Every day, millions of B40 families in Malaysia live with the looming fear of sudden financial burdens, from medical emergencies to the untimely loss of a family breadwinner. These challenges often push already vulnerable families deeper into poverty. To tackle this growing crisis, Ouch!, Malaysia’s first fully digital takaful provider under Bank Negara Malaysia’s Regulatory Sandbox, has launched a powerful collaboration with MyKasih Foundation. Together, they aim to bridge the protection gap and bring affordable takaful coverage directly to undeserved communities.
Digital Takaful for All: Breaking Barriers to Protection
More than 60% of Malaysians do not have any form of takaful or life insurance, revealing a massive protection gap in the country. For B40 families, this means a single unexpected event can result in financial ruin. Ouch! Recognizes that traditional insurance channels are often difficult to access due to cost, complexity, or lack of awareness and is committed to changing that.
By leveraging technology, Ouch! has developed a user-friendly, digital-first platform that allows individuals to sign up for affordable protection plans like Pusara Pro, which provides essential financial security for families during the toughest times. This digital approach removes paperwork, physical meetings, and lengthy processes, offering seamless and affordable coverage anytime, anywhere.
Takaful + Food Aid: A Comprehensive Support System
Under this impactful partnership, B40 families will receive dual benefits:
- Takaful protection through Ouch!’s Pusara Pro plan
- Cashless food aid via MyKasih’s Love My Neighbourhood (LMN) Food Aid Programme
One successfully onboarded to Ouch!’s platform, recipients will gain access to cashless food allowances, which are directly credited to their MyKad. They can then shop for selected basic food items at participating retail outlets, helping ease their daily financial burdens.
This dual support system doesn’t just provide short-term relief, it empowers families to take a proactive role in their financial planning and protection, ensuring better resilience in the long run.
Financial Education for Long-Term Impact
This initiative goes beyond financial aid. Ouch! And MyKasih are focused on educating B40 families about the value of financial protection, especially the role of takaful in building long-term security. Through targeted outreach and on-ground activation, the initiative aims to raise awareness about responsible financial planning and digital inclusion.
“No Malaysian family should ever face financial hardship alone,” said Kudrat Lokman, Chief Operating Officer of Ouch!. “Through digital innovation, we aim to deliver protection that is relevant, inclusive, and impactful for the people who need it most.”
Supporting Malaysia’s Madani Vision
This collaborative effort plays a crucial role in supporting the national Madani Economy framework, which focuses on inclusive, sustainable growth for all segments of society. As digital takaful evolves, partnerships like this will be central to shaping a future where financial literacy, inclusion, and protection are available to every Malaysia.
It’s not just about offering aid, it’s about empowering families to face the future with confidence.
To learn more about this initiative, visit www.mykasih.com.my.
Discover Ouch!’s digitak takaful solutions at www.ouch.my.
