Author: Fintech News Malaysia

The Securities Commission (SC) Malaysia’s Chairman Dato’ Mohammad Faiz Azmi urged stakeholders to collaborate and pave the way for the future of Islamic fintech during a keynote address at a roundtable in London. He emphasized the potential of fintech to further Islamic finance’s goals of social justice and ethical conduct, creating a greater social impact. Dato’ Faiz highlighted the need for the industry to rethink its branding, focusing on ethical values that resonate with a wider audience. He also acknowledged the growth of Islamic fintech in Malaysia, with Shariah-compliant projects raising over US$262 million through Equity Crowdfunding (ECF) and Peer-to-Peer…

Hong Leong Bank has made substantial improvements in the efficiency of its collection operations by leveraging artificial intelligence (AI), according to The Sun. The bank noted that the productivity of its AI-driven collection agents has surged by 15 times, accompanied by an 86% reduction in associated costs. According to Hong Leong’s Group Managing Director and CEO Kevin Lam, the deployment of AI voice bots, which manage up to 16 simultaneous calls, has been instrumental in these advancements. This system, which began its rollout in the latter half of the financial year 2024 (FY24), has replaced the workload previously handled by…

Malaysia’s homegrown digital bank, Boost Bank, is set to offer small and medium enterprise (SME) loans starting in October, according to The Edge. This will be rolled out after the completion of loan book transfers from its micro-financing arm, Boost Credit, which is expected by September. Launched in June, the digital bank consortium is a joint venture between Axiata’s fintech arm Boost, which holds a 60% stake, and RHB with the remaining 40%. Axiata’s CEO, Vivek Sood, shared that these loan book transfers will enable Boost Bank to provide crucial financing services, such as working capital and supply chain loans,…

Malaysia’s first digital bank, GXBank, is now offering Cyber Fraud Protect insurance in collaboration with Zurich General Insurance Malaysia. This new digital insurance product is aimed at protecting Malaysians from financial losses caused by unauthorised electronic transfers and cyber scams. Cyber Fraud Protect is available within the GXBank mobile app and offers coverage for financial losses arising from cybercrimes, including unauthorised transfers from local bank accounts, e-wallets, and credit or debit cards. Customers can choose from three coverage options: Basic (RM1/month), Plus (RM2/month), or Pro (RM4/month), directly within the GXBank mobile app. Once selected, the policy is activated instantly, and…

Singapore-based fintech firm M-DAQ Global has appointed Reynels Lee as its Head of Malaysia following the acquisition of local payments provider Easy Pay Transfers. Lee brings nearly 30 years of experience in financial services and technology to his new role. Prior to this, Reynels held the role of Chief Executive Officer and Executive Director at ACE Money Exchange Sdn. Bhd. In his new role, he will oversee M-DAQ Global’s operations in Malaysia, focusing on enhancing the company’s offerings in the region. Additionally, Jared Ang, the Founder and CEO of Easy Pay Transfers, will transition to the role of Non-executive Chairman…

Paywatch, an earned-wage access (EWA) service provider, has emerged as the only Malaysian fintech to have earned a spot on Forbes Asia’s 100 to Watch 2024 list. Now in its third year, this list highlights emerging small companies and startups across the Asia-Pacific region that have piqued investors’ interest with their innovation and potential for growth. Paywatch’s platform allows employees to access their earned wages in real time, aimed at reducing reliance on high-interest loans and improving financial stability. In June of this year, Paywatch had secured US$30 million (approximately RM141 million) in funding. This comprised US$14 million in equity and…

Southeast Asian superapp Grab announced that a 1% fee will be applied to GrabPay Wallet top-ups made using credit cards starting 11 September 2024. However, users can still top up their wallets for free through alternative methods such as debit cards, bank transfers, GX Account, or the Maybank Grab Mastercard Platinum Credit Card. This echoes the move by TNG eWallet earlier this year to impose a 1% fee on all credit card top ups due to the high costs associated with these reloads. Featured image credit: Edited from Freepik

Malaysia’s first digital bank, GXBank, is set to introduce GX FlexiCredit, a new line of credit designed to offer financial flexibility to its customers. Following the launch of the GX Card and Savings Account, the bank is expanding its range of financial products. GX FlexiCredit aims to provide a credit limit that customers can access as needed, simplifying the process of obtaining funds and addressing issues like lengthy processing times and complex documentation often found in traditional personal loans. GXBank is inviting Malaysians to register their interest in the pilot phase of GX FlexiCredit by signing up for the…

India is set to link its Unified Payments Interface (UPI) with Malaysia’s PayNet, Prime Minister Narendra Modi announced during a joint press conference after a meeting with Malaysian Prime Minister Anwar Ibrahim. CNBC reported that the move aims to further India’s ongoing efforts to expand its instant payment network globally. UPI, a widely used payment system in India, has already been integrated with several countries, including Bhutan, Singapore, the UAE, France, Mauritius, Sri Lanka, and Nepal. India’s Minister of State for Finance, Pankaj Chaudhary, has emphasized the government’s commitment, along with the Reserve Bank of India, to broaden UPI’s international…

Malaysia’s inaugural Token Crowdfunding (TCF) campaign, conducted by auction platform BidNow through pitchIN, has raised RM10 million in 8 weeks, doubling its initial RM5 million target. The campaign attracted 469 investors, marking the first public TCF campaign under the Securities Commission’s Initial Exchange Offering (IEO) guidelines. BidNow, a Malaysian auction platform, facilitates auctions and bidding on items ranging from home appliances to real estate. Since its launch in 2019, BidNow has garnered over 20,000 active users and signed up more than 8,000 real estate brokers. pitchIN, a recognised Digital Fundraising and Investment Hub in Malaysia, operates both Equity Crowdfunding (ECF)…

Malaysia’s early stage start-up influencer Cradle Fund has announced the formation of the India-Malaysia Startup Alliance (IMSA) in partnership with Startup India. This initiative aims to strengthen ties between technology-based startups in both countries, focusing on innovation and collaboration. A Letter of Cooperation (LOC) was signed during Malaysia’s official visit to New Delhi, led by Prime Minister Anwar Ibrahim. The partnership will prioritize knowledge sharing, capacity-building sessions, and initiatives to connect startups across the two nations. It also anticipates investment and commercial contracts valued at up to US$ 20 million. Notable upcoming events under this alliance include the Startup Mahakumbh…

Amazon Web Services (AWS) has announced the launch of its AWS Asia Pacific (Malaysia) Region, expanding its presence in Southeast Asia. This new region allows developers, businesses, and government organisations in Malaysia to run applications and store data locally, while also serving end users with reduced latency. AWS has committed to long-term investment in Malaysia with plans to invest over US$6.2 billion (approximately RM 29.2 billion) through 2038. This investment is expected to contribute approximately US$12.1 billion (RM 57.3 billion) to Malaysia’s gross domestic product (GDP) and support more than 3,500 full-time jobs annually during the period. These jobs will…

The Malaysia Digital Economy Corporation (MDEC) is reportedly considering Azizah Ali, Microsoft Malaysia’s Chief Operating Officer, as a top candidate for its CEO position, according to sources cited by Tech in Asia. The report indicated that current CEO Mahadhir Aziz is not expected to continue in his role due to recent restructuring within MDEC. After a recent restructuring, MDEC now reports to the newly established Digital Ministry, though the Finance Ministry still oversees critical appointments like the CEO position. Other potential candidates that are also being considered include Dzuleira Abu Bakar, who previously led Mranti, and Shah Sidek of the…

TNG Digital, the operator of TNG eWallet, announced its participation in the newly launched National Fraud Portal (NFP), an initiative led by Bank Negara Malaysia (BNM) and Payments Network Malaysia (PayNet). TNG eWallet is the first digital wallet to join the newly-launched portal. The NFP is designed to streamline efforts in tackling financial fraud, enabling stronger collaboration between financial institutions and standardising the management of mule accounts. This development follows TNG eWallet’s earlier involvement with the National Scam Response Centre (NSRC) in October 2022. Through the NFP, TNG eWallet can now enhance its capabilities in tracking and recovering stolen funds,…

Kenanga Investment Bank, through its subsidiary Kenanga Digital, has received approval from the Securities Commission Malaysia to launch its new wealth management app, “KDi GO.” The app is now available for early access to the public, offering users a preview of its features. Earlier, Kenanga announced plans for a super app in 2022, aimed at integrating various financial services, from stock trading to e-wallets and wealth management. In line with that, KDi GO aims to provide users with a range of financial and wealth management services in a single platform. Users can access AI-driven robo-advisory tools for saving and investing,…

MBSB Group has appointed Ashraf Gomma Ali as its Chief Shariah and Sustainability Officer, effective 1 August 2024. In his new role, Ashraf will lead both the Shariah and Sustainability functions at MBSB Group. MBSB said that his dual responsibility highlights its focus on combining Shariah principles with sustainability initiatives. With over 15 years of experience across North America, the Middle East, and Southeast Asia, Ashraf brings extensive expertise in Shariah supervisory, advisory, and management roles. Ashraf is an internationally recognised Shariah scholar and Islamic banker, known for his contributions to Islamic finance, particularly in sustainability and ESG (Environmental, Social,…

FinKnight, previously known as Beetle Knight Advisory, has raised funding in a round led by First Move and an affiliate of Gobi Partners. The sum was not disclosed. The funding will enable FinKnight to expand its tailored financial management services for startups and growth-stage companies across Southeast Asia. Offering an integrated suite of accounting and professional services, FinKnight provides end-to-end support, including growth strategies, fundraising, bookkeeping, and data analytics. Founded by former CFOs of EasyParcel and Signature Market, FinKnight focuses on cost optimisation and strategic growth for early-stage ventures. In one year, FinKnight has worked with over 15 startups and…

Bank Negara Malaysia (BNM), Payments Network Malaysia (PayNet), and other financial institutions have launched the National Fraud Portal (NFP). The portal is designed to improve collaboration among financial institutions and support data-driven evaluations of mule accounts, introducing standardised procedures for managing them. As an integrated platform, the NFP automates the end-to-end process of handling scam reports and tracing stolen funds, boosting the operational capabilities of the National Scam Response Centre (NSRC). The platform enables financial institutions to swiftly track and recover stolen funds through automated tracing across the financial system. It also promotes effective industry-wide information sharing and collaboration on…

The Securities Commission Malaysia (SC) has implemented its revised Guidelines on Technology Risk Management as of 19 August 2024. These new guidelines replace the previous Guidelines on Management of Cyber Risk and expand the focus from just cybersecurity to a broader range of technology risks. Initially released in August 2023, the updated guidelines aim to enhance the operational reliability, security, and resilience of capital market entities in the face of technology disruptions. The SC has outlined key expectations for risk management practices, including change management processes, oversight of third-party service providers, and reporting requirements. The recent CrowdStrike outage underscores the…

Venture capital firm Artem Ventures has announced the launch of PACE Bootcamp, a 10-week programme aimed at supporting SMEs and startups in partnership with Google. The bootcamp is designed to provide aspiring entrepreneurs with essential skills in product development, marketing, and leadership, helping them navigate the evolving digital landscape. The first cohort will include 30 participants who will benefit from specialised workshops led by Google experts. The programme is supported by notable partners including Google, Cradle Fund, MYStartup, MyDIGITAL Corporation, Grab, GXBank, Wahed Ventures, Digital Penang, WORQ, She Loves Tech, TEGAS Digital Village & Digital Innovation Hub, Sunway iLabs, XA…