Kuala Lumpur, 13 November 2018 – Kumpulan Wang Persaraan (Diperbadankan) [KWAP], today announced the launch of the second phase of the MyPesara app, featuring a comprehensive new suite of financial and health services as well as benefits programme that is designed specifically for retirees.
The MyPesara app is part of the pension fund’s strategic approach towards reinventing the retirement experience for the digital age, responding to rising expectations among the ageing population for a more convenient, personalised, and seamless transition towards retirement. By applying new technologies like mobile, social, data and analytics, KWAP aspires to operate smarter and deliver more efficient services and benefits for pensioners.
“Engaging members from the very beginning of their careers is a top priority in helping pensioners prepare for their retirement years. By making retirement planning and pension services more dynamic and interactive on a digital platform, MyPesara has the capacity to provide a big part of the solution for achieving earlier, more active, and productive pensioners engagement,” said Syed Hamadah Othman, Chief Executive Officer of KWAP.
KWAP’s move towards digitalization of pension services echoes the Malaysian government’s overall focus on enhancing public service delivery as laid out in the Eleventh Malaysia Plan. By streamlining digital services for every stage of the pensioners’ lifecycle, KWAP hopes to contribute towards improving the nation’s ranking on the United Nations E-Government Development Index.
Greater digitalization of public services is also essential to unlock estimated growth dividends of between USD100 billion to USD136 billion per year by 2025, according to data from the World Bank. This represents an enormous economic potential for Malaysia, considering that the country has one of the highest mobile and Internet penetration rates in Southeast Asia.
“Today, we live in a world where people check their smartphones on an average of every six minutes. They constantly want to know more and expect newer ways of receiving information. Thus, the time is high for us to go digital and rethink our service design and delivery to bring an innovative retirement experience to life”, said Ismail Zakaria, Director of the Corporate Strategy and Performance Department at KWAP.
Towards this end, features on the latest rollout of the MyPesara app include:
- A User-friendly dashboard with easy access to personal information, pensions payment statement, e-Kad Pesara, and key notifications and updates from the government.
- An S.O.S. toggle button for pensioners that identifies their location and alerts caretakers in the event of a medical or other related emergency.
- A mobile medical record to monitor daily water intake, glucose, and blood pressure levels as well as a digital pill box to keep track of medications.
- A dedicated information hub with e-learning modules on retirement planning, financial management, health advice, and tips for pensioners to create a meaningful retirement.
- Benefits programmes with coupons and discounts from merchant partners on food, commute, health, and other products or services for pensioners, their derivatives as well as the general public.
- The e-card function where pensioners will have their pension card in the app and it is valid for various transactions at participating merchants’ outlets.
- In-app retirement tools including financial calculators, spending tracker, directory of emergency services, events calendar, live surveys, and more.
The merchant and content partners were selected based on a set of criteria that meets the needs of pensioners and the future pensioners in the area of healthcare, wellness, and financial planning, as well as products and services that could help reduce the daily cost of living of our pensioners. The participating merchants and content partners include AKPK (the Malaysian Credit Counselling and Debt Management Agency), Alpro Pharmacy, CELCOM, Domino’s Pizza, Grab Malaysia, Hire.Seniors, KPJ Healthcare, KPJ Healthshoppe, KPJ Sentosa, Mydin, Mynews.com., and IJN (the National Heart Institute). More will be available in the near future.
Moving forward, KWAP plans to make further improvements based on the feedbacks that are given via the app from all users, where the digital services and app features will be designed around the users’ needs in enhancing customer experience.
The MyPesara App is currently available for download at Google Play and App Store, and the enhanced features will be accessible in 10 days.