Kuala Lumpur – Every day, thousands of Malaysian families, especially within the B40 community, live in fear of sudden financial hardship. In an effort to address this issue, Ouch! – Malaysia’s first digital takaful provider under the Bank Negara Malaysia (BNM) Regulatory Sandbox – aims to expand access to digital takaful coverage to underserved communities.
With more than 60% of Malaysians lacking any form of takaful or life insurance coverage, it highlights a severe protection gap that disproportionately affects lower-income households. Unanticipated expenses such as medical emergencies or the sudden loss of a family breadwinner can devastate families, plunging them further into poverty. Many low-income households struggle with economic shocks due to unexpected expenses, reinforcing the urgent need for accessible protection solutions. Recognising this gap, Ouch! is leveraging technology to make financial security more affordable and inclusive.
Ouch!’s digital-first approach eliminates traditional barriers to enrollment, enabling seamless access to takaful protection. Under this partnership, B40 families will receive comprehensive coverage through Ouch!’s Pusara Pro plan, an affordable takaful solution designed to provide financial security for loved ones in times of need.
Collaborating with MyKasih Foundation to reach out to B40 communities, Ouch! intends to on-board those who are interested in independently taking up takaful coverage via the Ouch! platform.
Not only will B40 families receive comprehensive coverage through Ouch!’s Pusara Pro plan, but upon successful onboarding, these individuals will also receive a cashless food aid allowance through their MyKad accounts under MyKasih’s Love My Neighbourhood (LMN) Food Aid Programme. This will enable them to shop and pay for selected basic food items using their MyKad at participating retail outlets under the MyKasih programme.
The idea of this joint outreach is to educate the public on responsible financial planning – particularly the role of takaful in building long-term financial resilience.
“No Malaysian family should ever face financial hardship alone. Through digital innovation, Ouch! is committed to bring accessible, affordable protection directly to those who need it most. Only by listening to their needs and behavioural patterns can we design takaful solutions that are truly relevant, accessible, and impactful” shared Kudrat Lokman, Chief Operating Officer of Ouch!.
The collaborative effort targets greater financial inclusion and supports national efforts to raise public awareness on responsible financial planning and strengthen financial literacy across communities. It represents a significant step towards realising Malaysia’s Madani Economy vision, where inclusive economic growth and prosperity extend to every layer of society. As digital takaful reshapes the industry, partnerships like this help deepen understanding of how vulnerable communities perceive and approach financial protection.To learn more about this initiative, please visit www.mykasih.com.my. For further details on Ouch! and their services, please visit https://ouch.my/ to learn more.
Legal Disclaimer: The Editor provides this news content "as is," without any warranty of any kind. We disclaim all responsibility and liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. For any complaints or copyright concerns regarding this article, please contact the author mentioned above.
