This article first appeared in The Edge Financial Daily on March 26, 2019

KUALA LUMPUR: Business application solutions provider Rexit Bhd has secured a five-year outsourcing services agreement from Great Eastern Takaful Bhd (GETB) to develop, manage and operate the mySalam portal for eligible members.

The services include developing, operating, managing and maintaining the portal for eligible members to access for enquiries and claim submission, Rexit said in a filing with Bursa Malaysia yesterday.

The agreement, inked yesterday via Rexit’s wholly-owned subsidiary Rexit Software Sdn Bhd, shall commence and take effect from Jan 1, 2019 to Dec 31, 2023, irrespective of the date the agreement is executed, said Rexit. The contract may be renewed for a further two years or any other specific period required by GETB.

“The agreement value will be calculated at RM1.40 per annum per eligible member, subject to a maximum charge of four million members,” said Rexit.

This means Rexit would receive a maximum of RM5.6 million annually from this agreement, expected to contribute positively to its earnings and net assets per share from the financial year ending June 30, 2019 until the deal’s expiry.

The mySalam national health protection scheme, launched in January, is set to provide some 3.69 million individuals between 18 and 55 years old from the bottom 40% income group nationwide, with free takaful health protection.