Advice to Public on Mobile App for Healthcare and Medical ExpensesRelease Date: 23 Mar 2017
It has come to Bank Negara Malaysia’s attention that Life Engineering, a programme comprising a mobile app for healthcare and medical expenses was recently launched by Crowd Care Sdn Bhd. The business model of Life Engineering appears to resemble insurance business and takaful business which is regulated under the Financial Services Act 2013 (FSA) or Islamic Financial Services Act 2013 (IFSA). Bank Negara Malaysia would like to advise the public that only licensed entities may carry on insurance business or takaful business in Malaysia. Crowd Care Sdn Bhd (administrator of Life Engineering) is currently not a licensed entity under the FSA or IFSA. The public may refer to the list of licensed insurers and licensed takaful operators at Bank Negara Malaysia’s website:
Further enquiries may be directed to:
Fax: (03)2174 1515
© Bank Negara Malaysia, 2018. All rights reserved.