Founder's Office Lead

BJAK approved by Bank Negara Malaysia. Platform says the recognition by Bank Negara Malaysia strengthens its role in helping Malaysians compare and renew vehicle insurance and takaful online. PETALING JAYA: Online insurance platform BJAK is now recognised as an approved financial adviser by Bank Negara Malaysia, as more Malaysians turn to digital channels for vehicle insurance renewal. In a statement, the company said the recognition reinforces its position as a regulated platform offering insurance and takaful comparison services. Through BJAK, it said users can compare plans from up to 16 insurers and takaful providers on a single platform based on pricing, coverage, and benefits. The service is aimed at promoting more informed financial decisions and improving transparency in the insurance renewal process. "As online scams and misinformation continue to grow, Malaysians are encouraged to verify the legitimacy of financial service providers before making payments or sharing personal information online," the company said. BJAK also provides online road tax renewal services, which it said further simplify vehicle-related transactions for users. The company urged consumers to compare options before renewing insurance, choose regulated platforms, and review policy coverage and benefits before making purchases. "Consumers are encouraged to compare multiple insurers and takaful providers for better value and protection," it added. Stay current - Follow FMT on WhatsApp, Google news and Telegram

Malaysian insurtech Bjak weighs IPO as it plans Europe expansion. Bjak, a Malaysia-based online insurance platform, is considering an initial public offering (IPO) within the next two years as it looks to fund further international growth. Bloomberg reported that the company is evaluating new markets beyond Asia. Founder Low Wei said Bjak is assessing Spain and Germany for potential entry in 2026, which would mark its first expansion into Europe. The move would follow the company's recent entry into Japan, Taiwan and Thailand. Low said gross written premiums rose by about 20 percent to 30 percent this year and he expects growth to accelerate as the company expands overseas. He said the business has been profitable since it was founded in 2019 and operates with minimal debt, though no detailed financial figures were disclosed. The proposed IPO would support further international expansion and provide liquidity for employees through stock-based compensation, Low said. He also plans to scale the company's workforce, with global headcount expected to double from nearly 200 to around 400 by the end of 2026. Founded in 2019, Bjak operates a digital platform that allows users to compare and purchase insurance products across multiple markets. The company says it has about seven million users and works with 16 insurance providers on its platform, including Allianz and Tokio Marine. Low has said uneven adoption of insurance technology across Asia continues to create opportunities for digital platforms, even as more mature markets such as the UK show higher penetration.