Reading the news on our cellphones has been one of the major habit changes due to COVID-19. My friends, who once could not start their days without the touch and feel of a freshly delivered newspaper, have now been compelled to read the digital version. Via apps, or simply through news websites, they have had to adapt to a changed world. To the well-known aphorism, “old habits die hard,” maybe it’s time to add, “but with time and effort they do.

In the same vein, I think one of the changes after COVID-19 will be how organizations work with paper. Paperless has been the holy grail of automation and digitization for a long time now, with only limited success. But now, the time has come for this trend’s spread to experience a major acceleration, and maybe even reach the tipping point.

Kuala Lumpur, 26 February 2021 – Alliance Bank Malaysia Berhad (“Alliance Bank” or the “Bank”) today reported that it had provided RM6.3 billion in targeted assistance to individuals and business customers in the first nine months of the financial year ending 31 March 2021 (“9MFY21”). 

“For 9MFY21, we continue to focus on our two key priorities of helping our customers stay resilient during the pandemic and accelerating our digitisation initiatives to acquire more customers, improve client engagement, and drive better cost efficiency,” said Mr Joel Kornreich, Group Chief Executive Officer of Alliance Bank. 

RM5.2 billion was for Payment Relief Assistance (“PRA”) packages, and RM1.1 billion was for Extended Moratorium. The Bank has also disbursed more than RM600 million in Special Relief Fund to help SMEs. 

Petaling Jaya, 26 February 2021: MCIS Insurance Berhad (MCIS Life), a pioneer life insurer in Malaysia since 1954, has teamed up with Merchantrade Asia Sdn Bhd, Malaysia’s largest money services business, to offer a life insurance protection plan to Malaysians and foreigners alike, targeting to specifically benefit the underserved communities in Malaysia.  The new plan is most timely given the Covid-19 pandemic and lack of accessibility to affordable insurance and healthcare.

Speaking at the signing ceremony to kick-start the partnership, MCIS Life CEO and Managing Director, Prasheem Seebran, said, “We believe that everyone should be able to have access to life insurance. Migrant workers play a significant role in driving the country’s economic growth. So, it is important to ensure this segment of the population, which works alongside Malaysians, has equitable access to financial protection during uncertain times. This is critical to give them peace-of-mind. To date, we have paid out three claims amounting to RM16,000 to the beneficiaries in a foreign country, which were processed within five working days.”