Author: Fintech News Malaysia

Former Binance Australia chief Jeff Yew is exploring plans for a new technology campus at Forest City focused on local and global talent. Bloomberg reported that Yew has begun early talks with Balaji Srinivasan’s team about the potential project. The proposal follows the closure of Network School, the technology community founded by former Coinbase chief technology officer Srinivasan. The Iskandar Puteri City Council revoked its business and advertising licences and ordered operations to stop from 22 July over breaches of local licensing requirements. The scrutiny began after allegations that Israeli nationals were among the participants. An immigration inspection subsequently found…

Shopee users in Malaysia can now pay with TNG eWallet through DuitNow QR. At checkout, shoppers can select DuitNow QR as their payment method and complete the transaction using TNG eWallet. They can either save or screenshot the QR code generated by Shopee and open it in TNG eWallet, or scan it directly using the app’s Universal Scan feature. TNG eWallet will then display the payment amount and Shopee Marketplace as the merchant before the user confirms the transaction. Users can also earn cashback on eligible Shopee purchases through TNG eWallet’s Shop & Earn feature. The current offer gives users…

Malaysian insurtech, healthtech and medtech startups can now apply for Generali Malaysia’s new GROW 2026 accelerator, with applications open until 31 August 2026. The Generali Growth & Innovation Programme is the insurer’s first accelerator developed specifically for the Malaysian market. It is also open to startups working on adjacent technologies that can demonstrate insurance-related outcomes. Selected startups will take part in workshops and receive mentorship from Generali executives and industry specialists. The programme will cover product refinement, the insurance value chain, go-to-market strategy, compliance, governance, financial planning and fundraising. “Launching GROW 2026 as our first programme of its kind in…

Eligible Muslim Pro users in Malaysia can finance Umrah packages over 12 to 24 months through Ant International’s Bettr. The Shariah-compliant service lets users browse packages from participating partners and apply digitally, subject to eligibility requirements and applicable terms. Muslim Pro has more than 190 million downloads worldwide. Packages may cover flights, accommodation, meals and ground transportation for individuals or families, with early settlement also available. The financing uses a Tawarruq structure facilitated through AS-SIDQ, SEDANIA As Salam Capital’s digital commodity trading platform for Tawarruq or Commodity Murabahah transactions. Islamic finance consultancy Masryef Advisory Sdn. Bhd. has endorsed the structure…

Merchantrade has been approved to handle digital wage payments for foreign workers in Sarawak from 1 August 2026 to 31 July 2029. More than 3,000 employers nationwide, including 40 publicly listed companies, use the Merchantrade Payroll portal for monthly wage payments. Employers can pay salaries through DuitNow, instant bank transfers or directly into workers’ Merchantrade Money e-wallets. Merchantrade said the service can reduce reliance on cash-based payroll while giving employers electronic transaction records. The company manages its Sarawak operations through a regional hub in Kuching, which handles onboarding, compliance and business portal integrations. Workers receiving wages through the Merchantrade Money…

Banking is experiencing its most disruptive decade yet, and it is becoming increasingly hard to cut through the noise given the rapid pace of change we are seeing. So what would it take for Malaysian banks to win in the next decade? Recorded in Kuala Lumpur and hosted with OneConnect, the technology arm of Ping An, this roundtable brings together senior leaders from Maybank, CIMB, RHB, Hong Leong Bank, GX Bank, Boost Bank and KAF Digital Bank. Topics include: The growing allergy to innovation theatre in banking Malaysia’s open finance pilot Trust in agentic commerce The role of banks in…

NTT DATA has launched an agentic AI solution for insurers to support underwriting, claims and customer service workflows. Built on its AIVista platform, the solution combines configurable AI agents with insurance-specific data models. It also includes workflow orchestration and governance controls for regulated insurance environments. The solution can integrate with existing insurer systems without locking carriers into a core platform. It can also route tasks across different foundation models, reducing dependence on a single model. It can be configured around an insurer’s products, processes and regulatory requirements while maintaining auditability and human oversight. NTT DATA’s 2026 Global AI Report found…

A viral poster claiming all Malaysian adults will receive RM100 under SARA is false, according to the Ministry of Finance (MOF). The poster claims that all Malaysians aged 18 and above will receive a one-off RM100 Sumbangan Asas Rahmah (SARA) allocation in conjunction with National Day. It also states that the assistance would be credited through MyKad from 15 August to 31 August 2026 and could be used to buy essential goods at 4,100 stores. MOF has rejected the claims and said no official announcement has been made on such a payment. SARA is a government assistance programme that provides…

Boost Bank has launched a new savings campaign that allows customers to bid for rates of up to 20% per annum with daily interest. Called Bid at Boost, the campaign runs weekly from 5 August 2026 to 6 January 2027 and uses a bidding format tied to funds placed in a dedicated Bidding Jar. Every Wednesday between 8pm and midnight, customers can place a unique amount of between RM1,000 and RM10,000 into the jar. The funds remain there for one week and earn 3.0% per annum interest during the bidding period. Each week, the five highest unique amounts are selected…

RHB Pay has launched in Malaysia, giving businesses a single gateway for card, FPX and DuitNow Pay transactions. Developed and operated by RHB Bank, the service settles funds directly into RHB accounts and includes automated reconciliation. RHB Bank describes RHB Pay as Malaysia’s first bank-owned unified online payment gateway. It is aimed at mid-sized enterprises, commercial businesses, corporates and government-related institutions. RHB plans to add e-wallets, QR payments, Direct Debit and Auto Debit in a second phase targeted for the fourth quarter of 2026. Dato’ Mohd Rashid Mohamad, Group Managing Director and Group CEO of RHB Banking Group, said, “As…

MNRB Holdings plans to sell its Takaful Ikhlas businesses to Bank Rakyat for RM1.64 billion in cash, subject to adjustments and regulatory approvals. Bank Rakyat-owned Rakyat Nominees will acquire MNRB’s entire stakes in Takaful Ikhlas Family Berhad and Takaful Ikhlas General Berhad. The deal also requires MNRB shareholder approval at an extraordinary general meeting. The approvals needed before the final sale agreements are signed must be obtained within 12 months unless the parties agree to extend the period. If completed, the two takaful businesses will cease to be subsidiaries of MNRB. The divestment will allow MNRB to focus on its…

MBSB Bank now supports Samsung Wallet and Google Pay for customers using its Visa Debit Card-i. Cardholders can add the card to either wallet and make contactless payments on eligible Android devices at participating Visa merchants in Malaysia and overseas. Transactions are authenticated through the customer’s device, while tokenisation replaces actual card details with a unique digital identifier. The rollout comes as cashless payments continue to grow in Malaysia. Electronic payment transactions reached 18.4 billion in 2025, up 25% from the previous year, with an average of 538 cashless payments made per person. Usman Ghouse, Group Chief Consumer Banking Officer,…

For the first time, more than half of TNG Digital’s revenue comes from outside payments. So what is Malaysia’s largest e-wallet actually turning into? Alan Ni joined FNN to answer that. He was employee number three at TNG Digital and now runs it as CEO, growing the business from a toll-and-parking wallet into a platform with more than 26 million verified users. In 2025 the company delivered its first full year of profit and became Malaysia’s first fintech unicorn. We got into how the business changed, where the growth is really coming from, and a few things that surprised us.…

The bank of 2030 will not be built around branches, fragmented services or siloed channels. It will need to fit into how people actually live, spend, save and make financial decisions. The decisions leaders make today will shape whether their banks stay relevant by the end of the decade. This session looks at what leading banks are building now, and what needs to change. This webinar will bring together thought leaders to explore: What will customers expect by 2030, and where do banks still fall short? Where can AI make banking more personal and responsive when customers need it most?…

SAP has appointed Ellian Teo as Country Managing Director for Malaysia, succeeding Vipin Chandran. Ellian will lead SAP Malaysia’s strategy, operations and customer success, with a focus on cloud, data and artificial intelligence. She will report to Liher Urbizu, President and Managing Director of SAP Southeast Asia. Ellianbrings more than 20 years of enterprise technology experience across financial services, telecommunications, manufacturing and large Malaysian organisations. Her career has included working with boards, senior executives, regulators and policymakers on transformation programmes. Ellian is also involved with the 30% Club community and mentors women pursuing careers in cloud, data and AI. Chandran…

Maybank has struck a RM4.83 billion deal to fully own the holding company behind Etiqa’s Malaysia and Singapore businesses. The bank will acquire Ageas Insurance International NV’s remaining 30.95% stake in Maybank Ageas Holdings Berhad (MAHB). Maybank currently owns 69.05%. MAHB houses Etiqa’s insurance and takaful businesses in Malaysia and Singapore. Maybank expects full ownership to give it greater flexibility to expand bancassurance, wealth and takaful offerings across the region. MAHB is currently the fourth-largest takaful provider globally, according to the bank. The deal is also expected to be immediately accretive to Maybank’s profit after tax and minority interests, earnings…

China has tested faster cross-border settlement with Malaysia using a 43,000 yuan (US$6,360) digital yuan payment for a fresh durian shipment, according to the South China Morning Post. The transaction settled in about 30 minutes. China Construction Bank’s Xiamen and Labuan branches processed the payment. The channel allows recipients to convert e-CNY directly into Malaysian ringgit without additional intermediary fees. China and Malaysia had previously tested an inbound e-CNY transaction in January. The mechanism enables direct settlement without routing payments through multiple intermediary banks. In June, 26 financial institutions signed agreements to participate directly in Cross-border e-CNY Transfer Services, or…

Gurudutt Joglekar has been appointed Country President of Chubb Malaysia, effective immediately. Joglekar succeeds Jon Longmore, who will move into a new role within Chubb. The company said further details on Longmore’s appointment will be announced later. He will lead Chubb Malaysia’s general insurance business across Personal Lines, Accident & Health, and Commercial Property & Casualty. Joglekar will report to Marcos Gunn, Regional President for Asia Pacific. He joined Chubb as Deputy Country President in June 2026 and has more than 20 years of insurance experience across Malaysia, Hong Kong and India. His background includes motor and commercial property and…

Malaysia is using guarantees and targeted financing schemes to improve credit access for underserved SMEs. Bank Negara Malaysia Assistant Governor Suhaimi Ali told The Star that overall SME financing conditions remain broadly supportive, even as some businesses continue to face funding gaps. Nearly 80% of SME financing applications were approved between January and May 2026. By the end of May, banks had RM442 billion in outstanding financing to SMEs, up 5.3% from a year earlier. This represented about half of all business financing. Access can be more difficult for micro enterprises, startups and companies with limited credit histories or insufficient…

Alliance Bank has upgraded its Visa Virtual Credit Card with supplementary cards and instant rewards redemption. Primary cardholders can now extend spending access to family members while setting limits and monitoring transactions through the allianceonline mobile app. Users can also redeem rewards instantly at more than 60 participating merchants instead of accumulating points for later use. The card uses dynamic numbers for one-time purchases and recurring subscriptions. It also supports Flexi Payment Plans of up to 12 months and can be frozen or reactivated through the app. The virtual card does not require a physical card and can be applied…