Bank Negara Malaysia (BNM) reported continued interest from multiple parties seeking Digital Insurers and Takaful Operators (DITO) licences, three months into a two-year application window that started on 2 January 2025. Consultation sessions with interested applicants are underway, with the application period remaining open until 31 December 2026; BNM may announce successful applicants during or after the application period. BNM linked the DITO initiative to efforts to close insurance protection gaps, noting that less than half of Malaysians have life or family takaful protection. DITOs are expected to address the protection needs of digitally focused consumer segments through tailored products and services, and to improve end-to-end operational efficiency to deliver a seamless customer experience alongside existing insurers and takaful operators. BNM reiterated that prospective applicants must consult BNM before submitting a formal application and must meet the criteria set out in its Policy Document on the Licensing and Regulatory Framework for DITOs, supported by updated FAQs on the licensing process.
Bank Negara Malaysia 2025-03-10
Bank Negara Malaysia reports strong early interest as applications open for digital insurers and takaful operators licences
Bank Negara Malaysia (BNM) reports ongoing interest in Digital Insurers and Takaful Operators (DITO) licences, with applications open until December 2026. The initiative aims to address insurance protection gaps and enhance digital consumer services. Prospective applicants must consult BNM and adhere to its Policy Document on the Licensing and Regulatory Framework for DITOs.