s considering fixing the minimum paid up capital requirement at RM 40 million for licensed DITOs at the point of entry.
A subsequent policy document addressing the prudential and business conduct requirements is anticipated to be published in late 2022.
Economic conditions
Market size for InsurTech-services and biggest companies in this business area
According to a statistical report by Insurance Services Malaysia Bhd, sales (gross written premiums) via the online distribution channel grew 32.6% year on year in 1H2019. The biggest companies in Malaysia include GoBear Ltd, GetCover Sdn Bhd, MoneyMatch Sdn Bhd, and WorldRemit Ltd.
Additional comments regarding the economic situation for InsurTech-services or what InsurTech’s must be aware of in this business area
Three (3) FinTechs, namely GoBear Ltd, Get Cover Sdn Bhd and Jirnexu Sdn Bhd which are not insurance brokers, are understood to operate within this segment and have been granted the relevant approvals by BNM to operate following exemptions granted via the Regulatory Sandbox.