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Allianz offers free GPA coverage to FinTech start-ups
Last update: 12/03/2018

KUALA LUMPUR, March 12 (Bernama) --†Allianz Malaysia†Bhd is collaborating with the FinTech†Association of Malaysia (FAOM) by†offering a free annual group personal accident (GPA) coverage to the association's start-up members.

In a joint statement today, the company said any Malaysian start-up†with fewer†than 30 employees might†also register with FAOM in order to be entitled to the sponsorship.

The GPA†insurance provides†compensation to employees who experience death or permanent†disablement†due to accidents.

Allianz General Insurance Company (M) Bhd Head of Digital Partnerships and Innovation†Michael Fong†said the coverage could†be upgraded to cover temporary total or partial disablement, as well as medical expenses incurred from accidental losses.

"In coming up with this initiative, we want to help start-ups relieve the burden of certain issues that could hinder their growth.

"For a start-up, taking on the full responsibility for the cost of insurance can be a daunting task, especially when they are just starting out with limited capital and resources," he said.

FAOM†President David Fong said the GPA coverage†would be a great way to alleviate the cost of insurance to support small and medium financial technology†(fintech) companies that†were†just starting up.

"As the national fintech platform, providing value to our members is one of our key objectives and we certainly welcome and look forward to more collaborations down the road," he added.

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MIDDAY, MONDAY, MAY 21
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Source: Bank Negara Malaysia

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