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Aya Lin · · 1 min readIn brief: Malaysia’s central bank to start regulating insurance marketplaces
- Bank Negara Malaysia (BNM), the country’s central bank, will begin to regulate businesses that deal with insurance and takaful aggregation under the Financial Services Act of 2013, Fintech News Malaysia reported.
- According to BNM, insurance marketplaces will have to register under the Financial Services Act once the rule takes into effect to stay operational.
- The central bank is currently seeking out comments on an exposure draft, which defines aggregators as digital platforms that source, compiles, compares, and facilitates the sales of insurance and takaful products.
Editing by Eileen C. Ang
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