Kuala Lumpur, 17 December 2020:
Perbadanan Insurans Deposit Malaysia (PIDM) and the United Nations Capital Development Fund (UNCDF)
in Malaysia today announced their partnership to improve the financial health of 20,000 gig workers on GoGet Malaysia
, an on-demand work platform. Financial literacy programmes that use behavioural science principles will be rolled out through the GoGetter app from January onwards.
“There is a pressing need to help gig workers improve their financial resilience for the future, and equip them with the knowledge and tools to manage potentially volatile income. Measuring the effectiveness of the programmes is also key to improving on ways to communicate with this growing demographic,” said Rafiz Azuan Abdullah, Chief Executive Officer (CEO) of PIDM.
GoGet encourages platform users to save their earnings and protect themselves for as little as RM1 a day through fintech partners such as POD, a mobile, goal-based savings app, and SENANG, an on-demand insurance technology platform.
When asked why this is important to GoGet, CEO and co-founder Francesca Chia said: “We realised as a platform that is committed to empowering people to earn in a flexible manner, we need to ensure that our community is just as protected as full-time employees. Helping our GoGetters get access to benefits such as savings, insurance schemes, and loans is key to making flexible work sustainable for the long-term.”
The take-up rate of these facilities by platform users could also be used as a way to track conversions and measure the effectiveness of PIDM’s financial literacy programmes. PIDM and UNCDF will also seek insights and feedback from participants upon completion of specific programmes, which would help inform the development of future programmes.
“UNCDF’s research with several major tech-enabled gig work platforms in Malaysia
shows that savings is foundational to people’s state of financial health. Working with tech-enabled platforms like GoGet and fintechs like POD and SENANG allows us to program in nudges at key moments of the user’s journey such as getting paid or targeting these nudges to those most likely to save or buy insurance. Most importantly, it allows us to do these experiments at scale,” said Jaspreet Singh, Global Lead Financial Health and Innovations at UNCDF.
UNCDF, through the i3 Program
, works with private and public partners to improve the financial health of the low-to-moderate income people in Malaysia. The i3 Program
is funded by the MetLife Foundation.
PIDM, as a deposit insurer, promotes financial literacy through awareness of its protection systems. PIDM is also a member of the Financial Education Network (FEN)
, an inter-agency platform comprising institutions and agencies committed to improving financial literacy among Malaysians.
|For more information about this press release, please contact:
Sarina Ariffin, Deputy General Manager, Communications and Public Affairs Division (Tel: 03-2173 7457; Email: email@example.com)
Masami Mustaza, Manager, Communications and Public Affairs Division
(Tel: 016-3643406; Email: firstname.lastname@example.org)
PIDM is a statutory body that provides protection, up to prescribed limits, against the loss of deposits and insurance or takaful benefits in the event of a member institution failure. PIDM is entirely funded by premiums or levies assessed on its member institutions and does not receive public funds to operate. It has the means under the PIDM Act to borrow or raise such funds as may be needed to fulfil its statutory obligations to protect financial consumers of its member institutions. As an integral part of the national financial safety net, PIDM promotes and contributes to the stability of the financial system.
For further information:
ABOUT UNCDF AND FINANCIAL INNOVATION LAB
The United Nations Capital Development Fund (UNCDF) makes public and private finance work for the poor. With its capital mandate and instruments, UNCDF offers “last mile” finance models that unlock public and private resources, especially at the domestic level, to reduce poverty and support local economic development.
The Financial Innovation Lab (FinLab) runs innovation challenges to find and support solutions that help improve the financial health of the low-to-moderate income people in Malaysia and China. It is funded by the MetLife Foundation through the i3 Program. To learn more about FinLab, visit https://www.uncdf.org/finlab
or email email@example.com
ABOUT INNOVATE, IMPLEMENT, IMPACT (i3) PROGRAM
The i3 program works in Bangladesh, China, Malaysia and Vietnam to leverage digital technology and uncover deep insights into low- and moderate-income (LMI) people’s needs, aspirations and behaviours in order to build and deliver financial services for the mass market. LMI people have limited options that could drive usage of formal financial services and so struggle to manage their limited resources and cash flows. The program is funded by the MetLife Foundation
and implemented by MicroSave
ABOUT METLIFE FOUNDATION
At MetLife Foundation, we are committed to expanding opportunities for low- and moderate-income people around the world. We partner with non-profit organisations and social enterprises to create financial health solutions and build stronger communities, while engaging MetLife employee volunteers to help drive impact. MetLife Foundation was established in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. From its founding through the end of 2019, MetLife Foundation provided more than $860 million in grants and $85 million in program-related investments to make a positive impact in the communities where MetLife operates. Our financial health work has reached more than 13.4 million low- and moderate-income individuals in 42 countries. To learn more about MetLife Foundation, visit metlife.org