Miguel Cordon · · 1 min readInsurtech startup PolicyStreet obtains financial adviser approval
Malaysian fintech startup PolicyStreet announced it has obtained approval from the country’s central bank, Bank Negara Malaysia (BNM), to become a financial adviser (FA).
The PolicyStreet team / Photo credit: PolicyStreet
With the approval, the insurance tech company can compile, compare, customize, and advise customers on what insurance products most fit their needs. It joins 32 other approved FAs in the country, according to a statement.
PolicyStreet uses a hybrid offline-to-online operating model to communicate insurance complexity to its customers. It also offers consumers a curated marketplace for insurance products.
Company CEO Lee Yen Ming said the company initially wanted to apply for the bank’s financial technology regulatory sandbox, “but decided to go for the full FA approval instead when we discovered that we fulfill all requirements.”
Companies that have joined BNM’s regulatory sandbox include Malaysian motor insurance startup GetCover and currency exchange enabler MoneyMatch, as well as Singapore-based financial products comparison site GoBear.
Since being founded in 2017, the startup claims to have sold over 10,000 policies.
The company had previously raised US$500,000 from ASEAN-focused venture capital firm KK Fund.
Editing by Dante Gagelonia
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