The Southeast Asian FinTech startup, Jirnexu has been approved by Malaysia’s central bank to compare, sell, process payments and issue e-policies for insurance products. In fact, Jirnexu is the first company in Malaysia permitted to sell selected general and life insurance products from multiple providers and the first to build a dedicated eCommerce marketplace for insurance.
Upon receiving the approval to join Bank Negara Malaysia’s (BNM) Financial Technology Regulatory Sandbox, Jirnexu will soon begin transacting term life and motor insurance directly on their financial comparison site, RinggitPlus.com.
Lucas Ooi, Director of Insurance at Jirnexu says: “We will work closely with our stakeholders to build Malaysia’s first ecommerce marketplace and offer a more comprehensive suite of insurance products—starting with term life and motor insurance. Our most recent investment round will play a significant role in developing the technology for Malaysians to search and obtain their insurance from a single platform in a matter of minutes.”
BNM introduced the FinTech regulatory sandbox framework last October to support innovation that improves the quality, efficiency, and accessibility of financial services in the country. For the first time earlier this year, startups that offer services ranging from insurtech (insurance technology) to remittance and money exchange were admitted to the Sandbox.