MTA-FAOM MoU explores fintech innovation, investment

  • Aims to make takaful a lot more accessible to the Malaysian public
  • Initiative can pave way for takaful operators to explore fintech potentials 

Representatives from Malaysian Takaful Association and Fintech Association of Malaysia at the MoU signing ceremony The Malaysian Takaful Association (MTA) signed an memorandum of understanding (MoU) with the Fintech Association of Malaysia (FAOM) to spur the particular adoption of monetary technology (fintech) plus encourage digital creativity and the use of fintech among takaful gamers in Malaysia.  

In a joint statement, both parties said the putting your signature on of the MoU is a strategic initiative by MTA that facilitates S trategic Thrust Three: Advance digitalisation of the financial field of Bank Negara Malaysia’s financial sector blueprint (FSB) 2022-2026.

MTA chief executive officer Mohd Radzuan Mohamed said, “It is our group aim to achieve higher productivity, efficiency and effectiveness in our company operations, stakeholder marketing communications (including agency networks) as well as customer connections.

“More importantly, the cooperation allows us to explore strategies towards the implementation associated with initiatives identified under the value based intermediation for takaful roadmap, launched in This summer 2022 and appropriate initiatives under the national FSB 2022-2026, ” said Mohd Radzuan.

Chief executive of FAOM Wilson Beh expects the particular cooperation to bring worth to the takaful gamers and the industry’s additional development.  

“It can be exciting to think about the potential impact fintech can have in the takaful space and for Malaysian customers.

“With the introduction of takaful-tech, we can imagine revolutionising and simplifying the entry to Takaful protection plans, claims handling and management and agency transactions on your mobile phones and devices, ” said Beh.

The 24-months cooperation has recognized various areas of shared cooperation to accelerate and encourage intech in the takaful area, including:

  • FAOM for connecting subject matter experts with takaful industry gamers who can offer technical advice, sharing of recent trends in fintech industry and mentorship support to MTA;
  • MTA to explore platforms to connect and increase participation of FAOM members and fintech online companies in MTA’s occasions, programmes and endeavours;
  • Both parties will support and co-organise programmes associated with digital technology plus digitalisation initiatives, takaful transformation and growth as well as general recognition building; and
  • Both parties can support the combination promotional and marketing and advertising of each other’s programmes and initiatives.

Innovations and digitalisation in the takaful sector is usually expected to benefit the industry, helping it step-up its game, especially in making takaful a lot more accessible to the Malaysian public, the associations said.  

This will help with greater financial addition and social defense among Malaysians, these people added.