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Govt aims to double microinsurance, microtakaful sign-ups by 2026, says Tengku Zafrul
4 Apr 2022 | Monday The Edge Markets
The government aims to double the number of individuals signing up for microinsurance or microtakaful by 2026 under the Financial Sector Blueprint, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said.
The minister said other key outcomes expected by 2026 include rapid adoption of digital payments, with e-payments per capita increasing at a compound annual growth rate of more than 15%, and insurance and takaful penetration rates of between 4.8% and 5%.
He said the blueprint also aims to achieve consistent growth in alternative finance directed at new, innovative businesses as well as faster, cheaper and more accessible cross-border payments.
“The blueprint’s strategies will be critical for the financial sector to navigate the upcoming challenges and opportunities, complementing the 12th Malaysia Plan.
