Author: Fintech News Malaysia

AEON Bank is rewarding customers with a new campaign called “Thursday is Better than Friday.” The initiative encourages customers to use the AEON Bank x Visa Debit Card-i at selected AEON outlets, offering them the chance to earn AEON Points for their purchases. Running from 7 November to 26 December 2024, the campaign includes participating outlets such as AEON Supermarkets, AEON Department Stores, AEON MaxValu Prime, AEON BiG Hypermarkets, AEON Wellness, and Daiso by AEON. Customers earn triple AEON Points for every RM1 spent on Thursdays at these outlets, while spending on other days of the week earns double AEON…

World ID Credential, a digital identity tool developed by World, has launched in Malaysia. This initiative is part of World’s plan to create an inclusive financial public utility and identity system. World, formerly Worldcoin and co-founded by OpenAI’s Sam Altman, aims to provide digital identity solutions globally. The World ID Credential enables users to link identification documents, starting with passports, to their World ID, eliminating the need for physical verification at an Orb. This feature is also being introduced in Chile, Colombia, and South Korea. Upon verification, users receive 26 WLD tokens, in addition to any tokens earned through Orb…

TNG Digital, the operator of TNG eWallet, and the Korea Tourism Organization (KTO) have partnered to provide Malaysian travelers with a seamless and convenient payment solution in Korea. This partnership makes TNG eWallet the first Malaysian e-wallet endorsed by KTO, granting users access to 1.9 million ZeroPay merchants across major cities and tourist hotspots and over 3 million Visa merchants across the country. Through its partnership with Alipay+, Malaysian travelers using TNG eWallet can make cashless payments at these ZeroPay merchants by simply scanning QR codes. TNG eWallet eliminates the need for currency exchange and allows for easy payments at…

Bank Negara Malaysia (BNM) has responded to concerns regarding the planned repricing of medical and health insurance and takaful (MHIT) products, with reports indicating potential premium increases of 40% to 70% for some policyholders. The central bank said that it would ensure continued public access to affordable and suitable coverage while urging insurers and takaful operators (ITOs) to adopt more equitable pricing strategies. In its latest announcement, BNM instructed ITOs to explicitly consider the financial impact on policyholders and takaful participants when reviewing their repricing strategies. Operators are required to manage premium and contribution increases gradually and provide meaningful options…

Technology-driven advancements have revolutionised the financial landscape in Malaysia in recent years. Recognising the potential of digital banks to address financial inclusion gaps, Bank Negara Malaysia (BNM) developed a comprehensive framework aimed at increasing access to financial services, particularly for underserved communities. As part of this initiative, BNM issued five digital banking licenses in 2022, marking a milestone in the country’s financial sector transformation. Among the recipients of these coveted licenses, Boost emerged as a homegrown success story, evolving from a popular e-wallet service into a fully-fledged digital bank. With the strong backing of Axiata Group, Boost has seamlessly leveraged…

MyData Informatica (MISB) and One Future Solutions (OFS) are now officially the latest credit reporting agencies approved by the Ministry of Finance (MOF), according to The Edge. This licensing, granted under Section 14 of the Credit Reporting Agencies Act 2010 (Act 710), expands the number of active agencies in the country to ten. This move brings MISB and OFS into a market already served by established players such as CTOS Data Systems, a subsidiary of publicly traded CTOS Digital, in addition to Experian Malaysia and Credit Bureau Malaysia. The MOF has indicated that both MISB and OFS are expected to…

TNG Digital has collaborated with Principal Asset Management to launch the Principal Private Retirement Schemes (PRS) on the TNG eWallet platform. The initiative aims to simplify retirement planning for Malaysians, providing a secure and streamlined way to enhance their savings. The Principal PRS Target Date Funds, introduced in 2022, are designed to complement mandatory retirement savings with an investment strategy tailored to individual timelines. The funds follow an asset allocation glide path, shifting from aggressive, growth-focused investments during younger years to more moderate, conservative strategies as users near retirement. This approach aligns with users’ changing risk tolerance over time, eliminating…

TikTok Shop has introduced TikTok PayLater, a new payment feature that allows customers to split their purchases into monthly installments over up to 12 months. The feature has been available in Malaysia since 28 October 2024. With TikTok PayLater, eligible customers can apply for a credit limit of up to RM 10,000, which can be used for purchases on TikTok Shop. This credit-based payment method lets users shop without paying upfront, offering a “shop now, pay later” option. Eligibility is determined based on details provided during the application process, such as occupation and monthly income. Applicants must also have valid…

NTT DATA Payment Services, formerly known as GHL Systems, has expanded its DuitNow QR service to include cross-border payments. This enables merchants across Malaysia to accept payments from international visitors using platforms such as Alipay+, Weixin Pay, UnionPay, BC Card (South Korea), QRIS (Indonesia), NETS (Singapore), and ITMX (Thailand). This expansion supports NTT DATA’s network of over 480,000 merchant touchpoints and aims to capitalise on the increasing number of tourists, providing them with seamless payment options. Tealive, a major tea chain in Southeast Asia, is among the first to adopt this technology, integrating Weixin Pay at key destinations like Genting,…

The Malaysian Digital Asset Platform Association (MDAPA) is cautioning investors about the increased risk of scams as Bitcoin approaches the US$100,000 mark and other cryptos surge in value. The rising popularity of cryptocurrencies has led to a surge in unlicensed schemes seeking to exploit the situation. These scammers often prey on vulnerable groups, such as senior citizens who may be less familiar with cryptocurrencies, using social media to lure them with promises of quick and easy profits to boost their retirement savings. MDAPA reports that scammers are even impersonating agents of legitimate digital asset exchanges, tricking investors into transferring funds.…

The fintech landscape in Malaysia saw remarkable growth in 2024, driven by the launch of the country’s first digital banks, a surge in digital payment adoption, and pivotal regulatory advancements. This year’s progress is captured in our latest Malaysia Fintech Report 2024, offering an in-depth look at the key milestones and emerging trends shaping the industry. Produced in collaboration with Merchantrade and supported by industry leaders, regulators and fintech innovators, the 2024 Malaysia Fintech Report provides a comprehensive overview of the year’s fintech progress, focusing on emerging trends across digital banking, payments and wealthtech. Malaysia’s first digital banks begin operations…

Cross-border payment hub Tranglo has expanded its services in Africa. Tranglo now facilitates payments in Ethiopia, Kenya, Liberia, Madagascar, Mali, Senegal, and Zambia. Remittances are crucial for African households and businesses. Tranglo aims to address high remittance fees by offering efficient and cost-effective solutions. The World Bank estimates that remittances to Sub-Saharan Africa reached US$ 54 billion in 2023. Tranglo’s network allows users to send and receive money through various channels, including mobile wallets, bank accounts, and cash pickup locations. This expansion provides greater financial access to underserved populations. At launch, the service supports local currency transfers through e-wallets in…

Cradle Fund has partnered with Kapital DX (KLDX), a multi-asset fundraising and investment platform, to provide an alternative fundraising option for Malaysian startups. This collaboration aims to address the funding challenges faced by startups, particularly those who may not fit the traditional venture capital model. The partnership, an initiative under the Ministry of Science, Technology and Innovation’s (MOSTI) Fund Funnel Programme, seeks to bridge the funding gap identified in the Malaysian Startup Ecosystem Roadmap (SUPER) 2021-2030. By offering access to the KLDX platform, Cradle will enable its alumni network and other startups to explore a new avenue for raising capital. This…

ShopeePay is introducing an increased e-wallet limit for users who complete their electronic Know Your Customer (eKYC) process, starting 4 December 2024. The new limit will allow users to store up to RM9,999, which is double the current maximum of RM4,999. ShopeePay is a digital wallet offered by the e-commerce platform Shopee, enabling users to make online and in-person purchases, transfer funds to others, and withdraw money to their bank accounts. The eKYC process upgrades user accounts to Premium status and involves a few simple steps. Users first access ShopeePay through the app and begin the eKYC process by tapping…

Bank Islam today introduced its new digital banking platforms, BIMB Mobile and BIMB Web. This will serve to replace the current GO by Bank Islam app, which has been in use for about five years and served 1.9 million active users. The launch marks a step forward in the bank’s digital transformation, aimed at providing customers with a more streamlined and secure banking experience. The new platforms come with updated features and functionalities designed to address changing market needs. BIMB Mobile and BIMB Web feature a refreshed interface and tools to simplify everyday banking tasks. Built on an upgraded technological…

Hata, a licensed digital asset exchange in Malaysia, has introduced a new feature called Auto-Invest, designed to make crypto investing more accessible and automated. This feature allows users to set up recurring purchases of cryptocurrencies at regular intervals, such as daily, weekly, bi-weekly, or monthly. Hata’s Auto-Invest utilises a dollar-cost averaging (DCA) strategy, which helps to mitigate the risks of market volatility by spreading investments over time. Users can choose from all cryptocurrencies available on the Hata platform and fund their investments using Malaysian Ringgit (MYR). The platform offers a simple setup process, and users can manage their Auto-Invest plans,…

A staggering 67% of global banks are experiencing client abandonment during the KYC onboarding process, marking a significant jump from 48% in 2023, according to new research by regtech firm Fenergo. Fenergo’s 2024 Know Your Customer (KYC) and onboarding trends survey, which gathered insights from over 450 C-suite executives in global banks across the UK, US and Singapore, highlights the urgent need for financial institutions to improve their KYC procedures. The survey points to a clear trend of disintermediation, with potential clients abandoning applications due to cumbersome KYC processes and opting for banks with more efficient onboarding experiences. While it’s…

Crypto exchange Luno has launched Luno Bundles, a feature aimed at helping customers manage and maintain a diversified portfolio of top cryptocurrencies. The first bundle, developed in partnership with top digital asset index provider CoinDesk Indices, tracks the CoinDesk Large Cap Select Index (DLCS). The bundle includes 5-10 leading cryptocurrencies by market capitalisation, weighted towards top performers to reflect overall market performance. It rebalances weightings and constituent assets every three months in line with updates from CoinDesk Indices. Luno Bundles only include digital assets available in Malaysia that meet CoinDesk’s eligibility standards. Customers can “bundle” and “unbundle” their investments at…

Kakitangan.com, a cloud HR software provider, has partnered with Merchantrade Asia, a Malaysian money services company, to digitise wage payments and promote financial inclusion for migrant workers. The partnership integrates Kakitangan.com’s automated payroll system with Merchantrade Money, a Visa-powered e-wallet, enabling employers to credit salaries securely and efficiently. Merchantrade recently secured approval from the Ministry of Human Resources as a Designated Payment Instrument (DPI) issuer for digital wage payments. Workers gain secure digital access to wages, can make cashless payments anywhere Visa is accepted, and withdraw cash from Visa Plus ATMs. This initiative is particularly valuable for businesses in remote…

Webull Malaysia, a subsidiary of Webull Corporation, has introduced an Islamic banking channel. The company claims to be the first fully online retail brokerage in the country to offer Shariah-compliant funding options for trading Malaysian and U.S. stocks. This new feature allows investors to fund their trading accounts through methods that adhere to Islamic principles, providing a profit-sharing based banking facility with no deposit fees, interest charges, and enabling interest-free trading. This move aims to cater to the increasing demand for ethical and Shariah-compliant investment options in Malaysia. The platform now gives all investors the flexibility to fund their accounts…