FWD Launches The FWD Start-Up Studio To Support Malaysian Startups
FWD Insurance (FWD) announced the launch of the FWD Start-Up Studio to support insurtech and takafultech start-ups in Malaysia, with seed funding of RM 1.2 million over two years.
The insurer is now seeking applications for the first cohort of admissions which begins in April. A second tower will open later in the year, while two more will open in 2022.
The Studio has also partnered with 1337 Ventures, a Malaysia-based business accelerator, to launch a four-week pre-acceleration program. This will be open to 25 start-ups in the first round, with the opportunity to accelerate towards a minimum viable product (MVP) and to partner commercially with FWD.
The Studio aims to be a leading innovation hub. The advantages include:
- FWD to invest RM150k each to two winners on the pre-accelerator program.
- Additional funding for start-ups with high potential, from start-up to pre-series A.
- The opportunity to create a proof of concept, in collaboration with FWD.
- Up to $ 100,000 in Amazon Web Services (AWS) cloud credits.
- A springboard towards the Malaysian Global Innovation and Creativity Center (MaGIC) which gives start-ups a “green way” to apply to the National Technology and Innovation Sandbox (NTIS).
- The possibility of co-creating other companies with high potential alongside FWD.
- Access to the studio’s mentoring program.
- FWD workshops with coaching on areas such as design thinking and insurtech 101.
- Immersion in the dynamic Malaysian insurtech network, currently the center of Islamic finance.
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