KUALA LUMPUR, XX October 2024 – Malaysia’s pioneering digital takaful operator — Ouch! — has successfully secured RM5 million in its recent fundraising round from PPB Ventures Sdn Bhd (PPB Ventures). Alongside this financial boost, Ouch! has also received an additional 1-year extension to operate under Bank Negara Malaysia’s (BNM) Regulatory Sandbox, strengthening its goal to provide accessible takaful solutions. PPB Ventures joins a long line of Ouch!’s key investors including OSK Ventures, RHL, and Vynn Capital in the company’s efforts to provide unique, accessible takaful solutions.
With Malaysia’s takaful market showing significant growth — specifically, a 7.55% increase in Family Takaful gross contributions, and total contributions reaching almost RM9 billion as noted by the Malaysian Takaful Association — this strategic funding will propel Ouch!’s mission in meeting the rising demand for accessible, Shariah-compliant financial protection. Fundamentally, Ouch! aims to establish a secure, digital platform to meet the needs of every Malaysian, considering approximately 30 million Malaysians are still underserved in terms of financial protection.
In this vein, the funds will be invested to expand market share, enhance technology infrastructure, and drive product innovation to better serve the community. One of Ouch!’s primary objectives lies in the transition from its current reliance on a third-party core system to a proprietary, independent system using a suite of cutting-edge technological innovations. Ouch! is also working towards securing a DITO licence from BNM, which will enable the company to close critical protection gaps for Malaysians, especially young families.
“We are thrilled with the support from PPB Ventures as we push forward with our mission to redefine financial protection in Malaysia through Shariah-compliant, digital-first takaful solutions,” said Shazy Noorazman, CEO of Ouch! Protect Berhad. “With the support of our investors, we’re poised to strengthen our technological capabilities and drive innovation in the digital takaful space. The sandbox extension and DITO licence will both be major game-changers, enabling us to offer even more personalised and accessible Takaful solutions for Malaysians.”
A small percentage of the funds will also be earmarked as Ouch!’s reserve capital for BNM’s Sandbox testing and support for the DITO licence process, enabling Ouch! to offer a broader range of customised takaful products. Ouch! will continue to build on its growth with plans to initiate a subsequent fundraising round later this year to meet the minimum capital requirements for the DITO licence, reinforcing their commitment to advance the needs of Malaysian households and families.
To find out more about Ouch!, please visit ouch.my or download their application from the Google Play Store and Apple App Store.
About Ouch!
Ouch! is an approved participant in the BNM Regulatory Sandbox dedicated to making Shariah-compliant family takaful more accessible to all Malaysians. As a comprehensive one-stop platform, Ouch! empowers users by providing education on coverage and risks, simplifying the purchase and management of digital takaful products, and streamlining the claims process. With Ouch!, financial protection is made easy and transparent, bringing peace of mind to every household. For more information, visit http://ouch.my/.
