Author: Fintech News Malaysia

In a step towards strengthening Malaysia’s position in the blockchain space, MIMOS and Masverse officially joined forces by signing a Memorandum of Understanding (MoU) today to advance Malaysia’s national blockchain ecosystem, focusing on MasChain, a Layer 1 blockchain infrastructure. The collaboration highlights the transformative potential of blockchain technology to foster efficiency, transparency, and accountability in Malaysia. According to their press release, MasChain, as a locally developed Layer 1 blockchain network, is poised to address industry needs with secure and scalable solutions, including fintech advancements, supply chain traceability, Web3 platforms, and blockchain-based certification systems. Recognising the growing importance of blockchain in…

TNG Digital has launched SOS Balance, a free feature via TNG eWallet for uninterrupted toll payments despite insufficient balance. Starting January 23, this feature will be introduced to selected TNG eWallet users, providing a 24-hour grace period to reload their eWallet and settle outstanding toll charges. Users must settle payments within this window to continue accessing full eWallet features. Alan Ni, Chief Executive Officer of TNG Digital, stated, “The introduction of SOS Balance reflects our commitment to delivering user-centric innovations that simplify and enhance the daily lives of Malaysians. By addressing common challenges faced at toll booths, this feature ensures…

StashAway, a Malaysian digital investment platform, has announced the addition of Bitcoin (BTC) and Ethereum (ETH) ETFs to its platform. This move allows Malaysians to invest in the two largest cryptocurrencies through a regulated and trusted platform. StashAway will be adding the Fidelity Wise Origin Bitcoin Fund and the Fidelity Ethereum Fund to its platform. The launch comes at a time of growing institutional adoption of crypto, as the price of BTC surpasses US$100,000. With the new US Presidential administration signaling support for crypto-friendly regulations, investors have shown renewed interest in this emerging asset class. StashAway’s addition of BTC and…

HSBC has opened its flagship Wealth Centre in Menara IQ at the Tun Razak Exchange (TRX). The centre is designed for HSBC Premier Elite and high-net-worth clients, offering a private space to consult with Senior Relationship Managers and access tailored wealth solutions. The launch reflects Malaysia’s growing wealth market, as the nation moves towards high-income status. In 2024, high-net-worth individuals in Malaysia held liquid assets worth US$176.62 billion, with an expected annual growth rate of 6.1% until 2028. With Malaysia chairing ASEAN in 2025, the Wealth Centre supports the region’s importance as a hub for wealth creation and investment. YB…

Vilja, a Swedish core banking provider, has been recognised as a Functionality Standout in Celent’s latest report, “Retail Banking Core Systems: Next-Generation Core Banking, 2024.” The report evaluated 13 vendors globally and identified Vilja as the only Nordic company featured. Celent categorised next-generation core banking vendors into three segments; Product Cores, Broad Cores, and BaaS Platforms. Vilja was classified as a Broad Core, a segment designed to support digital direct banks with features like product capabilities, digital onboarding, and card payments. The report highlighted the growing prominence of next-generation core banking systems over the past five years, noting their shift…

Zac Liew, the Co-founder and CEO of Curlec by Razorpay, has stepped down after seven years of leading the Malaysian fintech company. Since founding Curlec in 2018, Zac has played a key role in its growth from a startup to a major player in Malaysia’s fintech sector. Angad Dhindsa, Razorpay’s Head of Southeast Asia, has been appointed interim leader while the search for a permanent successor is underway. Dhindsa will collaborate with the local team to ensure continuity and further the company’s growth. The company now serves over 3,000 businesses, simplifying digital payment processes and helping local enterprises thrive. Curlec…

Sammeer Sharma has been appointed Head of Consumer Financial Services, Malaysia, at OCBC Bank. A seasoned banking veteran, Sammeer brings over 23 years of experience in strategic business transformation and change management across diverse markets. During his 20-year tenure at Standard Chartered, he played a pivotal role in building award-winning businesses in areas including digital wealth, investments, insurance, lending, payments, distribution, and digital banking. Most recently, he served as Managing Director and Head of Consumer, Private, and Business Banking (CPBB) at Standard Chartered Malaysia, a role he held since October 2021. In this role, he contributed to the division’s growth…

Boost Bank, launched in June 2024 as Malaysia’s first homegrown digital bank, reported over RM700 million in deposits within six months. Operated under the Boost-RHB Digital Bank Consortium, which holds 60% equity via Boost e-wallet and 40% via RHB Bank, the bank was among five license recipients announced by Bank Negara Malaysia in April 2022 and commenced operations in June 2024. The launch marks Boost’s transition from an e-wallet provider into a digital bank. Boost closed 2024 with a Gross Transaction Value (GTV) exceeding RM5.6 billion, supported by its established e-wallet platform that integrates users into its banking services. Its…

The Securities Commission Malaysia (SC) has introduced a simplified guide, “Navigating the Transition: A Guide for Boards,” to assist company boards in adopting the National Sustainability Reporting Framework (NSRF). Launched in September 2024, the NSRF is a significant step in advancing Malaysia’s corporate sustainability agenda. The guide provides board of directors with simplified and actionable steps on key areas such as governance, sustainability data boundaries, financial impact assessments, and integration with enterprise risk management systems. The NSRF incorporates the IFRS Sustainability Disclosure Standards, including IFRS S1 and IFRS S2, to ensure consistent and comparable sustainability-related financial disclosures. The implementation of…

UnionPay International (UPI) and Bank Simpanan Nasional (BSN) have partnered to introduce UnionPay QR payment in Malaysia during the first half of 2025. The collaboration aims to enhance the country’s digital payment ecosystem while providing more seamless payment options to consumers. As one of Malaysia’s largest debit card issuers, with over six million cards in circulation, BSN is strengthening its position in the digital payment landscape by expanding its portfolio to include UnionPay QR payment. With this partnership, BSN will also join UnionPay as a member, alongside Visa, Mastercard, and MyDebit, further broadening its range of payment system operators. The…

The Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) have jointly launched the Financial Markets Ombudsman Service (FMOS). FMOS is a centralised dispute resolution center for financial consumers and investors nationwide. It is a merger of the Ombudsman for Financial Services (OFS) and the Securities Industry Dispute Resolution Center (SIDREC), which aims to streamline financial dispute resolution by providing a one-stop platform. The joint oversight by BNM and SC ensures alignment of regulatory standards and safeguards the interests of consumers, investors, and the financial industry. FMOS offers independent and impartial mediation and adjudication services, acting as an alternative…

As the Lunar New Year approaches, Intuit QuickBooks is thrilled to announce the launch of the Grow Your Firm Program in February 2025. This initiative is designed to empower accounting professionals to transform their accounting or bookkeeping businesses and achieve new heights of success. Embrace the Spirit of Prosperity The Lunar New Year is a time of new beginnings and opportunities. At Intuit QuickBooks, our mission is to create prosperity around the world, and the Grow Your Firm Program is a key part of this mission. By participating in this program, accounting professionals can unlock the potential for growth and…

Maybank Islamic has partnered with audax Financial Technology, a digital banking solutions provider backed by Standard Chartered, and Amazon Web Services (AWS) to modernise its digital banking services. This partnership aims to provide customers with enhanced, user-friendly digital banking experiences built on AWS’ secure cloud infrastructure. The first product launch is anticipated in 2025. audax, which previously powered Asia’s first Banking-as-a-Service (BaaS) platform for a global bank, will help Maybank Islamic offer a wide range of Islamic financial products through digital channels. This includes paperless, real-time onboarding, streamlined account opening, efficient account management, and immediate access to online banking services.…

Seven Bank, the banking business of the 7-Eleven group, is expanding its ATM network into Malaysia, marking its fourth overseas market after the United States, Indonesia, and the Philippines. The company has already installed its first cash recycling ATM in Rawang and plans to roll out 100 more machines across Kuala Lumpur, Selangor, Penang, and Johor. This initiative aims to improve banking access in suburban areas where traditional banking services may be limited. Seven Bank, which had installed more than 21,000 ATMs internationally by 2024, sees Malaysia as a promising market due to its growing population, robust GDP, and high…

Hong Leong Bank (HLB) has entered into a strategic partnership with WeBank Technology Services, a subsidiary of China’s digital bank, to advance its fintech and AI initiatives. The collaboration aims to improve operational efficiency and deliver personalised financial solutions for HLB customers. The partnership was formalised during a signing ceremony that also included WeBank Technology Services’ partners from Thailand, Indonesia, and Hong Kong. Under the agreement, HLB will utilise WeBank Technology Services’ expertise to develop AI-powered automation tools and applications, enhancing productivity across various departments, including its salesforce. The technology solutions will focus on data systems, marketing, and campaign management…

Versa, a digital wealth management app used by nearly 300,000 Malaysians, has launched a new feature called Versa Quests. This feature aims to make saving more rewarding by offering users the chance to earn extra returns through completing simple in-app tasks. With Versa Quests, users can participate in various challenges to earn “booster rewards” which increase the returns on their savings accounts. For example, the Super Invest Quest allows users to earn an additional 1.0% per year by investing in eligible Versa Invest funds. The launch was attended by notable figures including Tengku Arif Temenggong Tengku Fahad Mua’adzam Shah of…

CIMB Group Holdings has announced a restructuring of its divisions as Effendy Shahul Hamid steps down as CEO of Group Consumer and Digital Banking. As the CEO of Group Consumer and Digital Banking, Effendy has resigned and will remain as an advisor to the Group CEO until June 2025 to support a smooth transition. Effendy, who has been with CIMB for two decades, will also relinquish his board roles, including his positions with TNG Digital, Touch ‘n Go, and CIMB Vietnam. He was pivotal in leading the development of the Touch ‘n Go eWallet in partnership with Ant Group. The…

Rapid KL has rolled out an open payment system across several MRT stations, allowing commuters to purchase tokens using credit and debit cards, as well as mobile wallets like Apple Pay, Samsung Pay, and Google Pay. This move comes after a government mandate two years ago urging public transport providers to diversify payment options beyond the dominant Touch ‘n Go system. Currently, the new card terminals are operational on token vending machines at Bukit Bintang and Tun Razak Exchange (TRX) MRT stations. SoyaCincau has learned that the rollout will continue in the coming weeks to encompass all MRT stations. Passengers…

Shopee users can now conveniently purchase the IKHLAS Private Car Comprehensive Plus Takaful plan through the app. This offering is powered by its digital payments and financial services arm SeaMoney. It adds to Shopee’s existing suite of insurance and takaful products. This motor takaful plan provides comprehensive coverage, including protection against third-party injury, property damage, and loss or damage to the insured vehicle due to accidents, fire, or theft. The plan also offers additional benefits such as roadside assistance, complimentary personal accident cover, transportation fee reimbursement, and waivers on excess fees for unnamed drivers. Roadside assistance under Bantuan IKHLAS Road…

BigPay users can now make QR payments at thousands of merchants across 48 countries with the integration of Alipay+ in its app. This new feature allows users to either scan Alipay+ QR codes at checkout or generate their own QR code for payment, offering a convenient cashless option while traveling. To use the service, users can tap the “Pay” button in the BigPay app, then either scan an Alipay+ QR code or present their own code to be scanned. This functionality enhances payment simplicity while eliminating the need to carry cash or multiple cards during trips. BigPay also offers advanced…