KUALA LUMPUR, Aug 25 (Bernama) — The Malaysian Takaful Association (MTA) yesterday signed an Memorandum of Understanding (MOU) with the Fintech Association of Malaysia (FOAM) to spur the adoption of financial technology (Fintech) and encourage digital innovation and the use of Fintech among takaful players in Malaysia. The signing of the MOU is a strategic initiative by MTA that supports Strategic Thrust 3: Advance Digitalisation of the Financial Sector of Bank Negara Malaysia’s Financial Sector Blueprint (FSB) 2022-2026.
MTA Chief Executive Officer, Mr. Mohd Radzuan Mohamed said that the “cooperation between the two associations will pave the way for Malaysian Takaful operators to explore the potentials and opportunities of Fintech as we individually and collectively aim to achieve greater productivity, efficiency and effectiveness in our business operations, stakeholder communications (including agency networks) as well as customer interactions.” He added that “more importantly, the cooperation allows us to explore avenues towards the implementation of initiatives identified under the Value Based Intermediation for Takaful (VBIT) Roadmap (launched in July 2022) and relevant initiatives under the national FSB 2022-2026.”