Last updated on December 25, 2025
KUALA LUMPUR, 16 December 2025 — Bjak Sdn, Malaysia’s largest online insurance aggregator, is weighing a potential initial public offering within the next two years as it accelerates overseas expansion, including a planned entry into key European markets.
Founder Wei Low said Bjak is targeting Spain and Germany in 2026, following its recent expansion into Japan, Taiwan and Thailand. Speaking in his first-ever media interview, the 36-year-old entrepreneur said the company sees strong opportunities in Europe’s established auto insurance markets.
Bjak’s gross written premiums rose between 20% and 30% this year and are expected to grow at a faster pace as the company enters new geographies, Low told Bloomberg News. He added that the business has been profitable since its founding in 2019 and carries “very minimal” debt, though he declined to disclose detailed financial figures.
“We’re still very young as a company,” Low said. “If you look at our other peers in other markets that are large, in China or the UK, it takes about 20 years to really maximize the potential or increase the penetration.”
IPO to Fund Growth and Provide Employee Liquidity
Low said a potential IPO would help fund further international expansion while also providing liquidity for employees through stock grants. As part of its growth plans, Bjak aims to double its global workforce to nearly 400 employees by the end of 2026, from almost 200 currently.
The company currently serves 7 million users and partners with 16 insurance brands on its platform, including Germany’s Allianz SE and Japan’s Tokio Marine.
Insurance Technology Opportunity Remains Strong in Malaysia
Low said the success of Ant Group Co., operator of China’s Alipay platform, inspired him to launch Bjak in 2019. While insurance technology is mature in markets such as the UK, he noted that adoption across Asia remains uneven, presenting long-term growth opportunities.
In Malaysia, RAM Ratings forecasts moderating growth in new insurance business this year for both life and non-life segments. Non-life premium growth is expected to slow to 5% in 2025, from 7.3% last year, according to the rating agency.
Still, the long-term outlook remains favourable.
The potential upside for Malaysia’s insurance industry “remains healthy,” said Kit Yoong Loh, an analyst at RAM Ratings, citing increasing awareness of insurance protection and a large number of underinsured and uninsured Malaysians, particularly among lower-income households.
She added that online insurance platforms play a critical role in expanding insurers’ reach, supported by Malaysia’s high smartphone and internet penetration rates.
Founder’s Journey and Long-Term Philosophy
Low’s entrepreneurial path began at age 20, when family financial difficulties forced him to leave a pre-university programme. Before founding Bjak, he was involved in aluminium trading and two e-commerce ventures that did not take off.
He cited Warren Buffett as a key influence, saying he has read all of Berkshire Hathaway’s annual shareholder letters since 1965.
“He has this quote that he emphasized a lot that I practice: You find out who your role models are and copy them,” Low said.
The Ledger Asia Angle
Bjak’s IPO considerations signal growing maturity within Malaysia’s insurtech sector, as local digital platforms transition from domestic disruptors to regional and global contenders. With profitability already achieved and expansion underway in both Asia and Europe, Bjak represents a new generation of Southeast Asian fintech firms seeking scale beyond their home markets.
Source: Bloomberg
