5 licenses up for grabs for digital insurers, takaful operators

5 licenses up for grabs for digital insurers, takaful operators

8 hours ago

PETALING JAYA: Insurance and takaful businesses with fully digital platforms are about to make their way into the Malaysian market, with up to five licenses for grabs in 2023.

To pave way for this, Bank Negara Malaysia (BNM) today issued the exposure draft on licensing and regulatory framework for digital insurers and takaful operators (DITOs) for written feedback following the issuance of the discussion paper earlier this year.

In a statement, the central bank said the exposure draft outlined the proposed framework to facilitate the entry of DITOs in Malaysia that can offer strong value propositions to realise inclusion, competition and efficiency.

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