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Home Lifestyle TIM Ventures M'sia, investment fund for insurtech & Islamic fintech

TIM Ventures M’sia, investment fund for insurtech & Islamic fintech

Hong Kong-based insurance coverage firm FWD Group has partnered with Malaysia-based agency Artem Ventures to launch an RM45 million enterprise capital (VC) fund, introduced in a press launch right this moment.

The fund, named TIM Ventures, will spend money on rising startups within the insurtech and Islamic fintech area in Malaysia.

“By launching TIM Ventures, we hope to help early-stage entrepreneurs in Malaysia by not simply offering them with financing, but additionally serving to to attach them with the networks and experience they should succeed,” mentioned Sim Preston, FWD Managing Director and Group Chief Working Officer.

Based in 2013, FWD is the insurance coverage arm of investment group Pacific Century Group and has been current in Malaysia since 2019.

It’s already funded 4 startups

The fund has already invested in 4 Malaysian startups, together with winners from the FWD Group’s 2021 pre-accelerator, FWD Begin-Up Studio. The funding quantity for every investment is undisclosed.

Specifically, the 4 startups are Senang, Pewarisan, Du-It, and Blueduck.

Senang is an on-demand subscription-based insurance coverage firm that we’ve featured prior to now. A B2B startup, it goals to permit firms and SMEs to get one-off insurance coverage coverages.  

In 2019, it made headlines for collaborating with maid-booking platform Maideasy and offering cleaners with each day on-demand private accident insurance coverage for solely RM1 per day.

Pewarisan, referring to the Malay phrase which means inheritance, is an internet platform offering digital options for Islamic inheritance planning. Particularly, it provides customers entry to succession planning and property administration.

Malaysian Purchase Now, Pay Later fintech startup Du-Additionally it is on the roster of startups. In response to its web site, Du-It covers each B2C and B2B options that leverage its group’s collective expertise of greater than 20 years serving the fintech trade.

Final however not least is Blueduck, a zero-deposit insurance coverage company serving landlords and tenants in Malaysia. Basically, this startup replaces the normal safety deposit system.

In response to iBilik, which has partnered with Blueduck since 2020, the system works by permitting a tenant to lease a property by solely paying the equal of 1 week’s rental together with an advance rental for the primary month.

-//-

One thing that’s usually mentioned relating to rising and fostering Malaysia’s startup ecosystem is participation from personal corporations.

Thus, funds equivalent to FWD Group and Artem Ventures’ TIM Ventures must be considered an ideal initiative for our native insurtech scene and, by extension, all the startup ecosystem in Malaysia.

  • Be taught extra about FWD Group right here.
  • Learn different articles we’ve written about funding right here.

Picture Credit score: Pewarisan / Senang / Blueduck / Du-it

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