Malaysia’s fintech scene is becoming increasingly active, it is sometimes difficult to keep track of all the important events, here’s April’s edition of our news roundup featuring the top stories in the Fintech Malaysia scene. If you’re interested to check out March’s news round up you can read more here
Fintech Funding Galore
In the month of April, there seems to be an abundance of going around. Below are the fintech companies that received funding last month:
Funding Societies
Series B – RM 100 Million
Lead Investor – SoftBank
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Soft Space
Series B- Undisclosed Sum
Lead Investor – SMCC
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HelloGold
Series A- Undisclosed Sum
Lead Investor – 500 Startups
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The increase of attention from international investor signals a positive outlook on this region and sector.
9 Cryptocurrency Exchanges in Malaysia Registered with BNM
Bank Negara Malaysia has published the list of cryptocurrency exchanges in Malaysia that has registered itselves as a reporting entity with the regulator.
At the time of reporting 9 entities were registered with BNM. Since that report 2 more have registered with BNM totalling up to 11 cryptocurrency exchanges registered with the regulator. Read More Here
MoneyMatch Embraces Ripple’s Blockchain Solution to Power Payments
Ripple, the enterprise blockchain solution for global payments, is announcing that five new customers across Europe and Asia will use xVia to power frictionless payments over RippleNet, among the companies announced is Malaysia’s very own fintech company MoneyMatch. Read More Here
Razer Aims for Full Acquisition of MOL Global Inc
Razer a Singapore based gaming company with a recent pivot to payments has announced its intention to fully acquire the remaining 65.1% of MOL Global Inc an e-payment enabler for online goods and services.
Razer’s CEO and co-founder Min-Lian Tan said in a press release,”This acquisition will combine Razer’s zGold and MOL Global’s MOLPoints virtual credits, creating one of the largest virtual credits platforms for gamers in the world.”
Insurtech Partnership Intensifies in Malaysia
Earlier this April, AXA Affin announced partnerships with PolicyStreet, Digi, BookDoc, and Naluri in launching their new product AXA eMedic. On that very same day, Allianz also announced partnership with PolicyStreet to help strengthen their distribution.
While 2017 has been a relatively quiet year for insurtech, perhaps 2018 is when things will start to heat up in this space
Mckinsey: Digital Banking in Malaysia Will Exceed 60% This Year
According to a report by Mckinsey digital banking penetration in Malaysia is expected to exceed 60% by the end of 2018, signifying a rapid increase in the number of people relying on digital platforms to perform transactions, says management consulting firm McKinsey & Company. Read more here
