The Board of Directors of Silverlake Axis Ltd (“SAL” or “the Company”) is pleased to announce that Cyber Village Sdn Bhd (“CBV”), a wholly-owned subsidiary of the Company, has received a letter of award from an insurance trade association (“Association”) to develop and deliver an innovative digital collaboration platform for the life insurance and takaful insurers in Malaysia.
In the initial phase, CBV will deliver an industry wide platform which serves as an informational gateway to consumers and provides them with self-assessment financial planning tools. This digital platform will set the foundation for the Association to subsequently deliver a full service life insurance and takaful aggregator portal which enables consumers to compare life insurance and takaful products online and buy directly. This platform can also integrate to new digital insurance platforms and be the source for greater insights into the industry. When launched, the portal will create a more competitive market for life insurance products and increase empowerment for consumers to make informed decisions through better access to information.
The above award further affirms CBV’s capabilities to partner clients in Insurtech transformation initiatives. CBV’s track record for successful implementation is proven with two other insurer customers in Malaysia.
The contract is expected to contribute positively to the results of SAL for financial year 2018. Pursuant to the confidentiality clause stipulated in the contract, no further details of the contract will be disclosed. None of the directors or substantial shareholders of SAL has any interest, directly or indirectly, in the above contract other than through their respective shareholdings in SAL.
By Order of the Board
Kwong Yong Sin
Group Managing Director
15 June 2017
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