MTA inks MOU with Infomina to promote takaful industry's fintech and digital innovation

MTA inks MOU with Infomina to promote takaful industry's fintech and digital innovation
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KUALA LUMPUR (Aug 17): The Malaysian Takaful Association (MTA) has inked a memorandum of understanding (MOU) with Infomina Bhd to conduct an evaluation on the viability of a productivity application named Videspace that functions as a team communication and collaboration tool.

Chief executive officer Mohd Radzuan Mohamed said the MTA had built roadmaps to implement the financial sector blueprint for the takaful industry, as well as the value-based intermediation for takaful (VBIT). He said to roll out the programmes under the initiatives would require effective communication.

“In total, we have 60 initiatives under the two roadmaps up until 2025. Therefore, effective collaboration and communication is a must to help us coordinate at the association level.

“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 told reporters at the MOU signing event here on Wednesday (Aug 17).

Further, to encourage promote digital innovation in and the use of financial technology (fintech) among takaful players in Malaysia, MTA is also looking at collaborating with a few information technology (IT) providers, he said.

He noted that one of the thrusts under the Financial Sector Blueprint is digitisation, whereby MTA is looking at eight initiatives with four initiatives currently ongoing.

“On the single platform initiative which we are working with Life Insurance Association of Malaysia (LIAM) and General Insurance Association of Malaysia (PIAM) to allow the beneficiary to check the insurance policies of the deceased, the platform is expected to be available by next year.

“MTA also hopes to establish a ‘market place platform’ as mandated by its members. By utilising technology and collaborations with IT providers, we hoped this is the beginning of that journey,” he said.

On Infomina Bhd, the company is providing IT solutions and has had experience in relation to numerous projects domestically and internationally to different entities ranging from corporations to government departments, and is en route for listing on Bursa Malaysia’s ACE Market this year.

Its managing director Yee Chee Meng said besides cooperation on the Videspace application with MTA, the company also assured its commitment to provide solutions that cater to the MTA’s technology and digital needs.

“We are 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,” he said.