Q & ACategory: InsuranceEnquires about insurance, cryptocurrency and mobile insurance
KOHEI asked 7 years ago

Good morning Mr Lau, I would like to ask several questions; First, why cryptocurrency is not familiar in Malaysia? Next, is it possible that online/mobile insurance will increase gradually?  Lastly, is it possible that bitcoin-denominated insurance to launch in Malaysia? I am looking for your reply soon. Thank you so much.

1 Answers
KCLau Staff answered 7 years ago

Hi Kohei,

1. It is something virtual. If there are many merchants accepting cryptocurrency, it will be popular. At this moment, crytocurrency is still far behind from replacing the paper money we are familiar with.

2. Online insurance will get more popular because it is also something Bank Negara Malaysia encourages. It will save on the intermediary costs and let consumer has more transparency and access to low cost insurance.

3. This one – bitcoin-denominated insurance – I don’t think it will catch on anytime in the next few years. How about the future? I don’t know since technology changes so fast.