KUALA LUMPUR, Aug 12 — Maybank Group enhances its presence in Singapore with the launch of its insurance arm, Etiqa Insurance Pte. Ltd. at Maybank’s 22 branches in the republic recently.
In a statement, it said the approval given by the Monetary Authority of Singapore to Etiqa to operate as a licensed life and general insurance company on June 13, 2014 marked its forays into the local life insurance market.
Maybank Singapore chief executive officer and financial services head of group community Datuk Lim Hong Tat said Etiqa’s entry into Singapore’s life insurance market would enable consumers to get more choices and to be served more holistically.
“This heralds Maybank’s objective of becoming a single port of call for consumers’ finance-related needs. We’ve enjoyed a long and successful track record in the bancassurance field and are ready to accelerate our growth and contribution in this space.
“We aspire to see Etiqa boosts Maybank’s market share and presence in Singapore. We’re confident that Etiqa’s offerings will be welcomed by consumers as we continue to deepen our relationship with them,” he added.
Etiqa has been providing general insurance solutions in Singapore as a branch of its Malaysian office for the past 50 years.
Today, Etiqa is the exclusive insurance provider for the Housing and Development Board of Singapore’s fire insurance scheme. — Bernama
