Maybank officially launched its new e-wallet MAE today, though many e-wallet enthusiasts would have already gotten their hands on it yesterday. MAE which is short for “Maybank Anytimes, Everyone” seems to be Maybank’s answer to Malaysians’ increased interest in e-wallets. Non-Maybank customers who are interested to sign up for this service is able to do so via Maybank’s mobile app. The process is relatively straightforward and only takes a couple of minutes to complete. After going through the registration and some basic e-KYC processes, you’ll able top up and transact using MAE as you normally would with other e-wallets. When…

Update: As of March 2019, all cryptocurrency exchanges operating in Malaysia needs to be regulated by Securities Commission Malaysia. All the companies listed below with the exception of the 3 approved by Securities Commission Malaysia has been ordered to cease operations. https://fintechnews.my/20806/blockchain/cryptocurrency-exchange-malaysia-approval/ Bank Negara Malaysia has published the list of cryptocurrency exchanges in Malaysia that has registered itselves as a reporting entity with the regulator. This follows our report issuance of the policy paper titled “Anti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies (Sector 6)”. Registered Entity is Not The Same As Regulated While these entities…

Thanks to a partnership agreement signed between Axiata Digital’s Boost e-wallet and Singtel’s VIA alliance, Malaysians will soon be able use their Boost mobile wallet to make payments in Singapore and Thailand. VIA was launched by the Singtel Group in October 2018, alongside Thailand’s telco company AIS and Kasikornbank. It was set up with the intention to create a region-wide payment network that will enable consumers to use their e-wallet when travelling within Asia-Pacific. Through VIA alliance’s network, Boost user will be able to use their mobile wallet at over 1.6 million merchant partners in Singapore and Thailand. Both Singtel…

January has been no picnic for Malaysia’s crypto-exchanges, with the possibility of RM10 Million fine and 10 years jail time looming over them ever since the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 was announced by Finance Minister Lim Guan Eng. Fortunately the uncertainty has been lifted off the air with Securities Commission Malaysia (SC) issuing its much anticipated framework for crypto-exchanges. The new framework will fall under the purview of its Guidelines on Regconised Markets, which is the same that is used to regulate Equity Crowdfunding and P2P lending players. Under the same…

Recently I had the pleasure of joining the ASEAN Tech Challenge which was organised by The Australian Trade and Investment Commission and the New South Wales Government. Held in Sydney the ASEAN Tech Challenge is a platform for Australian startups and scaleups to pitch solutions to ASEAN investors like Red Beat Ventures (Air Asia) , Kickstart Ventures (Ayala Corporation) and Petronas Venture Capital. While I was there, I took the opportunity to spend the week meeting some of the local players to get a sense of the fintech ecosystem in Australia. Touring the Sydney Startup Hub My first stop was…

When one thinks about the most advanced countries in the world in the payments space, countries like China, Sweden and Australia often comes to mind. Malaysia is not among the countries that would typically occupy the mindshare of most. However, in a recently published study by the Economist and Visa, Malaysia surprisingly outranks China, with the former coming in at 19th place and the latter at 42nd place. It noted that though China’s mobile payments is 50 times greater in value that the US, it still lags behind in the availability of government e-payment services. The study suggests that China could…

Following the statement by the Minister of Finance YB Lim Guan Eng on the coming into force of the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019, the Securities Commission Malaysia (SC) clarified that they will put in place guidelines to regulate offering and trading of digital assets. According to the regulator, the guidelines will among others, establish criteria for determining fit and properness of issuers and exchange operators, disclosure standards and best practices in price discovery, trading rules and client asset protection. Those dealing in digital assets will be required to put in…

In an increasingly connected world the need for a robust cyber-security in the banking sector is more important today than it has ever been. While banks of the past defended themselves from malicious actors with better vaults, exploding dye packs and armed guards — banks of today face a very different breed of criminals. A study conducted by Cisco indicated that In Asia Pacific, many companies receive up to 10,000 threats a day which equates 6 threats are received every minute. Against the backdrop for the need of increased security, is also the need for digital transformation to meet the evolving…

In the past we’ve done several listicles highlighting the top funded fintech companies to the hottest fintech startups to watch. While these list do a decent job in highlighting some of the outstanding fintech players in Malaysia one thing it does not do well is showcase some of the lesser known startups who shows great promise. Which is why we decided to do something slightly different this time around. In our many interactions with various players in the scene, we’ve picked 5 fintech startups that we thought deserves more attention. This list of companies does not necessarily indicate that they are…

Renowned cosmologist Carl Sagan once said, “You have to know the past to understand the present.” A statement that rings true across all facets of life, as we approach the end of 2018, it’s worthwhile for us to look some of the key trends that have emerged in the local banking scene this year to help us navigate the tumultuous new world of 2019. In 2018 and even years before it Malaysian consumers are rapidly adopting the digital lifestyle in almost all aspects of their daily life activities. This inevitable change in consumer behavior is forcing banks to digitise their…

One year ago , Securities Commission Malaysia embarked on their blockchain pilot project in the unlisted and Over-the-Counter (OTC) markets. Having completed the pilot the regulator unveiled the blueprint today at the SCxSC Fintech Conference. Before diving into what the project entails and what it solves it’s worthwhile to take a look at what is an OTC market for the benefit for those who are unfamiliar. What is an OTC? OTC refers to securities that’s traded outside of a formal exchange like Bursa Malaysia, this includes but is not limited ; bonds, derivatives and the recently introduced equity crowdfunding. Knowing…

Since the wave of fintech disruption arrived on the shores of Malaysia several years back, many 1st-tier banks have each responded with their own strategies. Ambank was the only tier-1 bank that has not clearly spelled out their game plan, beyond their Group CEO, Datuk Sulaiman’s statement that they are ready to embrace fintech earlier this year. That has all changed today as Ambank unveiled their chatbot AMY and their intentions to launch a robo-advisory service by early 2019. What is AMY and what purpose does it serve? AMY essentially is an acronym for AmBank Malaysia, currently at its first…

Malaysians will soon be able to enjoy a new payments service that was made possible thanks to a partnership between payment company Soft Space and Malaysia’s national payments network PayNet. Dubbed as Fasstap, businesses will be able to use any Android-based smartphones with NFC technology to accept and process MyDebit payments — which is available on all Malaysian debit cards. Making card acceptance more accessible to small businesses Still at its pilot phase, the new payments service can potentially make accepting card payments much more accessible to the likes hawkers, pasar malam traders and other small businesses. In order to…

RinggitPlus the financial comparison site brand owned by Malaysia’s top funded fintech company Jirnexu, has announced an overhaul of their site and along with it a new site-wide chatbot functionality. During their press conference, they have stated that these changes are scheduled to go live some time Mid-November. New Look and Feel of RinggitPlus’ New Site The new revamp is built to be a mobile first experience — the look and feel of it behaves like that of a native mobile app. In the age of where most consumers experience the internet through the lense of their mobile phones this…

MyEG recently unveiled their PayMe, a blockchain-based payroll management software. Most of us know MyEG for enabling citizens to pay the Malaysian government online for services like road-tax renewal, zakat and many more. While some blockchain enthusiasts will celebrate the fact that there more blockchain use cases in Malaysia beyond ICOs. There are also some in the community wonder if MyEG new system is rooted in genuine use cases or is this a gimmick for the company to remain relevant. What Does MyEG’s PayMe Aim To Solve? According to MyEG, PayMe is intended to help large companies with many employees…

Malaysian fintech startup Goals101 through its India-based entity recently secured US$ 3.5 Million in a Pre-Series A round with US-based Nexus Ventures Partners. This round of funding impressively puts them among the list of the top 5 funded fintech companies in Malaysia despite only raising a Pre-Series A Goals 101 is described as a company that ultilises Artificial Intelligence and Machine Learning to analyse spending patterns which will then be used to help brands and banks identify, reach and influence hyper-relevant customers. Since its launch in 2017, the company has since secured partnerships with 21 banking partners across Asia including several major…

In a tripartite partnership, the United Nations Capital Development Fund (UNCDF), Bank Negara Malaysia (BNM), and Malaysia Digital Economy Corporation (MDEC) launched the Digital Finance Innovation Hub. Malaysia and China were the only two countries that UNCDF selected to set-up this hub. The objective of the Digital Finance Innovation Hub is to enable service providers, including financial institutions and fintech start-ups, to use technology in promoting inclusive finance. While is it a well known fact that Malaysia’s financial inclusion is among the highest in the region, during the launch UNCDF’s regional advisor, Vincent Wierda stated that financial inclusion is not solely…

In a market where there is a lingering fatigue of new e-wallet releases, the ACE Market-listed company, PUC Berhad officially unveils their e-wallet — Presto Wallet. On top of the standard cashless payment options for online and offline retailers, one of the functions that was highlighted Presto Wallet is the ability to perform mobile reloads and bill payments to utility companies –Though it is largely considered quite a standard feature that most wallets have. Like most other wallets, the Presto wallet also enables its users to perform peer-to-peer transactions i.e sending money to their friends and family. Within it’s app,…

Bank Negara Malaysia just released a proposed guideline for Open APIs in Malaysia, and is currently seeking feedback from the public. This follows Bank Negara Malaysia’s announcement earlier this year that it would be setting up an implementation group in the first quarter of 2018. Bank Negara Malaysia’s Direction with Open APIs There are three areas of focus for Open APIs in the financial services space in Malaysia namely; Motor Insurance/Takaful, Credit Card and SME financing (specifications can be found on their GitHub page). The central bank’s key goals in this initiative are to improve SME’s access to financial products, push for…

In Malaysia’s crowded e-wallet space, it is becoming increasingly difficult to carve a niche with each player pursuing similar strategies of giving cash backs and merchant discounts. Among Malaysia’s over 30 players, Touch ‘n Go has an upper hand that it has yet to tap into, until recently; when Touch ‘n Go unveiled its pilot program to enable selected users to pay using their TNG e-wallet when paired with its RFID system. Syahrunizam Samsudin, CEO, Touch ‘n Go explained during the company’s press conference that this new feature is part of Touch ‘n Go’s data play. By pairing the RFID…