Merchantrade Continues To Champion Financial Inclusion By Launching Affordable Insurance Scheme
Ever since the emergence of the COVID-19 pandemic, many communities throughout the world have been adversely affected. Amongst those affected are the foreign migrant worker communities, where the impact from the loss of income due to job losses, pay cuts or falling ill from the pandemic could have a devastating impact.
Merchantrade has launched many initiatives especially in the area of financial inclusion to assist the foreign migrant worker communities and reduce the challenges they face, even during these pandemic times.
Foreign migrant workers play an integral role in the global economy as businesses and industries aim to be more competitive in the global arena. With the large numbers of migrants earning a living away from their home countries, offering informed insurance protection to these segments is important as everyone deserves to have access to affordable insurance protection for themselves and their families.
From an internal survey with UNCDF, it was evident that almost half of the foreign workforce in Malaysia has less than RM500 in savings and 41% of respondents could not raise enough funds in the event of an Rm1000 emergency such as funeral expenses.
In 2020, Merchantrade Insure launched a life insurance protection policy underwritten by MCIS Insurance Bhd (Malaysia), an affordable basic coverage plan amounting to RM4,000 in payout for a low monthly premium of just RM1. The main goal was to introduce and educate the foreign worker communities (including other low-income communities in Malaysia), on the benefits of the coverage.
Building on its initiatives, Merchantrade launched a campaign for 1-Month FREE life insurance coverage for each remittance transaction made through the company’s extensive nationwide network of branches and agents and also its digital platforms - eRemit app and Merchantrade Money e-wallet.
In 2021, Merchantrade expanded its financial protection initiatives, this time with the benefit of a partnership program to further drive awareness and adoption by targeting specific communities. Merchantrade partnered with iPay Remit (Nepal) and i-Remit (Philippines) for free insurance coverage for remittance transactions sent through these channels.
To date, Merchantrade Insure offers a host of affordable insurance products to customers with benefits ranging from basic coverage, loss of life coverage to all causes such as zika, JE, dengue, malaria, not to mention COVID-19.
Merchantrade firmly believes that collaborations and partnerships
will add value and create new and effective ways to make these important financial products accessible to everyone regardless of nationality and socioeconomic background thereby promoting and advancing financial inclusion.
To learn More About Merchantrade, visit the Official Website https://www.mtradeasia.com