Financial Products | Emily Gootier Financial Blog

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KUALA LUMPUR, April 3 — CIMB Group Holdings Bhd is on track to achieve its target of RM200 million gross written premiums for its non-life insurance business this year.

Chief Executive Officer (Group Consumer Banking), Samir Gupta, said the group had been partnering with Sompo Holdings (Asia) Pte Ltd to market and distribute Sompo’s non-life insurance products through its distribution network, which includes Singapore and Indonesia.

“We started off in 2016 in Singapore and Indonesia, and in Malaysia in August last year.

“In Malaysia, the response has been good. In the first four months in the market last year, the group managed to collect a total premium of RM22 million while in the first two months of this year, the group had already achieved 20 per cent of the target,” he told reporters after the launch of CIMB-Sompo bancassurance partnership in Malaysia.

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Last week, the Central Bank of Malaysia, Bank Negara Malaysia has introduced a new initiative to digitize its financial services and empower society called eCCRIS which stands for the electronic Central Credit Reference Information System.

In the bank’s statement, the Governor Tan Sri Muhammad Ibrahim said it is the bank’s efforts to expand the scope of the use of its traditional CCRIS report.

He said the report is used not only by borrowers and lenders, but it also include the purposes of individual financial health screening, debt management and settlement activities, as well as screening of job applicants by employers. This development is in line with Bank Negara’s aspiration to see the wider use of credit scores.

Continue reading “eCCRIS to Digitize and Empower Financial Services & Society”