KUALA LUMPUR: UOB Kay Hian Research maintained its Buy recommendations on Hong Leong Bank, Tune Protect Group and Syarikat Takaful Malaysia Bhd which are all actively developing their respective fintech and insurtech platforms.
The research house said on Monday that within its financial sector coverage, Hong Leong Bank was developing fintech platform, while Tune Protect and Syarikat Takaful were developing their insurtech platforms.
It noted that Hong Leong Bank is the pioneer in implementing cognitive banking in Malaysia in partnership with IBM Watson.
“This combines a machine learning interface and big data analytic, and paves the way for more
customised products and faster customer servicing turnaround time.
“Among the insurance companies, both Tune Protect and Syarikat Takaful are applying both big data analytics and dynamic pricing to improve pricing and provide a greater suit of products on its online channels,” the research house said.
UOB Kay Hian had recently hosted a fintech day with WORQ, which is Malaysia’s only productivity community and one of the four Digital Hubs under the Malaysia Digital Economy Corporation (MDEC) initiative .
The event had speakers from a diverse background of startups and banks, covering topics including fintech companies (under the Bank Negara regulatory sandbox), equity crowdfunding in Malaysia as an alternative investment, and how Blockchain may change the banking landscape.
The research house noted that its Buy calls including Hong Leong Bank were some of the players that were staying ahead, by incorporating fintech initiatives to transform the traditional business model.
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