Revenue Harvest, a subsidiary of Revenue Group, acquires 25% stake in Malaysian company Insurtech Vsure.life

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Malaysian Insurance Company VSure.life reportedly acquired an investment of RM12 million (approximately $ 2.83 million) from ACE market-listing Income group via its 100% subsidiary Harvesting of income (in addition to being approved by Bank Negara Malaysia or BNM, the country’s central bank to participate in its fintech-focused sandbox program).

As reported by Edge Markets, Revenue Group Bhd (through its subsidiary Revenue Harvest Sdn Bhd) acquired a 25% stake in VSure Tech Sdn Bhd, which aims to digitize insurance platforms. The amount paid for the acquisition is 12 million ringgit.

RHSB is said to have entered into a share purchase and sale agreement with a group of VSure Tech shareholders to purchase 2,550 ordinary shares, which represents approximately 2.5% of the latter’s issued share capital.

Through this partnership, VSure and Revenue Group will provide the company with access to the latter’s B2B2C platform and payment solutions to strengthen its product offerings in Malaysian markets.

Company management also said BNM’s approval shows the company is ready to be tested in a commercial environment as a digital lifestyle insurer.

During the first step, VSure plans to introduce several affordable and flexible lifestyle protection plans, the announcement noted. Over the next few months, VSure intends to roll out its own subscribed on-demand protection services. This would include the introduction of the pay-as-you-go option for its purchased protection plans, which allows customers to choose coverage based on its duration or amount.

Customers who opt for term coverage will be able to purchase protection at a low rate and also by the hour (to account for key times that may require protection).

VSure has also entered into various business partnerships with a few virtual banking license applicants to implement personalized protection coverage plans within the online banking ecosystem.

The company also works with licensed insurers in Malaysia to offer Life, Health and Medical, Home, Personal Accident, Travel, Automobile and Takaful coverage plans. These are available on the VSure platforms.

Eddy wong, Co-Founder, CEO and CEO of VSure.life, said:

“We thank both Bank Negara Malaysia and our investors, Revenue, for sharing our enthusiasm for the future that lies ahead. Growing demand for digitized insurance services is expected to propel the global insurance market size to an estimated value of $ 11.94 billion by 2027. We are excited to catalyze the insurance industry in Malaysia and we anticipate that a market size of 300 million ringgit can be reached within the next two to three years, as a reflection of our faith in the potential of insurtech in Malaysia.

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