Gibraltar BSN and Payfo Announce Partnership

Kuala Lumpur, 1 July 2021 – Gibraltar BSN Life Berhad today announced a strategic collaboration with Payfo, a fintech subsidiary of Percetakan Nasional Malaysia Berhad (PNMB).

Under the alliance, Gibraltar BSN’s digital products will be offered on Joy, Payfo’s flagship application, to over 120,000 employees within Payfo’s larger group of companies which includes Perspective Lane (M) Sdn Bhd Group of Companies, DRB-Hicom Group, and MMC Group of Companies.

Gibraltar BSN’s simple, relevant, and affordable products offered on Joy are i-Care, a term life insurance plan from RM9.75 per month, i-Med, a medical card plan from RM41.85 per month, and i-Protect, a critical illness coverage plan from RM7.60 per month. 

Commenting on the partnership, Gibraltar BSN’s Chief Executive Officer Lee Kok Wah said, “Payfo and Gibraltar BSN’s collaboration is a natural fit. Payfo’s mission to disrupt the country’s financial space through its technological solutions is aligned with our desire to provide financial security to more Malaysians through digital platforms. We look for partners to help us make a positive impact and Joy will enable us to deepen life insurance penetration by tapping into its large captive audience.”

Payfo’s Founder Ezwan Mohamed Annuar elaborated, “We are very excited with the possibilities offered by our latest collaboration. Improving the welfare of our people is a key priority and as Joy is widely used by our employees nationwide, we are pleased to be able to offer them an easy way to protect not only themselves but their families as well.”

Today’s launch marks the start of a broader partnership between Payfo and Gibraltar BSN that will culminate in the life insurer’s products being offered to retail customers on the Joy application in the near future.