FWD Group, a a pan-Asian life insurance business, announced the launch of a RM45 million fund in collaboration with Malaysian venture capital firm Artem Ventures.
The fund, TIM Ventures, will be investing in emerging startups in the insurtech and Islamic fintech space in Malaysia.
The fund has already invested into four startups so far, including winners from the FWD Start-Up Studio, a pre-accelerator programme launched in 2021 to support insurtech and takafultech startups in Malaysia.
The four startups include on-demand subscription-based insurance company Senang, digital solutions provider for Islamic inheritance planning Pewarisan, Malaysian fintech Du-It and zero-deposit insurance agency Blueduck.
Sim Preston, Managing Director and Group Chief Operating Officer at FWD said,
“By launching TIM Ventures, we hope to support early-stage entrepreneurs in Malaysia by not just providing them with financing, but also helping to connect them with the networks and expertise they need to succeed.
We hope to invest in businesses that share our vision as we work together on changing the way people feel about takaful.”
Binayak Dutta, Managing Director, Emerging Markets and Group Chief Distribution Officer at FWD said,
“The launch of this fund, together with our pre-accelerator programme, FWD Start-Up Studio, signifies our continued commitment to the Malaysian market and the role we want to play in closing the takaful protection gap.
This initiative allows us to partner with exciting emerging talent and develop innovative new technologies to achieve a brighter, digital future.”
