SIGNING CEREMONY BETWEEN
REXIT BERHAD
AND
MARUBENI CORPORATION
THURSDAY, OCT 12, 2006
Speech by Y Bhg Datuk Ng Kam Chiu
Independent Non-Executive Chairman, Rexit Berhad
Yang Berhormat Datuk Dr Awang Adek Hussin, Deputy Finance Minister II
Mr Nobuyuki Yasuoka and Mr Ken Motoda of Marubeni Corporation
Members of the Board of Directors of Rexit Berhad
Distinguished guests
Members of the media
Ladies and gentlemen
A very warm welcome to all of you and thank you for being here this afternoon to witness the official signing of the joint venture agreement between Rexit Berhad and Marubeni Corporation of Japan.
First of all, I wish to take this opportunity to express my utmost gratitude to Yang Berhormat Datuk Dr Awang Adek Hussin, Deputy Finance Minister II, for taking time off your very busy schedule to be here with us today to witness the signing of the joint venture agreement between Rexit Berhad and Marubeni Corporation of Japan.
Thank you Yang Berhormat.
Ladies and gentlemen.
This is indeed an important milestone for us, and a major development in our efforts to expand our reach into the international markets. The formation of this international joint venture company will enable us to collaborate with Marubeni Corporation for the sale and development of Rexit’s e-Insurance products and services, primarily our e-Cover portal, to Japan and other markets outside of Malaysia.
Marubeni Corporation is an established and successful conglomerate, with businesses worldwide spanning across a diversified range of industries from energy, infrastructure, development & construction to finance, logistics and information & communication. We are proud and indeed honored to have such a reputable organization as our partner as well as shareholder. The potential from this joint venture is tremendous. Leveraging on Marubeni’s wide-reaching global network, marketing systems and international recognition, this joint venture will provide us with a strong platform to successfully tap into the vast potential within the Japan market and the rest of the world.
In Japan alone, the statistics are staggering. Total premiums for general insurance amounted to 9 trillion yen, or approximately RM270 billion, compared to Malaysia, where the total insurance premiums were about RM9 billion. So you can well appreciate how truly excited we are on the prospects of this partnership with Marubeni.
Ladies & gentlemen.
Rexit has come a long way to being the largest insurance systems solutions provider in Malaysia. Thanks to the strength of our products and support of our customers, our e-Cover application now commands a substantial share of the motor insurance transactions in Malaysia. To date, more than 26,000 registered users, seven insurance companies, four banks and telcos are participating in our e-Cover portal, which is amongst the largest e-commerce portal in the country, if not regionally. We attained our landmark of RM1 billion worth of premiums in less than ten months of launching our e-Cover portal, and as at September 2006, we have transacted more than RM2.3 billion in premiums.
I am also pleased to announce to you that our e-Cover application has recently received the Merit Award for Best of Financial Applications category in the 2006 MSC-Asia Pacific ICT Awards.
Ladies & gentlemen.
With our award winning e-Cover application, and a partnership with the Marubeni Group, Rexit is well positioned to capitalise on the opportunities for growth in Malaysia as well as in the international markets. Through our e-Cover technology, we can extend our services and products to the non-motor insurance policies, as well as other financial applications such as hire purchase. In June of this year, we launched our e-HP application with AMBank, which is the largest financier for the motor financing business in Malaysia. We are also making big progress and in the final stage of contractual negotiations with three more insurance companies in Malaysia, which we expect to conclude before the year end.
Ladies and gentlemen.
Rexit is going through a period of very strong growth, and we are truly excited and confident of the group’s prospects. And in line with the government’s call to develop the country as a shared services and outsourcing hub, we will continue to invest in research and development to develop new technologies and innovative products to eventually realize our vision of becoming the largest domestic and regional e-commerce service provider.
In conclusion, on behalf of the Board of Directors and Management of Rexit Berhad, I would like to once again say that we are truly grateful to Yang Berhormat Datuk Dr Awang Adek Hussin for gracing this event. My sincere thanks and appreciation also goes to our partners from Marubeni Corporation for flying in from Japan to be here for this momentous occasion. Last but not least, members of the media, thank you for coming this afternoon.
Thank you.
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