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BNM Releases Discussion Paper to Propose Framework for Licensing Digital Insurers and Takaful Operators

BNM Releases Discussion Paper to Propose Framework for Licensing Digital Insurers and Takaful Operators

January 07, 2022 | Updated at January 07, 2022

http://islamicmarkets.com/articles/bnm-releases-discussion-paper-to-propose-framework-for-licensing-digital
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By IM Insights

Bank Negara Malaysia (BNM), the Central Bank of Malaysia, has issued a discussion paper that outlines the proposed framework for licensing new Digital Insurers and Takaful Operators (DITOs) on the 4th of January 2022.

Why it Matters?

The outlined framework intends to take a balanced approach focusing on encouraging more significant digital innovation in the insurance and takaful sector while promoting financial stability and protecting consumer interests According to BNM Governor Tan Sri Nor Shamsiah Mohd Yunus, it will attract new digital players who can tackle critical protection gaps among the unserved and underserved market segments and enhance customer experience while elevating trust through innovative solutions.

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