FWD Insurance (FWD) has announced the launch of the FWD Start-Up Studio to support insurtech and takafultech start-ups in Malaysia, with seed funding of RM1.2 million over two years.
The insurer is now inviting applications for the first cohort of intakes which starts in April. A second round will open later in the year, while two more will open in 2022.
The Studio has also teamed up with 1337 Ventures, a Malaysia-based business accelerator, to launch a four-week pre-accelerator programme. This will be open to 25 start-ups in the first round, coming with the opportunity to accelerate towards a minimum viable product (MVP) and commercially partner with FWD.
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The Studio aims to be a leading innovation hub. Benefits include:
- FWD to invest RM150k each to two winners on the pre-accelerator programme.
- Further funding for high potential start-ups from seed to pre-series A.
- The opportunity to create a proof of concept, working alongside FWD.
- Up to US$100k of cloud credits from Amazon Web Services (AWS).
- A springboard into the Malaysian Global Innovation and Creativity Centre (MaGIC) which gives start-ups a “greenlane” when applying for the National Technology and Innovation Sandbox (NTIS).
- The possibility to co-create further high-potential ventures alongside FWD.
- Access to the studio’s mentorship programme.
- FWD workshops with coaching on areas such as design thinking and an insurtech 101.
- Immersion into the vibrant Malaysian insurtech network, currently the Islamic finance hub.
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