Kuala lumpur: Bank Negara Malaysia (BNM) plans to set up a governance framework to ensure that MediAsas, Malaysia's base medical and health insurance and takaful (MHIT) product, remains affordable and sustainable over the long term amid rising healthcare costs. Deputy governor Aznan Abdul Aziz stated that this framework would be managed by an independent board comprising representatives from various stakeholder groups, ensuring that diverse perspectives across the healthcare and insurance ecosystem are considered.

According to BERNAMA News Agency, Aznan emphasized the necessity of a governance framework to address the ongoing increase in medical costs. He highlighted that the framework would facilitate regular reviews of MediAsas's features and affordability. His remarks were made during the plenary session titled 'RESET Strategy and MediAsas Navigating Cost Pressures for a Sustainable Future'.

Aznan announced that MediAsas is entering its pilot phase today at the Sasana Symposium 2026, with a public launch scheduled for January 2027. He noted that despite thorough discussions and testing with regulators, the insurance and takaful industry, and healthcare stakeholders, the pilot phase remains crucial. This phase aims to conduct comprehensive testing on enrolment, underwriting, claims, and operational processes like issuing guarantee letters and appointment booking.

He further elaborated that MediAsas would serve as a benchmark for other medical insurance and takaful products, potentially influencing pricing strategies across the market. Additionally, Aznan reported significant progress in at least seven of the 11 initiatives under the RESET strategy over the past year, focusing on information transparency, medical services delivery, and payment reforms. Measures include enhancing transparency in medicine pricing and integrating efforts like electronic medical records and MyEHR interoperability.