Bank Negara Malaysia (BNM) has reported strong early interest in its new Digital Insurers and Takaful Operators (DITO) licenses, which began accepting applications on 2 January 2025.
Within the first three months of the two-year application period, numerous parties have expressed interest.
BNM is currently holding consultation sessions with potential applicants.
The central bank initiated the DITO licensing to address existing gaps in insurance coverage, noting that less than half of Malaysians currently have life or family takaful protection.
BNM aims to encourage innovation within the insurance and takaful sectors to better serve underserved and unserved segments of the population.
Digital operators are expected to utilise technology to offer personalised products and improve operational efficiency.
BNM emphasises that interested parties must consult with the central bank by emailing DITF@bnm.gov.my before submitting formal applications.
The application period remains open until 31 December 2026, and successful applicants may be announced during or after this timeframe.
Bank Negara Malaysia Governor Dato’ Seri Abdul Rasheed Ghaffour said,
“With DITO, BNM hopes to further strengthen the financial system with more inclusive, competitive and efficient offerings in line with the evolving needs of consumers.”
Featured image credit: Edited from Freepik
