The licence allows the international life assurance company to both sell products and administer policies.
The KL office will initially be run by five staff, headed up by RL360°’s James Savastano, who has relocated from Dubai to take up the role of regional sales manager for Malaysia.
David Kneeshaw, chief executive of Isle of Man-headquartered RL360°, said: “Our aspirations for an RL360° office in Malaysia are long held but before we launched we wanted to ensure the framework was properly in place in order that we could fully maximise on the region’s potential.
“This framework is now in place, along with all regulatory requirements, and we feel it’s a great opportunity for us, as well as for advisers and their clients in the region. We are looking forward to working closely together with them.”
The life assurer cited Malaysia’s position as the fourth largest economy in southeast Asia and it being the third wealthiest country in the region by GDP per capita as driving factors behind the decision to open an office.
With a population of over 30 million, Malaysia has a very large expat community who work in a variety of developing industries such as the oil and gas, electronics and automotive sectors, the company stated.
Regional product
RL360° also announced plans to launch a Malaysia-focused product in the New Year, details of which are yet to be confirmed.
“We are excited about our new dedicated product, launching in 2017,” said Kneeshaw. “For now, however, we are concentrating on our relationships in the region and making sure the RL360° message is being heard.”
