KUALA LUMPUR, Aug 23(Bernama) -- The Malaysian Takaful Association (MTA) today signed an Memorandum of Understanding (MOU) with Infomina Berhad to encourage promote digital innovation in and the use of financial technology (Fintech) among takaful players in Malaysia. The MOU aims to conduct an evaluation on the viability of Videspace for MTA. Videspace is a productivity application that functions as a team communication and collaboration tool. The application prioritises focused, meaningful work overtime being connected, making teamwork calmer, more organised and more productive.
The Value Based Intermediation for Takaful (VBIT) Roadmap, launched by MTA in March 2022, aspires to enhance financial resilience and access to takaful for all segments of the society, especially the B40 community. MTA CEO, Mr. Mohd Radzuan Mohamed said that “using and benefiting from the use of technology is one of the most effective ways this can be achieved.” He stressed, “Fintech or Takaful-tech is no longer an option. The industry should see it as a customer-driven need and a commercially-motivated requirement for the industry to remain competitive and move forward.”
The MOU provides an avenue for MTA to explore the use of new technology to enhance, at the outset, the association’s communications to and among its 18 member companies, and later with other industry stakeholders, agents, consumers and the public. Radzuan added that, “the industry can definitely expect to see more digital collaborations in the future.”
Infomina Berhad’s Managing Director, Mr. Yee Chee Meng, assured the Association of the company’s commitment to provide solutions that cater to the MTA’s technology and digital needs. He said that “the company is happy to be selected as one of the VBIT Technology Partners, and this MOU will allow us to explore working with MTA to enhance its effectiveness and efficiency through the use of a digital platform.”
For the public and takaful consumer, digital innovations can bring to the market a range of more accessible, affordable and more relevant and customer-centric takaful products. For MTA, takaful operators and takaful agents, digital platforms can increase efficiency and effectiveness by reducing both time and resources, and enhance monitoring and reporting of performance. Radzuan added that, “Digitalisation may also support another VBIT initiative of where reduced use of paper by a takaful operator can translate into operations which are greener and more environmentally sustainable.”
Issued by: MTA
