Paydibs has recently signed a new partnership with insurance brand Great Eastern General Insurance Malaysia to bring bundled service to SMEs, so that they don’t have to think twice about making their business safe.
Right now, SMEs basically dominate Malaysia’s business landscape, making up about 97% of all businesses, contributing close to 40% of GDP, and employing nearly half the workforce. But despite that, a lot of them are still underinsured, mostly because traditional insurance feels complicated or just not relevant to their day-to-day operations.
Therefore, for Paydibs clients, if you’re already using a Paydibs terminal to accept digital payments, you’re also getting built-in protection as part of that setup. It includes things like accidental damage to shop premises from fire or floods, cash loss during transit or at the store, employer-related liabilities, and even business disruptions that could temporarily affect operations.
Behind the scenes, Great Eastern is handling the heavy lifting – underwriting, governance, and structuring the product to make sure it’s sustainable long-term, while Paydibs focuses on distribution through its existing merchant ecosystem.
As for users, the key thing is that there’s no separate signup process. The insurance is just part of the terminal offering, which removes one of the biggest barriers to adoption.
Paydibs CEO Tee Kean Kang framed this as a bigger shift in fintech, where platforms aren’t just about payments anymore but are starting to act more like full business ecosystems. He pointed out that payments alone aren’t enough – businesses also need stability, protection, and tools to manage risks, which is where this embedded approach comes in.
On Great Eastern’s side, CEO Jeremy Yeap emphasized that SMEs are still largely underprotected despite being the backbone of the economy, and by integrating insurance into something merchants already use daily, it becomes much more accessible and relevant.
