Every year, Bank Negara Malaysia (BNM) shares its annual report, a detailed snapshot of our economy, financial policies, and how they shape life for us Malaysians. While the report is a treasure trove of insights, its 300+ pages of analysis might not fit into everyone’s busy schedule. We’ve distilled the essentials so you can stay informed without the deep dive. Here are five key takeaways from the BNM 2024 Annual Report related to your financial well-being. Transforming Malaysia’s Digital Payment Ecosystem BNM reported strong growth in e-payments in 2024, with transactions rising 28% to 14.7 billion. Malaysians averaged 409 e-payment transactions…

Back when Bank Negara Malaysia (BNM) granted licenses to five digital banks, the goal was clear: enhance financial inclusion and innovate the nation’s banking landscape. Fast-forward to December 2024, and three banks are already serving customers, with two more underway. Close to 60% of GXBank, AEON Bank, and Boost Bank customers come from traditionally underserved segments, including low-income households and rural communities, according to BNM. But are these digital banks truly transforming financial access in Malaysia, or is there still a long way to go in bridging the financial gap? A Closer Look at Malaysia’s Digital Banks and Their Progress…

For many Malaysians, private healthcare has long been a necessary yet costly safety net. But in 2024, medical inflation in Malaysia hit a new high of 15%, outpacing the global average of 10% and APAC’s 11%, Bank Negara Malaysia (BNM) reports. More than just a number, it’s a point of concern for many policyholders already struggling with rising insurance premiums, out-of-pocket costs, and the stark reality that medical coverage is slipping further out of reach. Malaysia’s medical inflation spike has been years in the making. Opaque pricing by private hospitals, rising pharmaceutical costs, and increasingly sophisticated medical treatments have contributed…

The convergence of cutting-edge technology, regulatory innovation, and entrepreneurial spirit is reshaping how Malaysians interact with money, challenging traditional norms, and opening up new possibilities for financial inclusion and economic growth. As we delve into the top fintech trends shaping Malaysia in 2025, we witness a nation at the forefront of financial innovation in Southeast Asia. The government’s forward-thinking policies, coupled with a tech-savvy population and a burgeoning startup ecosystem, have created a perfect storm for fintech growth. From the rise of digital banks challenging traditional financial institutions to the emergence of insurance solutions democratising access to protection, Malaysia is…

Malaysia’s cryptocurrency journey has been a mix of cautious exploration and growing ambition. With a young, tech-savvy population and a government keen on digital transformation, the nation has been gradually laying the groundwork for blockchain and crypto adoption. As of now, the country has recognised six digital asset exchange operators, enabling trading of major cryptocurrencies like Bitcoin and Ethereum. Regulatory frameworks, such as the Capital Markets & Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019, have ensured a controlled yet innovative environment for digital finance. However, Malaysia’s path has not been without challenges. The Securities Commission (SC)…

With 3 million Malaysians under the younger demographic actively using cryptocurrencies, it’s apparent that it’s an increasingly popular investment option here. How do you start getting involved in buying cryptocurrency in Malaysia, though? This article will walk you through everything you need to know about the process of buying cryptocurrency in Malaysia, including licensed cryptocurrency platforms, legal aspects, and best practices for safe trading. Last updated: 5 February 2025 What is cryptocurrency? Cryptocurrency is a digital payment system that operates without the need for banks to verify transactions. It uses a peer-to-peer network, allowing people anywhere in the world to…

As Malaysia’s fintech ecosystem continues to evolve, 2024 is shaping up to be a transformative year for the industry. From the launch of new digital banks to billion-dollar investments in data infrastructure, these are the key developments driving the narrative in the country. NTT DATA Expands ASEAN Presence with Majority Stake in GHL Systems In July 2024, NTT DATA, a Japanese multinational IT and consulting firm, increased its shareholding in GHL Systems to 98.8%. The acquisition began with a deal worth RM724.08 million for 58.7% of GHL’s shares, purchased from major shareholders like Actis Stark, APIS Growth 14 Ltd, Loh…

The BNM Exposure Draft on personal financing (PF), announced on 16 December 2024, introduces new rules to abolish personal financing practices where interest or profit charges are calculated using the flat rate with the Rule of 78 method. This move aligns with the joint efforts of Bank Negara Malaysia (BNM), the Consumer Credit Oversight Board (CCOB) Task Force, and the Ministry of Domestic Trade and Cost of Living to phase out this method. The changes will be part of amendments to the Hire Purchase Act 1967, set to be tabled in Parliament in the first half of 2025. BNM invites…

BNPL Malaysia accountholders currently stand at 3.7 million customers according to the Consumer Credit Oversight Board Task Force (CCOB), and its rapid growth isn’t just a number. It’s a seismic shift in consumer behaviour and retail dynamics. BNPL is becoming the go-to solution for payment flexibility, challenging traditional credit models. As we delve into its evolution, it’s clear that Malaysians are fundamentally reimagining how they interact with credit and commerce. BNPL Market Growth and Changing Consumer Behaviour At the heart of this success are over 700,000 registered BNPL merchants catering to the growing demand for flexible payment solutions. Consumers increasingly…

In an era of constant change, true trailblazers lead with purpose, adaptability, and innovation. Their ability to envision the future and guide others toward it sets them apart in an increasingly complex business landscape. In an exclusive Banking After Hours conversation hosted by Fintech News Malaysia and Amazon Web Services (AWS), two trailblazing women leaders—Noor Farilla Abdullah, Group Chief Digital Officer of Bank Islam, and Taruni Ramamurthi, AWS Industry Sales Head for FSI Malaysia & the Philippines—share their unique perspectives with our Chief Editor, Vincent Fong. The discussion covers topics such as leadership, digital transformation, and empowering women in leadership…