Speedhome, an end-to-end direct property transactional platform, is offering a solution for the rent-to-own scheme by using insurance instead of traditional deposits.

Chief Executive Officer of Speedhome, Wong Whei Meng, said the system was not only able to reassure landlords but also reduce tenants' financial burdens.

"If the tenant cannot pay on time, insurance will compensate for the owner's loss."

"Our No Deposit but Insurance model compensates owners up to RM26,000, which is significantly higher than the traditional three to four months' deposit," he said in a statement.

He also said the insurance method would speed up the rental market significantly compared with the traditional deposit.

Speedhome (formerly Speedrent) is an app that is a free 'no deposit and no commission' automated platform connecting landlords directly to quality tenants providing rental protection and house-purchasing services.