FWD Group Holdings, headquartered in Hong Kong, together with Artem Ventures, a venture capital firm based in Malaysia, announced yesterday the launch of TIM Ventures, a MYR45m ($10.2m) venture capital fund to invest in emerging start-ups in the InsurTech and Islamic FinTech space in Malaysia.
Mr. Simeon Preston, FWD's managing director and group COO, said, "By launching TIM Ventures, we hope to support early-stage entrepreneurs in Malaysia by not only providing them with financing, but also helping to connect them with the networks and expertise they need to succeed." We want to change how people view takaful by investing in companies that share our vision.
Four startups have already received funding from the fund, including the 2021 graduates of the pre-accelerator program FWD Start-Up Studio. The firms involved are:
Senang is a subscription-based insurance firm that provides coverage whenever it is needed;
Pewarisan: a web service that offers electronic tools for Islamic estate preparation;
To wit: Du-It, a financial technology firm established in Malaysia; and
What is Blueduck? It's an insurance company that doesn't require any upfront payment.
When asked about FWD's commitment to the Malaysian market and the role it wants to play in closing the takaful protection gap, Mr. Binayak Dutta, FWD's managing D=director, Emerging Markets, and group chief distribution officer, said, "The launch of this fund, together with our pre-accelerator programme, FWD Start-Up Studio, signifies our continued commitment to the Malaysian market. Through this program, we may collaborate with promising new professionals and create game-changing innovations to ensure a prosperous digital future.
About 10 million people in 10 Asian markets are insured by FWD Group, making it a pan-Asian life insurance powerhouse.
