PolicyStreet has officially informed the Ministry of Transport (MOT) of its intention to become a strategic partner with the Road Transport Department (JPJ). Through this partnership, the local insurtech company is looking to obtain approval from the authorities to offer the road tax renewal service to its customers.
PolicyStreet’s letter to MOT sets off its formal application process
In a letter sighted by SoyaCincau, PolicyStreet made no secret that its decision to reach out to MOT was due to a recent remark by Transport Minister, Anthony Loke regarding BJAK.
Earlier this week, the minister said MOT is open to having a formal partnership with the online insurance aggregator for road tax renewal service. However, BJAK must first come forward and present a proposal to the authorities instead of offering the service without approvals from JPJ.
In the letter which was addressed to both MOT and JPJ, PolicyStreet has listed several strong points to help strengthen its application. Among them is the fact that it is being funded by Khazanah Nasional through the sovereign wealth fund’s Dana Impak initiative.
The company has also noted in the letter that it is an approved Financial Adviser (FA) and Islamic Financial Adviser (IFA) by Bank Negara Malaysia. PolicyStreet also took the opportunity to highlight several of its existing partnerships such as Carsome, Direct Lending, Foodpanda, ShopeeFood, and Grab.
At the moment, JPJ only has three official partners including Pos Malaysia, MyEG, and Puspakom in regards to road tax renewal service.
