In Malaysia, SMEs account for approximately 97% of business establishments, contributing around 39% of GDP and 48% of total employment. Despite their economic importance, many SMEs remain underinsured, leaving them potentially exposed to operational risks.
Under this collaboration, selected insurance coverage will be bundled with the Paydibs payment terminal, an in-person payment solution that enables merchants to accept digital payments. By embedding insurance within the terminal ecosystem, merchants who adopt digital payment acceptance can also benefit from practical business protection designed for everyday operational needs.
Tee Kean Kang, Chief Executive Officer of Paydibs, said the partnership reflects the evolving role of fintech platforms in supporting MSMEs beyond payment services.
“We believe the future of merchant enablement lies in building integrated business ecosystems. Payments alone are no longer sufficient. Businesses today need access to stability, protection and tools that help them manage operational risks. By embedding practical insurance protection into our platform, we are bringing together transactions, risk protection and long-term sustainability support for MSMEs.”
Many small merchants remain underinsured, often because traditional insurance products are perceived as complicated or not directly relevant to daily business operations. Through this collaboration, Paydibs and Great Eastern aim to address this gap by embedding coverage within the payment ecosystem, making insurance easier to access through tools merchants already use.
“Small businesses are the backbone of Malaysia’s economy, yet many remain underprotected against everyday risks. We are pleased to collaborate with Paydibs, which supports merchants in their daily operations. By integrating business protection into the payment experience, we can make insurance more accessible, relevant and convenient for small merchants, helping them operate with greater confidence,” said Jeremy Yeap, Chief Executive Officer of Great Eastern General Insurance (Malaysia) Berhad.
“This partnership reflects our commitment to closing the protection gap and supporting MSMEs with solutions that help them operate with confidence and focus on growth.”
The insurance consolidates essential protections into a single packaged solution, including accidental damage to shop premises caused by events such as fire, flood or break-ins, loss of cash while in transit or kept at the outlet, employer-related liabilities, and unexpected disruptions that may temporarily affect operations.
From a merchant’s perspective, the coverage is embedded in the Paydibs terminal offering, allowing businesses to benefit from protection without going through a separate insurance application process. Great Eastern contributes underwriting expertise, governance oversight and product structuring capabilities to ensure the programme remains sustainable and well managed over the long term.
The partnership supports Paydibs’ broader strategy of delivering end-to-end merchant solutions across payment acceptance, payouts and business financing, strengthening the company’s role as a business infrastructure partner for MSMEs. By embedding protection within existing business workflows, the programme helps reduce barriers to insurance adoption and supports efforts to close the protection gap among underserved merchants.
