FWD Insurance is launching the FWD Start-Up Studio (the Studio) to support insurtech and ‘takafultech’, an Islamic or sharia-compliant alternative to conventional insurance, start-ups in Malaysia, with seed funding of MYR 1.2m ($292,000) over two years.
“By tapping into Malaysia’s growing fintech ecosystem, we stand a better chance of closing the insurance protection gap in Malaysia and beyond,” Binayak Dutta, FWD managing director for emerging markets, said.
FWD is now inviting applications for the first cohort of intakes, which start in April. A second cohort will join later in the year, then two more in 2022.