LUMPUR, MALAYSIA - Media OutReach - 13 January 2020 - MSIG Insurance (Malaysia) Bhd "(MSIG Malaysia)", has teamed up with MyKasih to provide bursaries of RM720 per annum
(each) for 130 students in two schools in Sabah and Selangor.
programme, which developed out of MSIG's involvement with FINCO (Financial
Industry Collective Outreach), is focused on children from underprivileged
families in the B40 income group. Student beneficiaries are
rendered assistance in the form of cashless bursaries via a contactless MyKasih
smartcard. Once registered, a spending allowance of RM30 will be deposited
twice a month. The students will draw on the allowances by using their MyKasih
student smartcard to pay for purchases of school books and stationery from the
school bookstore, as well as food from the school canteen. As part of the
bursary scheme, each student will also be annually reviewed in terms of overall
attendance and academic performance.
Mr. Chua Seck Guan, Chief Executive Officer of MSIG Malaysia, said, "MSIG is delighted to be working with
MyKasih and FINCO to help these underprivileged, children and their families. We
are a supporter of UN Sustainable Development Goal 4, which is focused on
creating inclusive and equitable educational opportunities for all. We hope
that the bursaries will allow these children to focus on their education,
rather than worrying about basic provisions which more privileged children take
MSIG will be supporting 80 students at SK Babagon Toki, Kota Kinabalu, Sabah (the
entire school) and 50 selected students at SJKC Damansara, Damansara, Selangor.
As part of their 'Love My School' programme, MyKasih will be working with the
children and their parents to ensure that the bursaries are spent responsibly.
"As one of Malaysia's
leading general insurers we have been impressed with how this MyKasih programme
will help educate both the children and their families about the benefits of
prudent financial budgeting and planning and we are glad that we have been able
to partner with both them and FINCO in developing this programme," Mr
"We are grateful to MSIG and FINCO for choosing us as their partner
in reaching out to underprivileged children in schools. Education is a key area
of MyKasih's work. Beyond providing students with cashless bursaries, we also
furnish schools with computer labs, robotics equipment, aquaponics edible
garden projects, sports development programmes, as well as English, music and
financial literacy classes to enhance their learning experience. The students will no longer need to worry about daily school meals and learning
essentials, and can therefore focus on their studies. With improved academic
success, we hope this would enable them to seize better opportunities in the
future, thereby breaking the cycle of poverty", said MyKasih Foundation Chairman and Co-Founder, Tan Sri Dr Ngau Boon
In addition to the financial contribution, MSIG
will also be working with FINCO and MyKasih to develop meaningful activities at
the schools where MSIG staff can directly participate, sharing their time and
experience to create additional value for these schools and students.
Clare Walker, Chief Executive Officer of FINCO added, "This is a great initiative by MSIG and a
good example of FINCO's collaborative approach to working with the financial
industry to support young people. Ensuring these children have their daily
needs taken care of means that they can better focus on their education and
work towards achieving their full potential".
This programme is one of several sustainability initiatives that MSIG
Malaysia has committed to in the past year. Other examples include their
support for visually impaired photographers, sponsorship of prosthetic limbs
for road traffic accident victims, creation of a dedicated insurance product
for social enterprises and a partnership with EPIC Homes, aimed at providing
housing for marginalised Orang Asli communities. All of these initiatives are
linked through MSIG's support for the United Nations Sustainable Development
Goals, which have guided and focused the company's sustainability efforts in
About MSIG Insurance (Malaysia) Bhd
MSIG Insurance (Malaysia) Bhd ("MSIG Malaysia") is a subsidiary of
Mitsui Sumitomo Insurance Company, Limited and a member of MS&AD Insurance
Group Holding, Inc. (MS&AD), one of the top ten** general insurers in the
With over 100 years of general insurance experience and a nationwide
network of 20 branches in Malaysia, MSIG Malaysia is one of the leading general
insurers in Fire, Engineering and Motor classes and No.1* in Marine Cargo,
offering an extensive range of products and services for personal and business
MSIG Malaysia's expertise is well recognised through
its receipt of many prestigious awards. These have included the 2018 "Outstanding
Property and Casualty Insurer in Malaysia" award* in the InsuranceAsia News
Awards for Excellence. MSIG Malaysia was commended for leading the market with
strong financial growth, investment in product innovation, enhanced digital
capabilities in business and claims management systems and strong customer
service proposition. Its commitment to customer service excellence through its
efforts in enhancing the customer experience and industry leadership in
Enterprise Risk Management also earned MSIG Malaysia the "General Insurance
Company of the Year" at the Asia Insurance Industry Awards in 2015.
For more information on MSIG Malaysia, visit www.msig.com.my or facebook.com/MSIGmy.
*As of Dec 2018
**Fortune Global 500, 2018.
Since its inception in 2009, MyKasih Foundation has
channelled RM260 million worth of aid to more than 280,000 families and
students nationwide via a proprietary cashless payment system that is
efficient, secure, and transparent in accounting for how funds are being used.
Financial Industry Collective Outreach (FINCO) is a collaborative initiative
pioneered by all financial institutions (FIs) in Malaysia with the support of
Bank Negara Malaysia to provide underprivileged children and youth with the
aspiration and educational tools they need to achieve their life goals.