Ouch! is working with mmob founder Arsalaan “Oz” Ahmed as it develops an AI-supported family takaful business in Malaysia.
The collaboration is part of a wider partnership between the aspiring Malaysian digital takaful operator, UK fintech infrastructure provider mmob and SENNI.
Oz will work directly with Ouch!’s leadership team on the development of the business and its positioning within Islamic finance.
Through mmob, Ouch! plans to make family takaful products available within digital platforms that consumers already use.
It is also working with SENNI to build a governance system that records decisions supported by AI and the reasons behind them.
Ouch! is preparing to apply for Bank Negara Malaysia’s Digital Insurers and Takaful Operators licence.
The application window closes on 31 December 2026, and any licence will remain subject to the central bank’s assessment and approval.
Mohd Shazwan Bin Noorazman, CEO of Ouch! Protect Berhad, said,
“Malaysia does not have a protection problem because people do not want protection. It has one because protection has never been where people already are. That is what we are building with mmob, and we are building the governance for it in the same motion with SENNI rather than bolting it on afterwards.
Oz has run Islamic banks. He knows what a regulator needs to see and what an operator has to be able to evidence, and having that sitting on the technology side of the table is unusual. The tools have genuinely changed, and we intend to be the operator that proves this can be done properly in a regulated market.”
Arsalaan “Oz” Ahmed, founder and director of mmob, said,
“I have spent my career in Islamic finance and in regulated fintech, and family takaful is one of the harder problems in open finance.
The eligibility checks, the consent and the audit trail all have to travel with the certificate into someone else’s channel and back, and they have to hold up when someone asks how a decision was reached.”
Ouch! intends to expand across Malaysia as it works towards becoming an AI-native family takaful operator.
Featured image: Edited by Fintech News Malaysia, based on image by Frolopiaton Palm via Magnific
