KUCHING: Interest in Malaysia’s digital insurance and takaful sector is surging, with Bank Negara Malaysia (BNM) reporting a strong response just three months into its two-year licensing window for Digital Insurers and Takaful Operators (DITO).
In a statement, consultations with potential applicants are underway, while the application period remains open until Dec 31, 2026.
BNM may announce successful applicants during or after this period.
Despite the momentum, protection gaps persist, with less than half of Malaysians covered by life insurance or family takaful.
BNM urged insurers to innovate, leveraging digital technology for broader, more accessible coverage.
Governor Datuk Seri Abdul Rasheed Ghaffour said DITOs are key to a more inclusive and efficient financial system, aligning with evolving consumer needs.
Applicants must offer tailored products, enhance operational efficiency, and support the Financial Sector Blueprint 2022-2026.
BNM requires all applicants to consult the central bank before applying. Interested parties can email DITF@bnm.gov.my and refer to BNM’s official channels for more details.
