MEDILINK-GLOBAL UK LTD 14 January 2016
("MediLink" or "the Company")
MediLink, the provider of electronic healthcard network services to insurance companies and corporate organisations to help them facilitate the administration of medical claims and healthcare data management, is pleased to announce that MediLinkGlobal (M) Sdn Bhd ("MediLink Malaysia"), the Company's wholly owned Malaysian operating subsidiary, has entered into an agreement to provide its proprietary claims application software, 'Managed Care System' ("MCS Software"), to Etiqa Insurance Berhad ("Etiqa").
Etiqa is a Malaysian incorporated company and is the insurance and Takaful division of Malaysia's largest financial services group, Maybank Group. It provides a wide range of personal and corporate insurance services and products as well as Sharia-compliant Takaful products.
MediLink Malaysia will license its MCS Software to Etiqa for the purpose of facilitating and allowing Etiqa to administer and process its health related insurance portfolios; relating to its insurance and Takaful plans; as well as settlement of claims to the beneficiary(ies).
The total value of the agreement is approximately £275,000 (based on current exchange rates). The MCS Software project will be delivered in three phases and is expected to be completed within 19 months, and by no later than 31 December 2017. Payments will be made to MediLink Malaysia in stages throughout the project and are subject to agreed milestones.
Under the agreement MediLink Malaysia is required to provide a performance bond equivalent to 10% of the total contract value, made in favour of Etiqa. The performance bond is to be put in place with an approved financial institution as chosen by Etiqa.
The agreement may be terminated by Etiqa, solely at their discretion by giving 30 days' written notice to MediLink Malaysia.
Shia Kok Fat, CEO of MediLink, commented:
"The new software license will provide a real-time system available 24x7 via Internet browser, mobile apps and portals, MCS interfaces with the multiple core and legacy system of Etiqa. It will allow Etiqa to achieve ONE complete medical system. The software enables Etiqa to administer, process claims and settle claims and interface with its accounting system. Other system features boost efficiency, simplify reporting, improve customer satisfaction and operational efficiency while embracing growth opportunities in the market.
"We are extremely pleased to have sealed the contract with Etiqa. This is the third Managed Care System licensing contract that we have entered into, since year 2007 and 2014; with Great Eastern Life Assurance Berhad (GE Malaysia) and Great Eastern Life Assurance Co. Ltd (GE Singapore) respectively."
Enquiries:
MediLink-Global UK Limited | Allenby Capital Limited (Nominated Adviser and Broker) |
Shia Kok Fat, Chief Executive Officer | Nick Athanas |
Tel: 00 603 2296 3028 | James Reeve |
www.medilink-global.com | Tel: +44(0)20 3328 5656 |
