Malaysian start-up Jirnexu has received approval to create an e-commerce insurance marketplace as part of the country’s fintech sandbox.
Having joined Bank Negara Malaysia’s fintech sandbox, Jirnexu will soon begin distributing term life and motor insurance policies from various carriers through its financial comparison site RinggitPlus.com. Other types of insurance are expected to follow soon.
“We are excited that Bank Negara has entrusted Jirnexu to drive the fast-growing consumer adoption of digital insurance,” said Lucas Ooi, director of insurance at Jirnexu.
“We will work closely with our stakeholders to build Malaysia’s first e-commerce marketplace and offer a more comprehensive suite of insurance products—starting with term life and motor insurance. Our most recent investment round will play a significant role in developing the technology for Malaysians to search and obtain their insurance from a single platform in a matter of minutes.”
Ooi added that Jirnexu is currently working with several insurers, including
Zurich, Etiqa, and UforLife to integrate its technology into the insurers’ platforms.
Bank Negara Malaysia introduced the fintech regulatory sandbox in May to support innovation and improve accessibility of financial services in the country. Startups that offer services ranging from insurance technology (insurtech) to remittance and money exchange have been admitted to the sandbox.
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Malaysia’s anti-insurance-fraud system fully operational by August
New firms come to play in Malaysia’s fintech sandbox
Malaysian motorists can now renew motor insurance via app
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