Affin Bank bags awards for insurance product, start-up initiative

by SHAZNI ONG / pic by BLOOMBERG

AFFIN Bank Bhd has won the Insurance Product Innovation of the Year — Malaysia and Start-Up Banking Initiative of the Year awards at the Asian Banking and Finance (ABF) Retail Banking Awards 2020.

The highly prestigious ABF Retail Banking Awards honours outstanding banks which have introduced groundbreaking products and services that have successfully adapted to the rapidly evolving technology and business landscape.

“For our efforts to be recognised by ABF Retail Banking Awards, it is a testament and encouragement for us to propel forward in financial inclusion to support start-ups and small and medium enterprises (SMEs) in each of their respective journeys, especially during these challenging times,” Affin Bank president and group CEO Wan Razly Abdullah Wan Ali said in a statement yesterday.

“While Affin Bank’s start-up banking proposition was recognised previously, this is the first win for Affin SMEasy Protect — a business continuity insurance product designed for SME start-ups and micro businesses with the lowest annual premium starting from RM15 per year.

“This marks a unique win for the bank for its differentiated insurance protection for the SME community,” he added.

The bank stated that Affin SMEasy Protect fulfils the basic purpose of the need for insurance which is to act as cushioning tool to provide protection against catastrophic losses, such as natural disasters, theft and vandalism.

Additionally, Affin SMEasy Protect Scheme provides compensation in the event of injuries, disability or death caused solely by sudden and unforeseen accidents.

The Affin Start-Up Banking Initiative consists of different banking products to facilitate their basic banking needs.

The initiative, Affin Bank said, provides an easy and accessible on-boarding process, a digital engagement tool via the bank’s award-winning SMEColony, and engagement activities for learning, networking and collaboration avenues via SMEngage.