Malaysian digital takaful operator Ouch! has raised RM5 million in a recent funding round led by PPB Ventures.
Other key investors who had joined the fundraise include OSK Ventures, RHL, and Vynn Capital.
This follows a one-year extension granted by Bank Negara Malaysia (BNM) to continue Ouch!’s participation in the Regulatory Sandbox, enabling the company to further develop its digital takaful solutions.
The new funding will be used to expand Ouch!’s market presence, enhance its technology infrastructure, and support the development of proprietary systems.
A key focus for Ouch! is transitioning from its reliance on a third-party core system to a proprietary, independent system.
This shift is intended to streamline operations and enable greater flexibility in offering digital takaful products.
Ouch! is also working towards securing a Digital Insurance and Takaful Operator (DITO) license from BNM, which would enable the company to offer a broader range of Shariah-compliant financial protection products.
Part of the funds will be allocated as reserve capital for BNM’s sandbox testing and to support the DITO license process.
Additionally, Ouch! plans to raise more funds later this year to meet the minimum capital requirements for the DITO license.
“We are thrilled with the support from PPB Ventures as we push forward with our mission to redefine financial protection in Malaysia through Shariah-compliant, digital-first takaful solutions.
With the support of our investors, we’re poised to strengthen our technological capabilities and drive innovation in the digital takaful space. The sandbox extension and DITO licence will both be major game-changers, enabling us to offer even more personalised and accessible Takaful solutions for Malaysians.”
said Shazy Noorazman, CEO of Ouch! Protect Berhad.
