KUALA LUMPUR: TFP Solutions Bhd, through subsidiary OneCent Sdn Bhd, recently finalised a strategic partnership with VSure Tech Sdn Bhd to integrate innovative fintech services with digital insurance solutions.
The collaboration marks a milestone in the evolution of insurtech (insurance tech) and fintech in Malaysia, aiming to reshape the financial landscape for the country's foreign workers and underserved communities, both companies said in a statement.
"OneCent is creating a digital community of entrepreneurs who believe in the future of a cashless ecosystem through the OneCall e-wallet," said TFP executive director Datuk Hussian Rizal Abdul Rahman.
"This platform aligns with the Malaysian government's vision of promoting digital lifestyles," he added.
The partnership centres on integrating VSure's embedded insurance product, EzPA, and other digital insurance offerings into OneCent's mobile fintech ecosystem.
"By combining VSure's expertise in insurtech with OneCent's advanced fintech platform -which includes features like cashless payments and an E-Gold solution - both our companies aim to enhance the overall financial experience for users, offering personalised solutions that cater to their dynamic needs," said Hussian.
He described the TFP OneCall mobile solution as "a game-changer", integrating financial services with everyday mobile use to create a comprehensive lifestyle experience for users.
"By integrating VSure's digital insurance solutions into our OneCent platform, we can offer a more comprehensive suite of services that not only meet the financial needs of our users but also provide them with peace of mind," he added.
VSure Group chief executive officer Eddy Wong Kok Hoe said it continuously innovates and simplifies insurance to provide comprehensive financial protection for the mass market.
Wong added that VSure in the process of finalising the VSure CoFAP social takaful Social with Smart Sabah Corporation, further extending its range of financial protection solutions.
Smart Sabah is a government-linked company in Sabah focused on promoting digital transformation and smart initiatives within the state.
The corporation aims to leverage technology to enhance the quality of life for Sabah's residents by implementing smart city solutions, digital infrastructure, and community-focused programmes.
VSure also recently signed a collaboration agreement with Hong Kong-based IT services and solutions company Coded Solution to enhance protection solutions through Insurtech and Web3 technologies.
"The partnership aims to integrate on-demand and embedded insurance solutions into new and existing partner platforms across the region, potentially reaching over 100 million users," said Wong.
Coded Solution, headquartered in Hong Kong and a member of the Cyberport Hong Kong group, specialises in delivering innovative, efficient, and secure award-winning blockchain solutions for organisations, including real-world asset tokenisation, supply chain optimisation and ESG initiatives.