RHB Insurance launches Malaysia’s first ESG incentive scheme for SMEs 

• SMEs with strong ESG commitments can receive up to US$914 in incentives
• Campaign will help SMEs strengthen resilience, tailor their insurance portfolios

Recognising the vital role of small and medium-sized enterprises (SMEs) in Malaysia’s economic landscape, RHB Insurance Berhad, a subsidiary of RHB Bank Berhad, has launched what it claims to be Malaysia’s first Environmental, Social, and Governance (ESG) Incentive Scheme for SMEs. This scheme empowers SMEs to adopt sustainable practices and stay business-resilient with financial rewards.

Through this programme, eligible SMEs demonstrating strong ESG commitments can receive an incentive of up to US$914 (RM4,000) to be invested in selected RHB Insurance products. This initiative aims to bolster SMEs’ risk management capabilities, protecting their businesses from unforeseen circumstances while aligning with their sustainability goals. Ultimately, this campaign will boost businesses’ resilience and help SMEs build a more diversified insurance portfolio tailored to their specific needs.

“With the growing importance of sustainability practices, RHB Insurance recognises SMEs’ unique challenges and opportunities. As the backbone of Malaysia's economy, these 1.15 million SMEs account for 97% of businesses and contribute significantly to the nation’s success. However, despite their critical role, only 15% of SMEs in Malaysia have insurance, leaving them vulnerable to business and financial risks,” said Oliver Tan, managing director/CEO of RHB Insurance.

“We are proud to be the first insurance player in Malaysia to launch this scheme, supporting and rewarding SMEs who embed ESG practices into their business strategy and operations. This programme offers advantages to SMEs on their sustainability journey. By empowering SMEs, we contribute towards building a more sustainable and resilient economy,” he added..

Aligned with Bank Negara Malaysia’s Climate Change and Principle-based Taxonomy and RHB Group’s ESG Eligible Business Activities Guidelines requirements, RHB Insurance’s ESG Incentive Scheme initiative enables SMEs to make choices aligned with their unique needs and preferences. Besides the financial advantage, embracing ESG practices can improve operational efficiency, attract the right talent, and enhance brand reputation.

Tan said, “RHB Insurance is deeply committed to building a sustainable future. We hope this campaign inspires businesses to enhance their sustainability practices and embrace opportunities to broaden and diversify their insurance coverage.”

For more information and to participate in the RHB Insurance ESG Incentive Scheme, interested businesses can visit https://www.rhbgroup.com/rhbi-esgscheme/ and complete the online form.