A unit of Singapore-based tech firm Silverlake Axis has won a contract to develop a digital platform for life insurance and takaful providers in Malaysia. According to a Singapore Exchange filing, Silverlake Axis said its subsidiary Cyber Village (CBV) has been given the green light by Malaysia’s insurance trade association and is expected to contribute positively to the company’s results for the financial year 2018.
CBV has been tasked with delivering an industry-wide platform to include features such as a self-assessment financial planning tool in the hope that it will create a more competitive market for life insurance products in Malaysia, which is dominated by international names such as Prudential and Zurich. "This digital platform will set the foundation for the association to subsequently deliver a full service life insurance and takaful aggregator portal which enables consumers to compare life insurance and takaful products online and buy directly," the company said.
Last December, RL360° opened a new branch office in Kuala Lumpur, Malaysia, after it was granted a license by the Labuan Financial Services Authority (LFSA).