FWD launches venture arm
FWD Group is launching TIM Ventures, a RM45 million venture capital fund (around $10 million) in collaboration with Artem Ventures, a Malaysia-based venture capital firm, to invest in emerging startups in the insurtech and Islamic fintech space in Malaysia.
“By launching TIM Ventures, we hope to support early-stage entrepreneurs in Malaysia by not just providing them with financing, but also helping to connect them with the networks and expertise they need to succeed. We hope to invest in businesses that share our vision as we work together on changing the way people feel about takaful.” – Sim Preston, FWD Managing Director and Group Chief Operating Officer.
The fund has already invested into four startups:
- Senang Insurance: 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; and
- Blueduck: a zero-deposit insurance agency.
“The launch of this fund, together with our pre-accelerator programme, FWD Start-Up Studio, signifies our continued commitment to the Malaysian market and the role we want to play in closing the takaful protection gap. This initiative allows us to partner with exciting emerging talent and develop innovative new technologies to achieve a brighter, digital future.” – Binayak Dutta, FWD Managing Director, Emerging Markets and Group Chief Distribution Officer.
“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 (MD). We are particularly focused on the innovative Islamic fintech segment, where Malaysia has been a global leader for eight consecutive years.” -Ts. Mahadhir Aziz, CEO of Malaysia Digital Economy Corporation.
