Jirnexu Joins BNM’s FinTech Sandbox

Lucas Ooi, Director of Insurance Jirnexu

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.

 

(back left) H. Liew, S. Lim, J. Barnes, C. Vivier, J. Peng, K. Speers, YT Siew, (front left) D. Ngai, L. Ooi, J. Wong

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

HealthMetrics secures a total of RM20 million as part of Series A funding

Corporate healthcare benefits and wellness management platform, HealthMetrics secured a total of USD$ 5 million (approximately RM 20 million) as part of...

WSP 2.0 – More is needed for the hard-hit sectors

By Afifah Suhaimi, The newly targeted Wage Subsidy Programme 2.0 (WSP 2.0) introduced by the government under the Prihatin...

IJM Land’s latest residential project, Rimbun Jasmine receives overwhelming response

To help homebuyers in finding the right home and help achieve greater heights in life, IJM Land has launched Rimbun Jasmine, a...

AEON Credit posts PBT of RM76.5 million for Q2FYE21

AEON Credit Service (M) Berhad (“AEON Credit” or the “Company”) announced revenue for the second quarter ended 31 August 2020 (“Q2FYE21”) of...

AirAsia’s Santan set for rapid expansion in Malaysia

Santan, the world's first restaurant brand to offer inflight food on ground, is set for a rapid expansion in Malaysia with the...

Must read

PropTech and the pandemic

By Adrian Un, CEO, SkyBridge International Digitisation and PropTech (property technology) have been buzzwords in recent years, but following...

Empower local agility to unlock new business models post-Covid-19

By Scott Hensarling, Senior Client Partner and Tobjorn Karlsson, Senior Client Partner, Korn Ferry, 2020 has challenged many assumptions...

Don’t despair, targeted repayment assistance is available

By Azaddin Ngah Tasir, CEO of AKPK (Agensi Kaunseling & Pengurusan Kredit), As the automatic blanket moratorium comes to...

Digital transformation for the retail CIO: Connecting digital with physical

By Bruce Richards, Senior Industry Marketing Manager – Retail & Consumer Goods, Adobe, Digital is certainly disrupting retail. Today’s...