Malaysia : Regulator to license new digital players in insurance/ takaful sector in 2023

Bank Negara Malaysia (BNM) aims to license new digital insurance and takaful players in 2023 that can leverage technologies to deliver value propositions on three fronts.

The three arenas are:

First, inclusion – to enhance the financial resilience of customers whose protection needs are not adequately served.

Second, competition – to transform the existing market structure of insurance/takaful through innovative solutions.

Third, efficiency – to deliver a more frictionless consumer experience and protection at lower costs.

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