FWD, Artem launch Malaysia insurtech fund

“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,” said Sim Preston, a managing director and group COO at FWD.

“We hope to invest in businesses that share our vision as we work together on changing the way people feel about takaful [Islamic insurance].”

TIM has made four investments to date, including Islamic inheritance planning service Pewarisan, on-demand subscription insurance company Senang, buy-now, pay-later provider Du-It, and zero-deposit insurance agency Blueduck.

All four were sourced from the FWD Start-Up Studio, a pre-accelerator programme launched in 2021. Blueduck has also received funding from Kuala Lumpur-based 1337 Ventures.

FWD described TIM as an attempt to fill a gap in Islamic insurance coverage in Malaysia. In 2019, it acquired HSBC Amanah Takaful and relaunched the business as FWD Takaful with support from JAB Capital and the Employees Provident Fund (EPF). Demand for takaful products is connected to rising incomes, education, and the general development of Islamic banking.

FWD’s parent company, Pacific Century Group, is a financial and media technology-focused investor founded and chaired by Hong Kong telecom tycoon Richard Li. Pacific Century is otherwise active in fintech via a Singapore-based subsidiary called Bolttech, which has received at least USD 210m in VC funding in the past year.

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• Topics
• Southeast Asia
• Fundraising
• Venture
• Malaysia
• Fintech
• insurance