regulators may not have been measuring or looking out for in the first place.

    Given the delicate environment and crossroads of change, there is a dire need for policymakers to take proactive steps now while we still have the policy space to make reforms and improvements for the long term. With more collaboration with industry stakeholders, policymakers can create a resilient financial ecosystem that safeguards the interests of the most vulnerable investors.

    This article is part of a content series by the Institute for Capital Market Research (ICMR). Follow ICMR’s Facebook page to stay updated on behavioural tips and insights for better investing habits. To learn more about ICMR’s research on new-age vulnerabilities, visit www.icmr.my or download the full report.

  • Turnkey Consulting Drives Cybersecurity Dialogue with Industry Leaders

    Turnkey Consulting, a prominent figure in the realm of cybersecurity solutions, orchestrated a triumphant Round Table Breakfast Briefing, titled ” Taking an Integrated Approach to Identity and Cyber Security.” The event, held on July 20, 2023, at the esteemed Australian High Commission in Kuala Lumpur, served as a vital platform for sparking discussions and insights on the intersection of identity and cybersecurity for esteemed C-Suite executives.

    In a remarkable gathering, C-Suite executives including managers, directors, VPs, and senior managers from diverse industries convened for an illuminating knowledge-sharing session alongside invaluable networking opportunity. The event drew its significance from the expertise of industry stalwarts like Niel Pandya of OpenText and Rob Tyler of Turnkey Consulting. These luminaries provided tangible success stories of Identity and Access Management (IAM) implementations, illuminating the far-reaching business advantages stemming from a streamlined IAM strategy. The attendees also had the privilege of interacting with Spectrum Edge’s industry experts, who delved into the prevalent challenges encountered by organizations in the arena of identity and cybersecurity.

    A collective of industry leaders united for knowledge exchange and networking at our Round Table Breakfast Briefing. Grateful to Paul Sanda, our directors, speakers, partners, and all esteemed guests who made this event impactful.

    The welcoming address was eloquently delivered by Paul Sanda, Senior Trade and Investment Commissioner, Malaysia & Brunei, Australian Trade and Investment Commission (Austrade) at the Australian High Commission, Kuala Lumpur. He underscored the event’s significance, emphasizing its role in addressing the critical subject of Identity and Cybersecurity in today’s digital landscape. Sanda encouraged active participation, noting that insights from the experts would empower businesses to bolster their identity and cybersecurity measures, thereby enhancing operational resilience and shielding against cyber threats.

    The event resonated well with attendees, who expressed gratitude for gaining a holistic comprehension of identity risks and the indispensable role of robust cybersecurity strategies in the contemporary digital panorama. The interactive dialogues and networking sessions further enriched the event, fostering meaningful connections among participants.

    Nick Vallas, Director at Turnkey Consulting Malaysia, expressed his elation over organizing the Round Table Breakfast Briefing, applauding its role in uniting industry leaders and key experts to delve into the crucial facets of identity and cybersecurity. He emphasized the event’s distinctiveness as a platform for C-Suite executives to garner invaluable perspectives, share experiences, and strategize for enhanced identity and cybersecurity.

    This gathering not only augmented attendees’ grasp of adopting a comprehensive approach to Identity and Cybersecurity but also cemented a collective commitment to fortifying the digital landscape. The event marks not an endpoint but a commencement and an enabler for sustained collaboration and empowerment within the realm of digital resilience.

    Turnkey Consulting’s unwavering dedication to propelling knowledge-sharing initiatives solidifies its position as a potent force in the cybersecurity domain. With the resounding triumph of this event, Turnkey Consulting continues to catalyse the enhancement of identity and cybersecurity practices across global businesses.

    For comprehensive insights into Turnkey Consulting’s cybersecurity solutions, kindly visit https://www.turnkeyconsulting.com/.

  • Cardiac Vascular Sentral Kuala Lumpur (CVSKL) Achieves Milestone with First MitraClip™ Procedure, Pioneering Advanced Mitral Valve Regurgitation Treatment in Malaysia

    CVSKL has recently achieved a groundbreaking milestone by successfully performing its inaugural MitraClip™ procedure, solidifying its position as one of Malaysia’s pioneering private hospitals to offer this cutting-edge treatment for mitral valve regurgitation.

    Dr. Al Fazir, a distinguished consultant cardiologist at CVSKL, underscores the significance of the MitraClip™ procedure, emphasizing its potential to address mitral valve regurgitation without the necessity of open-heart surgery. This innovative approach provides a pivotal opportunity to mitigate valve malfunction.

    The heart, a remarkable one-way pump comprising four chambers and four valves, relies on the coordinated movement of these flaps (leaflets or cusps) to ensure a unidirectional blood flow. When the mitral valve’s performance falters due to incomplete sealing or structural alterations, blood leakage—termed mitral valve regurgitation—occurs. This condition, if left untreated, can lead to severe complications such as heart failure and irregular heart rhythms.

    What sets the MitraClip™ procedure apart is its non-invasive nature, eliminating the need for traditional mitral valve surgery. This makes it particularly appealing for older individuals, high-risk patients, and those contending with underlying health issues.

    Meet our Heart Team, a collaborative force of skilled cardiologists, anaesthesiologists, cardiothoracic surgeons and dedicated allied health professionals that made this achievement possible.

    Under the leadership of consultant cardiologist Dr. Al Fazir Omar, supported by esteemed cardiologists Dr. Choo Gim Hooi and Datuk Dr. David Chew Soon Ping, the CVSKL team orchestrated the procedure with remarkable success, culminating after approximately four hours. Dr. Al Fazir shares his enthusiasm, noting the procedure’s potential for swifter recovery, exemplified by a two-day post-procedure discharge. “The MitraClip procedure is a game-changer for mitral valve regurgitation treatment,” he adds.

    Dr. Choo further underscores the importance of collaborative teamwork in this achievement, acknowledging the synergy between the adept cardiologists and the dedicated surgical team. Dr. David extends his appreciation to the radiographers and nurses in the cathlab, acknowledging their integral role in the success of advanced interventions like MitraClip™.

    This landmark achievement amplifies CVSKL’s stature in treating mitral valve regurgitation, reinforcing their Structural Heart Program. The inclusion of MitraClip™ in their repertoire aligns with their aspiration to position CVSKL as a Center of Excellence for comprehensive cardiovascular care.

    For further inquiries, interested individuals can reach out during office hours via phone or WhatsApp at +603 2276 7002 or through email at info@cvskl.com.

  • Synergy’s Green Initiative Program Envisions a Greener Future, Fostering Selangor’s Path to a Low-Carbon Smart City

    Synergy’s Green Initiative Program is making significant strides as it expands its reach to foster Selangor’s journey towards becoming a low-carbon, smart city. This forward-looking program is aligned with the Selangor State Government’s ambitious goal of transforming into a low-carbon emission Smart City by 2025. The core objective of this initiative is to achieve energy savings that are equivalent to preventing over 3,700,000 tonnes of CO2 emissions. This remarkable feat can be likened to the impact of planting more than 100,000,000 trees over a decade, benefitting 6,000 Joint Management Bodies (JMB) and Management Corporations (MC) of Strata Properties across Selangor.

    With a steadfast commitment, the program sets its sights on significant accomplishments. A notable milestone for 2023 entails the implementation of LED lighting, aiming for a remarkable 10% conversion within Selangor’s townships. The urgency of addressing the pressing issue of global warming is evident, as our planet grapples with escalating environmental concerns that threaten its very existence. By harnessing innovative technologies, fostering collaborations with like-minded partners, and empowering communities, Synergy envisions aiding Selangor in realizing its carbon-neutral aspiration by 2050. In doing so, they strive to create a sustainable planet that can be cherished by future generations.

    The event is officiated by lighting up the ‘Light Source in Darkness’ plaque with esteemed guests.

    The significance of this program is underscored by its endorsement from key figures such as Roadziah binti Ismail, EXCO Perumahan, Kesejahteraan Bandar & Pembangunan Usahawan Negeri, and the Lembaga Perumahan & Hartanah Selangor (LPHS). This partnership exemplifies Synergy’s unwavering dedication to this transformative cause. By closely aligning with its partners, including JL Facilities Management Sdn Bhd (JLFM), Joint Management Committees (JMB), and MC of Strata Properties within Selangor, Synergy seeks to forge a united front in realizing these green goals.

    During the event, YB. Roadziah voiced the Selangor state’s wholehearted commitment to the Green Initiative Program. She emphasized that the decision to appoint Synergy was rooted in rigorous evaluation, affirming the program’s significance. She also expressed gratitude for selecting Selangor as the launchpad for this impactful RM400 million endeavour, which is set to benefit 6000 JMB/MC entities within the state.

    An embodiment of this program’s objectives can be observed in Geo Bukit Rimau, situated in Shah Alam and managed by JLFM. With the endorsement of the local town council, Majlis Bandaraya Shah Alam (MBSA), Geo Bukit Rimau proudly stands as one of the initial proponents of this program. Recognized as one of Synergy’s “Green Pioneers,” this property demonstrates the potential for meaningful change within the community.

    Jeffry Low, Managing Director of JLFM, underlines the profound transformation of their role. Having managed various properties over three decades, they have evolved from property managers to advocates of green initiatives, driven by the collective desire for the best outcomes for properties and the environment.

    To facilitate a seamless transition for interested participants, Majlis Mesyuarat Kerajaan Negeri (MMKN) Selangor has offered a special endorsement. This initiative offers comprehensive energy-saving solutions, encompassing products, services, savings protocols, and financial benefits. Notably, participants can join with zero upfront costs. Eva Yim, Executive Director of Synergy ESCO, highlights the groundbreaking nature of their offerings, exemplified by the exceptional 210 lumens per watt at a mere 5 watts, designed to last an impressive 150,000 hours or 34 years. This paradigm shift is especially significant as it extends to the residential segment, pivotal in driving societal change.

    This policy’s endorsement by MMKN fortifies Synergy’s commitment to providing sustainable plans for future JMB and MC participants. This is particularly vital for those grappling with soaring operational costs and seeking avenues for cost reduction while simultaneously minimizing their carbon footprint.

    With a compelling tagline, “Go Green Now, No Plan B!” Synergy aims to instigate immediate action. This call to action encourages individuals to become catalysts for healing, cherishing, and protecting our singular planet.

  • Industry Leaders and SC Collaborate to Drive New Capital Market Initiatives, Anchored in Prime Minister’s Ekonomi MADANI Announcements

    The recent launch of “Ekonomi MADANI” by Prime Minister and Finance Minister Dato’ Seri Anwar Ibrahim on July 27, 2023, spurred the Securities Commission Malaysia (SC) to convene its annual industry dialogue, focusing on pivotal areas for capital market advancement and growth.

    The Annual SC Industry Dialogue 2023 (SCID 2023) brought together 60 influential figures from the capital market sector, including industry leaders and senior representatives. The discussions encompassed a wide spectrum of subjects falling under three major categories: investment opportunities, funding inclusivity, and market reforms within the capital market.

    Key topics of deliberation included fortifying promotional efforts for the capital market, fostering a robust domestic issuer pipeline, enhancing market vitality, broadening the investor base, and harnessing the potential of sustainability and Malaysia’s leadership in the Islamic Capital Market.

    Participants in the industry also conveyed their appreciation for the recent slew of capital market measures unveiled by the Prime Minister, alongside those announced in February and June of the same year. Notably, some measures have already been implemented, such as the reduction in stamp duty for share trading and secondary trading in the private market.

    Anticipation was palpable within the industry for the forthcoming initiatives. Among them, the expansion of the definition of sophisticated investors was highlighted. The Securities Commission Malaysia (SC) foresees this initiative taking effect before the close of 2023.

    A focal point of the SCID 2023 discussions revolved around three significant capital market measures recently introduced by the Prime Minister:

    1. Reducing Board Lot Size: Plans to lower the current board lot size for trading on Bursa Malaysia from 100 units to a more accessible level.
    2. Fractional Share Trading: Enabling investors to engage in fractional share trading through stockbrokers.
    3. Automatic Transfer for ACE Market Companies: Allowing qualifying companies listed on the ACE Market to transition automatically to the Main Market of Bursa Malaysia, contingent on specific criteria.

    Dato’ Seri Dr. Awang Adek Hussin, the SC Chairman, underscored the importance of sustained collaboration with stakeholders. He emphasized that this collaboration will be instrumental in driving essential reforms and enhancements aimed at fortifying the vibrancy, inclusivity, and competitiveness of the Malaysian capital market.

    The planned reduction of board lot size and introduction of fractional share trading on Bursa Malaysia is expected to broaden accessibility for a diverse array of investors, particularly retail and younger investors, facilitating their entry into the stock market and enabling the creation of well-balanced portfolios. This is also predicted to boost trading activity, liquidity, and engender an environment of greater dynamism in the market.

    Efforts are being made to ensure that the reduction of the board lot size is carefully implemented, involving a collaborative approach with brokers to potentially revise the current minimum commission structure to accommodate the lowered board lot size.

    Moreover, the SC is collaborating with securities brokers to introduce flexible fractional trading options, ultimately expanding retail investors’ engagement in the stock market. This move will be governed by a set of comprehensive principles that prioritize price transparency and equity.

    Concerning the automatic transfer of ACE Market companies to the Main Market, discussions at the SCID 2023 centered on establishing meaningful criteria to ensure the sustainable performance of promoted companies and their alignment with ongoing Main Market requirements.

    Dato’ Seri Dr. Awang highlighted that this transfer process is expected to offer increased visibility and access to a broader investor base for qualifying ACE Market companies. Additionally, a greater number of Main Market-listed companies with substantial market capitalization will present diversified investment prospects, particularly appealing to larger and foreign investors, thus enriching the Malaysian capital market.

    To expedite these initiatives, the SC is diligently reviewing and discussing criteria and processes in collaboration with Bursa Malaysia, with forthcoming announcements projected as the framework is solidified. The objective is for the eligibility criteria for automatic transfers to be in place by the conclusion of 2023. Furthermore, the fundamental principles guiding fractional trading are anticipated to be disclosed by the close of Q3 this year.

    The recent SCID 2023 event played a timely and pivotal role in facilitating the execution of these critical capital market measures. The dialogue not only offered a platform for implementation but also generated valuable insights and innovative ideas to further propel the development of the capital market.

  • Generali Malaysia Reigns Supreme: An Unprecedented 8th Consecutive Victory as International General Insurer of the Year at Insurance Asia Awards 2023

     

    In a dazzling display of excellence, Generali Malaysia has once again emerged victorious, claiming the prestigious International General Insurer of the Year – Malaysia award at the illustrious Insurance Asia Awards 2023. This remarkable win marks a historic milestone for Generali, solidifying its position as the first and only general insurer in Malaysia to achieve such an awe-inspiring consecutive streak.

    This coveted accolade is a resounding testament to Generali’s unwavering commitment to providing innovative products and services that are deeply rooted in customer experience and cutting-edge digital technology. The recent acquisition of AXA Affin joint ventures and MPI Generali Insurans Berhad has further bolstered Generali’s standing as one of Malaysia’s largest and foremost general insurers.

    The grand event took place at the iconic Sands Expo & Convention Centre, Singapore on the 27th of July 2023, where Insurance Asia Awards celebrated the finest insurance companies that have made an extraordinary impact on customers through exceptional products, services, and solutions. Each award recipient was meticulously chosen by a distinguished panel of industry experts, ensuring that only the best of the best were honored.

    Basking in the glory of this prestigious recognition is none other than Fabrice Benard, the esteemed Chief Executive Officer of Generali Insurance Malaysia Berhad and Country Head for Generali Entities in Malaysia. With over two decades of technical and strategic expertise in the realm of General Insurance, coupled with an impressive track record of senior management positions across renowned financial institutions and big four firms in France, Italy, the Middle East, and Asia, Fabrice’s leadership has been nothing short of exceptional. To add to his accolades, he was also bestowed with the esteemed CEO of the Year award for spearheading the transformative integration project that catapulted Generali Malaysia to the position of the second-largest general insurer in the country.

    Generali Malaysia has been honoured with International General Insurer of the Year – Malaysia award for the 8th consecutive year at Insurance Asia Awards 2023. Generali is the first and only general insurer in Malaysia to have attained this consecutive win.

    Fabrice expressed his elation at the achievement, stating that 2023 is a transformative year for Generali Malaysia as it furthers its ‘Lifetime Partner’ strategy through a game-changing acquisition, which has expanded their scale, expertise, and network to better serve their valued customers. The reception of these two prestigious awards validates Generali’s unwavering commitment as a trusted insurer and dedication to providing unmatched customer service.

    Generali’s recipe for success lies in its unwavering focus on People – the driving force behind delivering and upholding the company’s strong sense of purpose and Lifetime Partner ambition. With a legacy spanning over 190 years, Generali remains steadfast in its mission to place customers at the core of its strategy, addressing their protection needs, and providing them with ‘Personalized Value Propositions’, ‘Phygital Advice’ and ‘Effortless and Caring Experience’.

    But Generali’s commitment to the community goes beyond just its customers. Through the launch of its flagship initiative, The Human Safety Net “Project Makan Sihat,” the company has demonstrated its dedication to serving the underserved market. In collaboration with NGO partner Yayasan Generasi Gemilang, this local fundraising activity, in conjunction with the global fundraising effort organized by The Human Safety Net, raised a commendable RM273,751 to combat malnutrition among children and families in PPR Lembah Subang.

     The stellar achievements of Generali Malaysia are a true reflection of the unwavering support and trust bestowed upon them by their valued customers, business partners, agents, brokers, distributors, and colleagues. It is a testament to Generali’s unwavering dedication to being a trusted and dependable partner for all their stakeholders, and it sets the stage for even greater milestones in the future.

  • MITBA’s Trailblazing Programmes Pave the Way for Transformation!

    The Malaysian Insurance and Takaful Brokers Association (MITBA), the national body of Insurance and Takaful brokers, takes great pride in announcing a series of remarkable achievements as it concludes a transformative period from 2022 to 2023. Throughout this time, MITBA has successfully spearheaded a range of impactful programs, fostering innovation, collaboration, and excellence within the Insurance and Takaful broking sector, cementing its position as a formidable catalyst for change.

    An exceptional highlight on MITBA’s journey was the annual CEO Conference held in Cape Town, South Africa this year. This prestigious event brought together top industry leaders from across Malaysia, providing a powerful platform for discussions on transformation and sustainable growth. The conference ignited enlightening conversations about emerging trends, risk management strategies, and strategic partnerships, setting new benchmarks for leadership and innovation within the Insurance and Takaful broking landscape. The CEO Conference served as a pivotal opportunity for MITBA to showcase the vital role of brokers and raise awareness among industry stakeholders.

    Another significant milestone was the successful inaugural Leaders’ Summit held in Melaka in February 2023, organized by MITBA. This groundbreaking event united local experts in the Insurance and Takaful broking sector, sparking discussions on cutting-edge technologies, emerging trends, and the future of the industry. The Leaders’ Summit exemplified MITBA’s unwavering commitment to driving excellence and fostering collaboration, playing a crucial role in shaping a prosperous future for its members and elevating the understanding of brokers’ pivotal role within the industry.

    Participants striking a pose at the 1st MITBA Leaders’ Summit 2023 in Melaka

    Over this transformative period, MITBA further demonstrated its dedication to empowering its members through a series of thought-provoking talks and seminars. The “Frontiers of Manufacturer’s Liability” and “Planning for General Insurance” series, comprising multiple parts, addressed critical topics such as market analysis, product development, risk management, and emerging trends. Esteemed industry experts shared invaluable insights, equipping attendees with the necessary knowledge and strategies to navigate the complex landscape of general insurance successfully. These programs serve as a testament to MITBA’s ongoing efforts to provide its members with the tools and expertise required to excel as brokers.

    Beyond its transformative initiatives, MITBA remains committed to corporate social responsibility. The association recently joined forces with PJ Caring Home for a meaningful CSR event, where MITBA members dedicated their time to engage with the residents, providing them with a heartwarming lunch and making a generous monetary donation. This act of compassion highlights MITBA’s commitment to making a positive impact on the community while exemplifying the values of care and support deeply ingrained within the association.

    Vicky Rajaratnam, the esteemed Chairman of MITBA, expressed profound pride in the association’s milestone achievements during this transformative period. He emphasized that these remarkable accomplishments were made possible through the collective efforts of MITBA’s Management Committee and respected members, who consistently demonstrated their unwavering dedication to collaboration, innovation, and embracing change. Vicky further emphasized his long-standing desire to raise exposure and enhance public understanding of the vital role played by brokers within the Insurance and Takaful broking industry. With a clear vision of a future where Insurance and Takaful broking protect and empower individuals, businesses, and communities, MITBA continues to drive transformative change and excellence within the sector.

    As MITBA celebrates these milestone achievements, the association remains steadfast in its commitment to inspire visionary leadership, foster collaboration, and shape the future of the insurance and broking industry. MITBA’s accomplishments from 2022 to 2023 serve as a testament to its dedication and ability to set new standards of excellence, firmly establishing itself as a driving force in the industry.

  • Over 4,000 Allianz Goods Carrying Vehicle Policyholders Benefit from Allianz Truck Warrior Roadside Assistance

     

    Allianz General Insurance Company Berhad (Allianz General) has been providing its Allianz Goods Carrying Vehicle Comprehensive policyholders with a valuable add-on coverage known as Allianz Truck Warrior since its launch in February. This dedicated roadside assistance service has already attracted over 4,000 policyholders who opted for the add-on to enhance their protection.

    With Allianz Truck Warrior, policyholders can access roadside assistance up to three times a year, including towing of their Goods Carrying Vehicles up to 100km roundtrip using a dedicated fleet of tow trucks. The service also covers on-site repair for breakdowns and offers a flood relief allowance of up to RM5,000 per flood event in case of vehicle damage caused by floods.

    To enjoy these benefits, customers simply need to purchase Allianz’s motor insurance policy and add on RM120 for the Allianz Truck Warrior coverage. The goal is to provide comprehensive protection and peace of mind to businesses and ensure a hassle-free experience during vehicle breakdowns.

    Sazali Abdul Rahman, Deputy Chief Sales Officer of Allianz General, emphasized the convenience and efficiency of the Allianz Truck Warrior service. Whether through the bike brigade for minor issues or towing for more serious breakdowns, customers can rely on a trusted and reliable partner.

    Despite the average cost of towing a lorry being around RM800, Allianz offers this stress-free benefit at a fraction of the cost, making it an attractive choice for policyholders. To be eligible for Allianz Truck Warrior, the Goods Carrying Vehicle must have an A and C permit with Comprehensive Cover, weigh up to 7.5 tons Gross Vehicle Weight (BDM), and be aged 20 years or less.

    The success of Allianz Truck Warrior reflects its end-to-end coverage and customer satisfaction. Allianz General continues to expand its Allianz Road Rangers fleet, with Allianz Truck Warrior being the latest addition, demonstrating their commitment to assisting policyholders of motorcycles, cars, and now goods carrying vehicles, regardless of their size.

  • MDDA Celebrates 30 Years of Industry Excellence

    The Malaysian Direct Distribution Association (MDDA) marked its 30th anniversary recently with a gala dinner held at EQ Hotel, Kuala Lumpur. Datuk Azman Mohd Yusof, Secretary General from the Ministry of Domestic Trade and Cost of Living (KPDN) kicked off the event with opening remarks and the gala dinner was attended by leading industry players and delegates from Direct Distribution Associations regionally.

    In his opening speech, Datuk Azman Mohd Yusof congratulated MDDA on their milestone and lauded the association for its various achievements throughout the years.

    “MDDA holds a crucial position in Malaysia’s direct selling industry, playing a vital role in its growth and development,” said Datuk Azman.

    He added that through extensive training programs and knowledge-sharing platforms, MDDA has empowered individuals and businesses, fostered innovation and improved the skills of many direct selling industry players.

    MDDA’S commitment to professionalism, adherence to high standards, and efforts in promoting ethical practices and transparency has elevated the industry’s reputation. Even amidst the challenges of the COVID-19 pandemic, the direct selling industry in Malaysia has shown resilience, he said.

    According to Dato Sri Dr. Barani Karunakaran, President of MDDA, the association has embarked on a determined course to become the top direct selling association in the country, setting its sights on solidifying Malaysia’s position on the global stage of the direct selling industry.

    He said that MDDA’s ambitious plan aligns with the surge of revenue from the direct selling industry in Malaysia valued at RM25 billion in 2020 to RM27 billion in 2021, signalling a strategic shift toward this growing business model globally. The initiative is expected to generate substantial economic benefits, increase the country’s Gross Domestic Product (GDP), promote entrepreneurial growth, and create significant regional job opportunities.

    Since its establishment in 1993, MDDA has grown to include 105 member companies, fostering a close relationship with KPDN in addressing industry challenges. The association has been actively amending the Direct Sales and Anti-Pyramid Scheme Act 1993 and resolving unauthorised selling and price markdowns on third-party platforms. MDDA is also continuously working together with KPDN enforcement team on eradicating issues in the Direct Selling Industry like the get-rich-quick schemes, money games and pyramid schemes by educating the public through its series of MDDA Straight Talk in Malay, English and Mandarin. Panels including industry leaders, KPDN officials and Royal Malaysia Police (RMP).

    The event also saw the signing of the Regional Association Memorandum of Understanding (MoU) between MDDA, AP2LI Indonesia, and FDSA India. The MoU signifies a collaborative effort to strengthen the direct selling industry across the region. Dato Sri Dr. Barani Karunakaran, MDDA President, Mr. Andrew Susanto (AP2LI), and Mr. A P Reddy (FDSA) represented their respective organisations during the signing ceremony. The memorandum of understanding (MoU) will assist all MDDA members in expanding their markets globally and promoting Malaysian products in the global market.

    In addition, MDDA presented the MDDA Intrapreneur Program, endorsed by the Direct Selling Unit of KPDN. The program aims to enhance professionalism in the direct selling sector and is claimable under the Human Resources Development Fund (HRDF). Certificates were handed over to 20 recipients, acknowledging their participation in the program.

    The gala dinner included the presentation of various awards, honouring companies that have demonstrated excellence, innovation, and social responsibility. Among the winners were Meganet4U Sdn Bhd, ShoppyMore Global Sdn Bhd, GMJ Konsortium Sdn Bhd, VKids Trend Sdn Bhd, Destina 1 International Sdn Bhd, M-Plan Sdn Bhd, Melilea (M) Sdn Bhd, Asia MLM Solutions Sdn Bhd, Bio-Science Marketing Sdn Bhd, Jeunesse Global Sdn Bhd, Netturul Resources Sdn Bhd, Era Edar Marketing Sdn Bhd and RCC Worldwide (M) Sdn. Bhd.

    The MDDA 30th Anniversary Gala Dinner provided an ideal platform to honour achievements, strengthen industry alliances, and set the stage for a promising future in the direct selling sector. As MDDA continues to champion professionalism and excellence, the industry can anticipate even greater advancements in the years ahead.

  • DNA Mapping, A Revolutionary Medical Breakthrough

    DNA Mapping, also known as DNA sequencing or genetic profiling, can provide actionable insights and help individuals identify genetic predispositions to certain diseases and health risks and to take proactive steps towards prevention. With that, Dyna Medical has introduced DynaDNA, Malaysia’s microarray technology DNA test kits, and Dyna App, a free-to-use digital gateway to improving users’ health and knowledge.

    The DynaDNA test kit is a DNA test kit that is fully made in Malaysia. With just a simple saliva sample, over 500 genetic tests can be accurately conductes producing results for over 150 traits across 10 separate profiles, including those for heart and vascular health, genetic health conditions and disorders, brain conditions, and allergies and food sensitivity.

    Mr. Martin Low Wink Keng, managing director of Dyna Medical, emphasised that by making DNA test kits more accessible, individuals will be empowered to make informed decisions about their own health and wellbeing. He gave the example of those who are concerned by the possibility of genetic diseases, such as thalassemia. A DNA test can make them aware of their risk of inheriting those diseases and allow them to make any necessary preparations or lifestyle changes.

    He also spoke on the benefits of DynaApp, an integrated wellness platform that puts the power of personalised healthcare in the individual’s hands.

    The free-to-use digital platform lets users view their DNA test kit results instantly, and at their convenience, allow users to book a consultation with qualified DynaDNA-partnered health professionals to explore their test results or to plan the next step of their health journey. Users can also purchase health and wellness products through the app’s built-in e-commerce feature.

    Future developments for the app include access to a range of wellness services, including spa treatments and facials, as well as travel packages to notable wellness retreats. By making these products and services readily available to users, DynaApp is committed to understanding and addressing their unique needs and concerns and aims to help them achieve a healthy and holistic lifestyle.

    Digital content creator and mother of three Iman Azman shared about her experience using the DynaDNA test kit at the launch. Also present was Dr. Hans Jeffry, a Dyna Medical medical product specialist, where he explained how DNA genetic profiling is able to provide actionable insights for one to take preventive measures for his or her own health and wellbeing.

    It is Dyna Medical’s commitment to addressing the unique needs and concerns of the wellness community that has led the company to partner with KL Wellness City to host the launch of DynaDNA and Dyna App. As Southeast Asia’s first 360-degree wellness hub, KL Wellness City is a fully integrated township built around the concepts of medical care, healthcare, wellness and fitness, and shares in the principles of prioritising personal health knowledge.