Ouch!, Malaysia's pioneering digital takaful operator, has successfully secured RM5 million from PPB Ventures Sdn Bhd in the company's efforts to provide unique, accessible takaful solutions.

Ouch! Protect Bhd Chief Executive Officer Shazy Noorazman said the fund will be invested to expand market share, enhance technology infrastructure and drive product innovation to better serve the community.

"We are thrilled with the support from PPB Ventures as we push forward with our mission to redefine financial protection in Malaysia through Shariah-compliant, digital-first takaful solutions," he said, adding that one of Ouch!'s primary objectives lies in the transition from its current reliance on a third-party core system to a proprietary, independent system using a suite of cutting-edge technological innovations.

Alongside this financial boost, Shazy revealed that Ouch! has received an additional one-year extension to operate under Bank Negara Malaysia's (BNM) Regulatory Sandbox and the company is working towards securing a DITO licence from BNM, which will enable the company to close critical protection gaps for Malaysians, especially young families.

"The sandbox extension and DITO licence will both be major game-changers, enabling us to offer even more personalised and accessible Takaful solutions for Malaysians," Shazy said.

He mentioned that a small percentage of the funds will also be earmarked as Ouch!'s reserve capital for BNM's Sandbox testing and support for the DITO licence process, enabling Ouch! to offer a broader range of customised takaful products.