Penang has set its sights on a 100% cashless transaction rate after recording 99.40% under the national Cashless Boleh 5.0 campaign. The performance earned the state the national Outstanding Digital Payment Usage Performance Award, Bernama reported. It marked Penang’s second consecutive win following a 95% rate in the previous edition. All 24 state departments and agencies are taking part in efforts to expand the use of cashless payment methods among the public. H’ng Mooi Lye, chairman of the State Local Government and Town and Country Planning Committee, said the government is collecting user feedback to assess existing services and identify…
Author: Fintech News Malaysia
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Malaysia is set to replace its nearly three-decade-old computer crime law after the Dewan Negara approved the Cybercrimes Bill 2026. The bill will repeal the Computer Crimes Act 1997 and introduce a broader framework for tackling online offences, Free Malaysia Today reported. Deputy Rural and Regional Development Minister Rubiah Wang explained that the bill applies when technologies such as artificial intelligence are used to commit crimes. She cited sexual exploitation, election interference and fraud as examples. Lawful reporting, academic work and freedom of expression would not be targeted under the proposed law. Senators also proposed tougher penalties for large online…
CIMB has enabled Apple Pay for customers with eligible Credit Cards/-i in Malaysia. Customers can add supported cards to Apple Wallet and use them to pay in stores, online and in apps through an iPhone, Apple Watch, iPad or Mac. Cards can be added through the CIMB OCTO app or directly through Apple Wallet. Payments require Face ID, Touch ID or a device passcode. Cardholders will continue to receive the existing benefits and rewards tied to their CIMB Credit Cards/-i. Most CIMB Credit Cards/-i support Apple Pay, except the CIMB PETRONAS Visa Infinite-i and CIMB PETRONAS Visa Platinum-i. CIMB is…
HLB Private Bank will give eligible private banking clients in Malaysia direct access to global private equity and private credit funds. The bank plans to launch the Global Private Equity Fund-of-Funds II and the Private Markets Evergreen Income Fund. The funds will offer exposure to global fund managers, infrastructure credit, private infrastructure, intellectual property royalties and other private market assets. HLB Private Bank unveiled the offerings at its Private Markets Summit 2026 in Malaysia. It cited projections that global private market net asset value could reach US$25 trillion by 2030. Jeffrey Yap, Managing Director and Regional Head of Wealth Management…
CIMB Private Wealth is now available to affluent individuals and business clients across ASEAN. The segment combines investment, financing, protection and advisory services, including conventional and Shariah-compliant solutions. Customers will receive support from senior relationship managers and certified investment advisers, alongside portfolio reviews, asset allocation guidance and market insights from CIMB’s Chief Investment Office. Digital wealth advisory is also available through the MyWealth service on CIMB’s OCTO app. Business clients can draw on the group’s commercial and wholesale banking capabilities while managing their personal investments and cross-border activities. Other benefits include regional private wealth privileges and the CIMB Private Wealth…
Hong Leong Bank has introduced a Visa Infinite Privilege credit card for selected ultra-high-net-worth clients in Malaysia. The bank said it is the first in the country to offer Visa’s newly launched tier. Available strictly by invitation, the card provides access to travel, dining and wellness benefits. These include selected private members’ clubs, culinary experiences and wellness retreats worldwide. The launch forms part of Hong Leong Bank’s broader transformation plan, which identifies wealth management as a growth area. “Our transformation plan is built on anticipating where the future of banking is headed, and wealth management sits at the very heart…
Binance remains unlicensed and unregistered to conduct regulated capital market activities in Malaysia, according to the Ministry of Finance (MOF). Its website and mobile application also remain blocked in the country, Bernama reported, citing a written parliamentary response. MOF attributed Binance’s removal from the Securities Commission Malaysia’s Investor Alert List in 2024 to the company no longer being found to conduct regulated activities in Malaysia. However, its removal did not constitute a licence or authorisation to offer regulated capital market services in the country. The regulator will continue monitoring Binance and may intervene if it identifies legal breaches or emerging…
Digital financial services now shape everyday life, placing greater pressure on companies to earn and keep customer trust. With more transactions, more touchpoints and more customer data, getting security right has never been more important. eKYC is no longer just a compliance checkbox. It is now a critical part of how financial institutions build and maintain trust across the entire customer journey. This webinar will bring together industry experts from across the region to share practical insights on what comes next for eKYC in APAC. The evolving role of eKYC across the full digital customer journey Tackling identity fraud and…
CapBay and MDEC have opened a RM200 million financing pool for companies with Malaysia Digital status. Under the MD Technology Financing Programme, eligible companies can apply for up to RM3 million with repayment periods of up to 60 months. Rates start from 6 percent per annum and include a six-month repayment grace period. The programme covers established technology companies as well as early-stage and pre-profit start-ups that have operated for at least six months. It targets asset-light businesses that may struggle to secure conventional financing because they lack physical collateral. CapBay will assess applications using a credit model based on…
CIMB Islamic and Cagamas have completed Malaysia’s first MYOR-i-linked sukuk, Islamic Profit Rate Swap and asset purchase transaction. The transactions include a RM300 million one-year MYOR-i sukuk, a RM100 million five-year Islamic Profit Rate Swap with caps and floors, and a RM250 million transaction under Cagamas’ Purchase with Recourse Programme. MYOR-i is Malaysia’s Islamic risk-free rate benchmark. Bank Negara Malaysia has been encouraging the industry to adopt MYOR-i as a market benchmark rate. CIMB acted as lead manager and execution partner for the transactions. The bank also developed supporting infrastructure, including benchmark swap curves, transaction documentation and risk management tools…
RHB merchants can now accept QR payments through PayNet from participating banking apps and e-wallets in six Asian markets. The integration covers participating payment platforms from China, Singapore, Indonesia, Cambodia, Thailand and South Korea. Nurjesmi Mohd Nashir, Managing Director of Group Wholesale Banking at RHB Bank, said, “Through our collaboration with PayNet, RHB merchants can now accept QR payments from participating overseas banking applications and e-wallets, making it easier to serve overseas customers using payment methods they already know and trust. At the same time, our customers continue to enjoy seamless cross-border QR payments across participating regional markets.” RHB customers…
Most compliance teams do not have an AML cost problem. They have an AML fragmentation problem. Screening runs on one platform, transaction monitoring on another, entity data somewhere else, and investigators spend their days moving between them. Our new book, 20 Things That Make the Complete AML System, is written to address exactly this. It sets out the essential building blocks of a modern AML framework and explains how screening, monitoring, investigations, reporting, governance, and technology combine into a single, defensible compliance environment rather than a collection of isolated tools. The book is not a theory piece. Each of the…
PolicyStreet’s Series C funding has reached US$26 million after BlueOrchard joined its cap table with a US$5 million investment. The company raised the initial US$21 million in April 2026 in what it described as Malaysia’s largest insurtech funding round. BlueOrchard invested through its InsuResilience Investment strategy. The impact investment manager is part of the Schroders Group. It joins existing PolicyStreet investors including Khazanah Nasional, Cool Japan Fund, Altara Ventures and Gobi Partners. PolicyStreet plans to use the funding to support its regional expansion, strengthen its technology and grow its embedded insurance partnerships. It will also develop solutions for the evolving…
Pos Malaysia has launched a Syariah-compliant digital gold platform that lets Malaysians start investing from RM10. Developed with Go Capital Growth Sdn Bhd, Pos ArRahnu Gold-i allows customers to buy, save and sell gold at real-time market prices. Users can also convert their digital holdings into physical gold or cash. The service is available through its website and participating Pos ArRahnu outlets nationwide. Customers can manage their holdings online and sell gold from a minimum threshold of 0.5 grams. “Through Pos ArRahnu Gold-i, we are making it easier for customers to start small and build their savings in a simple…
RHB Banking Group brought together more than 300 vendors and technology partners to discuss responsible AI and its digital transformation plans. The discussions took place during RHB Vendor Engagement Day 2026, which included representatives from Microsoft and Google. Microsoft and Google shared perspectives on responsible AI, cloud technology and emerging digital tools for financial services. RHB expanded this year’s programme beyond procurement to examine how AI, digital technologies and vendor collaboration could affect efficiency and business transformation. Vendors also received updates on the bank’s strategic priorities and upcoming transformation plans through discussions with senior management. “Banking’s future will be shaped…
Malaysian banks are adopting AI faster than they are building the controls to govern it, according to a new Asian Institute of Chartered Bankers (AICB) report. The study found that 92% of Malaysian banks and development financial institutions have begun using AI, mainly for onboarding, fraud detection, anti-money laundering and employee productivity. Higher-risk uses such as credit underwriting, pricing and regulatory reporting remain less common. Only 25% of respondents trusted AI-generated outputs enough to use them in key business decisions. The report was produced by the AICB, Ecosystm and the AICB Chief Risk Officers’ Forum. It surveyed 87 senior leaders…
GXBank has partnered with Firsty to offer mobile data for more than 120 countries through its app. Customers can purchase and activate international data plans before travelling without downloading another app or using a physical SIM card. The service expands the GXBank app beyond financial products as digital banks add services such as travel, insurance and connectivity to their platforms. “We built GXBank to make financial and banking needs more accessible and simpler for Malaysians, and that does not stop at the border. Partnering with Firsty means our customers can travel and spend anywhere in the world while staying connected…
Wahed has launched a fractional real estate investment platform in Malaysia, allowing retail investors to invest in residential property from RM500. The Shariah-compliant platform is operated by Wahed X Sdn Bhd, a registered market operator with the Securities Commission Malaysia. Wahed X is also part of the SC’s inaugural Regulatory Sandbox, which became operational in March 2026. Investors can review available properties, independent valuations, projected rental yields, expected holding periods and fees before choosing where to invest. Once a deal is funded, they receive fractional ownership based on the amount invested. Returns are expected to come from quarterly rental income…
RHB will launch a new Islamic credit card in October 2026, offering a 14% profit rate with no annual fee or compounding finance charges. The RHB Sinar Credit Card-i is aimed at customers looking for a simpler credit card for everyday spending, without premium rewards or lifestyle benefits. The card’s 14% per annum retail transaction profit rate is lower than the industry norm, which may reach 18% per annum, according to RHB. The product is built around basic credit card features to provide a more straightforward credit option. Dato’ Mohd Rashid Mohamad, Group Managing Director and Group Chief Executive Officer…
AEON Credit Service (M) Berhad reported a 20% rise in pre-tax profit for its first quarter, to RM130.9 million. The group’s share of AEON Bank losses narrowed to RM17.7 million over the same period, down from RM31.2 million in the preceding quarter. The results, for the quarter ended 31 May 2026, cover the first three months of AEON Credit’s financial year ending February 2027. Revenue rose 7.9% to RM647.6 million and net profit climbed 20.5% to RM93.4 million, which the group attributed to stronger loan and financing growth. Earnings came in at 18.64 sen per share. Digital Bank Losses Ease,…