Bjak Founder Considers IPO Amid Malaysia Insurtech’s European Expansion Plans
Bjak Sdn, Malaysia’s largest online insurance aggregator, is considering an initial public offering (IPO) within the next two years as it aims to expand into Europe.
Bjak is targeting new markets in Spain and Germany by 2026, following its recent expansions into Japan, Taiwan, and Thailand, according to founder Wei Low in his first media interview.
This year, the firm has reported a gross written premium increase of 20% to 30%, with expectations for even faster growth as it ventures into new territories. Low mentioned that the company has been profitable since its inception in 2019 and maintains “very minimal” debt, although he refrained from sharing specific financial details.
“We’re still very young as a company,” Low stated. “If you look at our peers in larger markets like China or the UK, it typically takes about 20 years to fully maximize potential and increase market penetration.”
The anticipated IPO will not only fund further international expansion but also provide employees with liquidity through stock grants. Low emphasized the strategic focus on Spain and Germany, both of which have well-established auto insurance markets.
By the end of 2026, Low plans to double his global team from nearly 200 employees currently.
Low’s inspiration to start Bjak in 2019 stemmed from the success of Ant Group Co., the operator of China’s widely-used financial services app, Alipay. He noted that while insurance technology is well-established in markets like the UK, its maturity varies across Asia.
In Malaysia, RAM Ratings predicts a moderation in growth for both life and non-life insurers this year, including those adhering to Islamic principles. Non-life premium growth is expected to slow to 5% in 2025, down from 7.3% last year.
Despite this, the potential for growth in Malaysia’s insurance sector remains promising. Analyst Kit Yoong Loh from RAM Ratings highlighted the increasing awareness of the importance of coverage protection, along with a significant number of uninsured and underinsured Malaysians, particularly among lower-income households, as key business opportunities.
Online insurance platforms like Bjak enhance insurers’ reach to these segments, especially given the high rates of smartphone and internet access in the country.
Bjak currently boasts 7 million users and collaborates with 16 insurance brands, including Germany’s Allianz SE and Japan’s Tokio Marine.
Low’s entrepreneurial journey began at the age of 20 when financial difficulties forced him to leave a pre-university program. Before founding Bjak, he was involved in aluminum trading and two other e-commerce ventures that did not succeed.
He cites Warren Buffett as his idol and has diligently read all of Berkshire Hathaway Inc.’s annual letters since 1965. Like Buffett, Low aims to adopt a business philosophy that transcends mere financial success.
“He has this quote that I practice: You find out who your role models are and copy them,” Low remarked.
Photograph: The Merdeka 118 Tower, right, and other buildings in the city’s skyline in Kuala Lumpur, Malaysia, on Tuesday, Aug. 27, 2024. Photo credit: Ian Teh/Bloomberg
Copyright 2025 Bloomberg.
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Bjak Sdn, Malaysia’s largest online insurance aggregator, is considering an initial public offering (IPO) within the next two years as it aims to expand into Europe.
Bjak is targeting new markets in Spain and Germany by 2026, following its recent expansions into Japan, Taiwan, and Thailand, according to founder Wei Low in his first media interview.
This year, the firm has reported a gross written premium increase of 20% to 30%, with expectations for even faster growth as it ventures into new territories. Low mentioned that the company has been profitable since its inception in 2019 and maintains “very minimal” debt, although he refrained from sharing specific financial details.
“We’re still very young as a company,” Low stated. “If you look at our peers in larger markets like China or the UK, it typically takes about 20 years to fully maximize potential and increase market penetration.”
The anticipated IPO will not only fund further international expansion but also provide employees with liquidity through stock grants. Low emphasized the strategic focus on Spain and Germany, both of which have well-established auto insurance markets.
By the end of 2026, Low plans to double his global team from nearly 200 employees currently.
Low’s inspiration to start Bjak in 2019 stemmed from the success of Ant Group Co., the operator of China’s widely-used financial services app, Alipay. He noted that while insurance technology is well-established in markets like the UK, its maturity varies across Asia.
In Malaysia, RAM Ratings predicts a moderation in growth for both life and non-life insurers this year, including those adhering to Islamic principles. Non-life premium growth is expected to slow to 5% in 2025, down from 7.3% last year.
Despite this, the potential for growth in Malaysia’s insurance sector remains promising. Analyst Kit Yoong Loh from RAM Ratings highlighted the increasing awareness of the importance of coverage protection, along with a significant number of uninsured and underinsured Malaysians, particularly among lower-income households, as key business opportunities.
Online insurance platforms like Bjak enhance insurers’ reach to these segments, especially given the high rates of smartphone and internet access in the country.
Bjak currently boasts 7 million users and collaborates with 16 insurance brands, including Germany’s Allianz SE and Japan’s Tokio Marine.
Low’s entrepreneurial journey began at the age of 20 when financial difficulties forced him to leave a pre-university program. Before founding Bjak, he was involved in aluminum trading and two other e-commerce ventures that did not succeed.
He cites Warren Buffett as his idol and has diligently read all of Berkshire Hathaway Inc.’s annual letters since 1965. Like Buffett, Low aims to adopt a business philosophy that transcends mere financial success.
“He has this quote that I practice: You find out who your role models are and copy them,” Low remarked.
Photograph: The Merdeka 118 Tower, right, and other buildings in the city’s skyline in Kuala Lumpur, Malaysia, on Tuesday, Aug. 27, 2024. Photo credit: Ian Teh/Bloomberg
Copyright 2025 Bloomberg.
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