FWD Group, a pan-Asian life insurance company with 10 million customers, has partnered with Malaysian VC firm Artem Ventures to launch TIM Ventures, an RM45 (US$10.2) million VC fund.
TIM Ventures seeks to invest in emerging startups in insurtech and Islamic fintech in Malaysia.
“We at TIM Ventures hope to support early-stage entrepreneurs in Malaysia by not just providing them with financing but also helping connect them with the networks and expertise they need to succeed,” said Sim Preston, MD and Group COO at FWD. “We hope to invest in businesses that share our vision as we work together to change how people feel about takaful (a Sharia-compliant insurance product).”
Also Read: How Islamic finance can work with fintech to promote financial inclusion in Malaysia
TIM Ventures has already invested in four startups:
Senang: an on-demand subscription-based insurance company
Pewarisan: an online platform providing digital solutions for Islamic inheritance planning
Du-It: a Malaysia-based fintech company
Blueduck: a zero-deposit insurance agency
Small and medium enterprises (SMEs) are a critical component of the Malaysian economy, contributing more than a third of the gross domestic product and providing job opportunities to more than four million workers in Malaysia.
Mahadhir Aziz, CEO of Malaysia Digital Economy Corporation, said: “We welcome the establishment of this venture capital fund to support the growth of Malaysia’s SMEs operating in these sectors. We will strive to ensure further effective collaborations are formed to support this growing technology ecosystem in line with our new national strategic initiative, Malaysia Digital. We are particularly focused on the innovative Islamic fintech segment, where Malaysia has been a global leader for eight consecutive years.”
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