FWD Group, a pan-Asian life insurance coverage firm with 10 million clients, has partnered with Malaysian VC agency Artem Ventures to launch TIM Ventures, an RM45 (US$10.2) million VC fund.
TIM Ventures seeks to spend money on rising startups in insurtech and Islamic fintech in Malaysia.
“We at TIM Ventures hope to help early-stage entrepreneurs in Malaysia by not simply offering them with financing but in addition serving to join them with the networks and experience they should succeed,” mentioned Sim Preston, MD and Group COO at FWD. “We hope to spend money on companies that share our imaginative and prescient as we work collectively to alter how individuals really feel about takaful (a Sharia-compliant insurance coverage product).”
Additionally Learn: How Islamic finance can work with fintech to advertise monetary inclusion in Malaysia
TIM Ventures has already invested in 4 startups:
Senang: an on-demand subscription-based insurance coverage firm
Pewarisan: a web based platform offering digital options for Islamic inheritance planning
Du-It: a Malaysia-based fintech firm
Blueduck: a zero-deposit insurance coverage company
Small and medium enterprises (SMEs) are a essential element of the Malaysian financial system, contributing greater than a 3rd of the gross home product and offering job alternatives to greater than 4 million employees in Malaysia.
Mahadhir Aziz, CEO of Malaysia Digital Economic system Company, mentioned: “We welcome the institution of this enterprise capital fund to help the expansion of Malaysia’s SMEs working in these sectors. We’ll attempt to make sure additional efficient collaborations are shaped to help this rising expertise ecosystem consistent with our new nationwide strategic initiative, Malaysia Digital. We’re notably targeted on the modern Islamic fintech section, the place Malaysia has been a worldwide chief for eight consecutive years.”
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