Bank Negara Malaysia (BNM) will host an in-person session on 2 December 2024 (Monday), at 2:30 PM, at Sasana Kijang, to guide potential applicants for digital insurer and takaful operator (DITO) licenses.

The session aims to clarify expectations and address queries ahead of the application period, which runs from 2 January 2025, to 31 December 2026.

The initiative follows the release of the policy document on licensing and regulatory framework for Digital Insurers and Takaful Operators (DITO) in July 2024.

Applicants are expected to present innovative business models that address consumer needs and close protection gaps, especially in underserved, digitally-focused segments.

BNM has introduced a foundational phase lasting three to seven years for new licensees, during which operators must demonstrate viability and sound operations.

To support early-stage growth, operators will benefit from a lower minimum paid-up capital requirement.

Successful applicants must exhibit strong capabilities in risk management and consumer protection to meet the framework’s policy outcomes.

Initially, BNM had anticipated issuing only five licenses as announced in 2022, but it has since removed this limitation, allowing for greater flexibility in the number of approvals.

Registration for the session must be completed by 25 November 2024 by filling up this form.

Successful registrants will be contacted with further details about the session.

Featured image credit: Edited from Freepik