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Malaysia's Tune Direct invests in U.K.-based insurtech firm

Tune Direct Ltd., a unit of Malaysia's Tune Protect Group Bhd., agreed to acquire a 9.99% stake in U.K.-based Laka Ltd. for £499,478.07.

This is part of the Malaysian insurance group's aim to become a leading digital insurer by widening its distribution channels and expand its reach, according to a June 7 release.

Laka is an insurtech that offers nonconventional peer-to-peer protection.

The investment is expected to be completed within three months from June 7.