Payments Network Malaysia (PayNet) and Shell Malaysia have partnered to enable MyDebit ATM card payments at Shell stations nationwide. Effective 19 March 2025, customers can use their MyDebit cards for transactions at more than 1,000 Shell locations across the country, including for fuel purchases and at Shell Select convenience stores. According to the companies, this makes Shell the largest mobility retailer in Malaysia to accept MyDebit payments. To coincide with the launch, Shell and PayNet introduced the “Ganjaran Raya Lebih Jauh dengan Shell FuelSave” campaign, which runs from 22 March to 9 May 2025. Customers who spend a minimum of…

Bank Rakyat has appointed Ahmad Shahril Mohd Shariff as its new CEO, effective 9 April, The Edge reported. Ahmad Shahril had been serving as acting CEO since November 2024, following the resignation of Datuk Mohammad Hanis Osman, who had led the bank since July 2022. Prior to stepping into the interim role, he was deputy CEO responsible for business and operations at the development financial institution, which operates under the Ministry of Entrepreneur Development and Cooperatives. He brings more than 26 years of experience in banking and finance, having previously worked at Bank Negara Malaysia and other domestic financial institutions.…

Alliance Bank Malaysia’s CashFirst personal loan product is now available on the TNG eWallet platform. The loan allows users to apply digitally for amounts ranging from RM5,000 to RM150,000, with repayment terms of one to seven years and interest rates between 4.99% and 15.28% per annum. Applications can be submitted via the “Apply” section in the app, and repayments can be managed through the “My Loans” feature. Support is available via the in-app Help Centre. GOfinance, TNG Digital’s financial services hub, provides users with access to investments, lending, insurance, credit, and remittance services from various financial institutions. These include CIMB…

Maybank customers travelling to Cambodia can now use the bank’s MAE app for QR payments by scanning local KHQR codes. This development marks the second phase of a cross-border QR payment linkage launched by Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC), with Maybank serving as the strategic banking partner as well as the sponsoring and settlement bank. The service facilitates instant payments and offers users a low conversion fee, according to the bank. This initiative follows the first phase launched in September 2024, which allowed Cambodian travellers using the Bakong App to make DuitNow QR payments…

NTT DATA Payment Services announced new leadership appointments as part of its regional strategy. Enoch Chhabra has been named CEO of Payment Services and e-pay, while Yuichiro Sato takes the role of CEO of eCommerce Solutions. The company stated these appointments support its ongoing transformation and expansion efforts in Southeast Asia, aiming to unify operations under the NTT DATA Payment Services banner. Chhabra has over 24 years of experience in payments, banking, and business development. He previously worked at Hong Leong Bank, where he was involved in modernising its merchant acquiring platform, and at Eastern & Oriental Berhad, he secured…

AMMB Holdings Bhd (AmBank Group) has announced that its Group Chief Financial Officer (CFO), Shafiq Abdul Jabbar, will be stepping down to pursue other professional opportunities. His resignation will take effect on 1 July, but he will begin his garden leave starting 10 April, according to a Bursa Malaysia filing accessed by The Edge. Sources suggest that Shafiq is set to join Maybank as its new group CFO, replacing Khalijah Ismail, who left the role earlier this year. Khalijah departed unexpectedly in February following an internal inquiry. She has disputed the nature of her departure, claiming that she was terminated…

Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) have signed a MoU aimed at increasing cooperation in cybersecurity and efforts to combat digital fraud. The agreement promotes a closer working relationship between the two central banks, supporting information sharing, capacity building, and the exchange of best practices. It also reflects their joint commitment to strengthening cybersecurity preparedness and enhancing the cyber resilience of both countries’ financial industries. The MoU was signed by BNM Governor Dato’ Seri Abdul Rasheed Ghaffour and BOT Governor Dr. Sethaput Suthiwartnarueput. BNM Governor Dato’ Seri Abdul Rasheed Ghaffour said, “BNM remains committed to enhance…

Many will agree that the economics of fraud have shifted dramatically, making it more affordable than ever for fraudsters to execute large-scale operations with minimal investment. Today, anyone can access the resources needed to launch fraudulent schemes, regardless of their technical expertise. Sumsub, a global full-cycle verification platform, coins this trend as the “democratisation of fraud” in their 2024 APAC Identity Fraud report. This shift is largely driven by Fraud-as-a-Service (FaaS) technological platforms and widely available fraud tools, which provide a range of services to facilitate cybercrime, including identity theft, account takeovers, and financial fraud. Inside APAC’s Identity Fraud Trends:…

CGS International Securities Malaysia Sdn Bhd (CGS Malaysia) has introduced fractional share trading on Bursa Malaysia, marking the first time this option is available on the local bourse. The new feature allows investors to start trading with as little as RM1, significantly lowering the barrier to entry. The launch coincides with the debut of CGS Malaysia’s new trading platform, UP. According to The Edge, the initiative aims to make investing more accessible to a wider audience. “As barriers come down and affordability goes up, we hope to encourage more youth and first-time investors to embark on their trading and investing…

The central banks of Malaysia and Cambodia launched the second phase of their cross-border QR payment linkage today. Bank Negara Malaysia (BNM) Governor Dato’ Seri Abdul Rasheed Ghaffour and National Bank of Cambodia Governor H.E. Dr. Chea Serey officiated the launch. With the latest update, Malaysian travellers can now use their local mobile banking apps to scan Cambodia’s KHQR codes and make payments directly. Cambodian visitors to Malaysia can continue using the Bakong app to scan Malaysia’s DuitNow QR, a feature introduced in the initial phase. The linkage is expected to benefit over seven million merchants across both countries by…

Tune Protect Malaysia and ticketing platform Ticket2U have launched a ticket refund insurance option for event attendees in Malaysia. The partnership aims to offer financial protection to ticket buyers who are unable to attend events due to unexpected situations. The insurance covers tickets purchased through Ticket2U for various events, including conferences, concerts, festivals, marathons, runs, and sports tournaments. Policyholders may receive a full refund if they cannot attend due to circumstances such as specified medical or home emergencies like fire or burglary, accidental death, natural disasters, road accidents, vehicle breakdowns on the way to the venue, or sudden job loss.…

KAF Digital Bank is inviting the public to register their interest for its upcoming Perintis Beta Programme, offering early access to its new ONZ Banking services. Those interested can sign up for the Islamic digital bank using their name and email address to receive updates and may be selected to participate in the programme. Selected individuals may also be chosen as Perintis Pioneers, giving them a chance to try out the platform early and earn loyalty points through the POD Savings programme, which can be redeemed for rewards, subject to terms and conditions. ONZ Banking operates on a Shariah-compliant framework…

BigPay, the fintech arm of Capital A, has named Monica Millares its new Chief Product Officer (CPO). Millares, who took on the role a few weeks ago, announced the promotion in a recent LinkedIn post after more than seven years with the company. In her announcement, Millares reflected on joining BigPay during the early days of Malaysia’s fintech scene, describing her journey from the company’s first product hire to CPO. She acknowledged the challenges ahead and said the role would require continued personal growth. Her appointment comes amid a broader leadership shake-up at BigPay. Several senior executives, including CEO Zubin…

Maybank is planning to extend the term of its CEO Khairussaleh Ramli by another three years, allowing him to see through the bank’s current strategic roadmap, according to a report by The Edge citing unnamed sources. Khairussaleh, who assumed leadership of Malaysia’s largest lender on 1 May 2022, will now be able to complete the M25+ strategy targeted for 2025 and lay the groundwork for the group’s next phase of growth. The bank has not officially commented on the reported extension. Under Khairussaleh’s leadership, Maybank’s shares have delivered a return of 36%, significantly outpacing the 6.4% gain in the FTSE…

Malaysia’s first digital bank, GXBank, announced revisions effective 17 April 2025, that include an RM12 fee for physical card issuance and replacement. The fee will be applied at the time of card issuance but will be waived for customers who maintain a specified minimum balance. According to an update to the GX Card Product Disclosure Sheet, the waiver applies to customers who maintain an average balance of at least RM1,000 in their GX Account for 30 consecutive days starting from the date the card is issued. The relevant fee will initially be deducted upon issuance and subsequently refunded if this…

Google Cloud has appointed Hana Raja as Country Manager for its operations in Malaysia. She will be responsible for leading the local go-to-market strategy and operations for both Google Cloud and Google Workspace. Hana will report to Serene Sia, Country Director for Malaysia and Singapore. She brings over 16 years of experience to the role, having previously held leadership positions at Cisco and Bain & Company. At Cisco, she served as Managing Director for Malaysia and led strategy and operations for Southeast Asia. Her experience spans sectors including financial services, retail, consumer packaged goods, healthcare, automotive, energy and utilities, and…

RHB Banking Group is offering financial and insurance relief to individuals and businesses affected by the recent gas pipeline fire in Putra Heights. The bank has introduced a Financial Relief Assistance Programme for affected customers, with applications open until 30 May 2025. Eligible individuals may defer payments for up to six months—from June to November 2025—on mortgages, ASB financing, personal loans, and hire purchase facilities. Late payment charges and interest or management fees on affected credit cards will be waived up to RM500. Replacement fees for ATM, debit, and credit cards will also be waived. SMEs not currently undergoing restructuring…

Ryt Bank has begun rolling out access to its app and is now accepting users on its waiting list, according to SoyaCincau. Developed by YTL Digital Bank Berhad with backing from Sea Group, Ryt Bank describes itself as Malaysia’s first AI-powered digital bank. While the full service has yet to officially launch, the app is already available on both the Apple App Store and Google Play Store. The digital-only bank is promising a quick and seamless onboarding experience, with account sign-up said to take as little as two minutes. To join the waiting list, users must download the app and…

Despite ongoing efforts from regulators and financial institutions, financial crime in Malaysia continues to escalate, with fraudsters exploiting loopholes to siphon billions from victims. According to the latest Financial Crime Landscape Report by regtech firm Tookitaki, Malaysia has suffered a staggering RM54.02 billion in losses due to scams, underscoring the urgent need for stronger fraud prevention measures. The Rising Threat of Financial Crime in Malaysia The financial crime landscape in Malaysia is becoming increasingly complex, with mule accounts playing a major role in fraudulent activities. Authorities have identified 208,000 mule account holders, many of whom are university students recruited by…

The Ministry of Investment, Trade and Industry (MITI) has selected seven equity crowdfunding and peer-to-peer financing platforms to participate in the New Industrial Master Plan (NIMP) 2030 Strategic Co-Investment Fund (CoSIF). An initial allocation of RM131.5 million will be distributed through these platforms to support domestic SMEs and mid-tier companies (MTCs) engaging in high-tech activities or high-impact projects in strategic sectors identified under NIMP 2030, which may require a large pool of capital. The equity crowdfunding platforms selected are pitchIN, Mystartr, Leet Capital, and Crowdo. The peer-to-peer financing platforms are Funding Societies Malaysia, CapBay, and B2B Finpal. All are registered…