Author: Fintech News Malaysia

Versa, a Malaysian wealth management platform, has raised RM30 million in a Series A funding round led by AHAM Asset Management Berhad. Other investors in this round include Tengku Fahad Mua’adzam Shah ibni Almarhum Sultan Haji Ahmad Shah and Versa’s CEO, Teoh Wei-Xiang. The funding will be used to accelerate user acquisition and expand Versa’s product roadmap, supporting its goal of enabling one million young Malaysians to invest by 2027. Versa, which began as a cash management tool in 2021, has since expanded to offer access to nearly 20 investment funds, both conventional and Shariah-compliant. The platform reports approximately 300,000…

Halogen Capital, a licensed digital asset fund manager in Malaysia, has partnered with Affin Bank to introduce a Shariah-compliant Bitcoin fund designed for high-net-worth individuals and institutional investors. The Halogen Shariah Defensive Bitcoin Fund integrates a capital preservation strategy, combining Islamic deposits with Bitcoin to offer a lower-risk entry into the digital asset market. The fund follows a buy-and-hold approach, balancing the stability of Islamic deposits with Bitcoin’s growth potential. This structure ensures the portfolio value is safeguarded from significant market volatility while providing exposure to digital assets. Affin Bank will distribute the fund, positioning it as an alternative investment…

TNG eWallet has introduced Licence Plate Recognition (LPR) Parking, allowing users to enter and exit participating car parks without tapping a physical card or making a pre-exit payment, according to a SoyaCincau report. Currently available in 12 locations across Malaysia, TNG eWallet has confirmed that the feature will be expanded to more LPR-enabled car parks in the future. Users can activate LPR Parking by launching the TNG eWallet app, selecting “More,” and then choosing “LPR Parking” or searching for “Parking” for quicker access. The system prompts users to enable LPR for registered vehicles, automatically including all vehicles already linked to…

A collaboration between Payments Network Malaysia (PayNet) and Ant International has significantly boosted opportunities for Malaysian SMEs. Alipay+ now accounts for over 80% of cross-border QR payments via DuitNow. Malaysian merchants experienced a six-fold increase in revenue in December 2024 compared to the previous year. This demonstrates the high effectiveness of the partnership, especially during peak travel seasons. In October 2023, Alipay+ was integrated with DuitNow QR. Since then, it has enabled Malaysian SMEs to accept QR payments from a growing number of international travellers. The number of Alipay+ payment partners using DuitNow QR has more than doubled, now reaching…

GXBank and Grab Malaysia announced the selection of eight local fintech start-ups for the TeXnovasi Accelerator Programme. This six-month initiative aims to boost innovation in Malaysia’s fintech ecosystem. Cradle Fund and 1337 Ventures will support TeXnovasi, which will provide mentorship and resources to empower these start-ups. The programme intends to support the development of a tech-driven, financially empowered nation. The selected start-ups, including Cashku, Du-it, Enprivacy, and FinDoctor.my, focus on solving various financial challenges. These challenges include digital fraud and improving financial access for micro-businesses. Fadrizul Hasani, GXBank’s Chief Technology Officer, said that the start-ups were chosen for the TeXnovasi…

Bank Negara Malaysia (BNM) has announced a significant reshuffle in its leadership with new appointments. Aznan bin Abdul Aziz will assume the role of new Deputy Governor for a three-year term, effective April 1, 2025. This appointment, approved by the Minister of Finance, designates Aznan to oversee the crucial supervision and regulation sector. He will also join BNM’s Board of Directors and the Monetary Policy Committee. His involvement extends to a wide range of committees. These include those focused on reserve management, risk management, financial stability, and digital technology. Aznan brings a wealth of experience, holding a degree in Economics…

TNG Digital is introducing TapSecure, a one-tap approval feature set to replace SMS One-Time Passwords (OTPs) for Touch ‘n Go eWallet Visa Card online transactions. Effective 17 March 2025, this upgrade enhances security while providing a faster, more seamless payment experience. With TapSecure, users can authenticate transactions effortlessly with a single tap within the TNG eWallet app, eliminating the need for traditional OTPs. This integrated approval process not only streamlines payments but also mitigates security risks, such as phishing attacks and SMS interception malware. As a result, users benefit from quicker, more secure approvals for all Touch ‘n Go eWallet…

Hong Leong Islamic Bank (HLISB) has signed a MoU with GoBarakah to develop a fintech ecosystem aimed at directing donations and funds to underserved communities. This collaboration falls under the PayNet Cambah program by PayNet and aligns with HLISB’s efforts to integrate value-based intermediation (VBI) into its business strategies and Shariah-compliant offerings. GoBarakah is a fintech platform that facilitates corporate and public donations by converting them into e-vouchers, ensuring that charitable contributions remain transparent and traceable. Through this partnership, HLISB seeks to enhance its digital VBI initiatives and improve the efficiency of social financing programs. HLISB CEO, Dafinah Ahmed Hilmi…

Capital A is selling a majority stake in its 99.56%-owned financial technology arm, BigPay, to an undisclosed “very big” regional bank, according to its CEO, Tan Sri Tony Fernandes. Fernandes, who highlighted that BigPay remains the only loss-making entity among Capital A’s non-aviation businesses, stated that the decision to sell the company was driven by capital requirements. “It’s a good product, it just hasn’t had enough capital. So we’ve decided to sell the majority of BigPay to a very big regional bank – we’re in negotiations. It’s not just the regional bank, there are some big regional fintech players and…

CelcomDigi and Payments Network Malaysia (PayNet) have announced an inter-industry partnership to enhance the security of digital financial transactions in Malaysia. The collaboration leverages CelcomDigi’s Open Gateway to provide more secure access to digital financial services. A key focus of this partnership is to combat the rising threat of online scams and fraud. By utilising Open Application Programming Interface (API) integration, PayNet will be able to verify DuitNow transactions through secure SIM-based authentication. This method ensures that the mobile number, MyKad, or business registration number linked to a DuitNow user ID is active and belongs to the registered account holder,…

Malaysians are making strides in improving their credit health, but new data from Experian highlights growing financial risks that could impact long-term stability. According to Experian’s latest consumer credit trends, 75% of individuals with previously weak credit scores have improved their ratings, while 43% of those classified as “Fair” in 2023 moved to a higher category. However, about 10% of consumers with “Good” ratings saw their scores decline, reflecting a mixed financial landscape. At the same time, Experian’s Early Warning Score (EWS) indicates rising credit risks. The data shows that 28% of individuals covered by Experian have shifted from “Medium”…

‘Buy now, pay later’ (BNPL) transactions in Malaysia rose to RM7.1 billion in the second half of 2024 (2H2024), up from RM4.9 billion in the first half, Bernama reported, citing Finance Minister II Datuk Seri Amir Hamzah Azizan. As of December 2024, there were 5.1 million active BNPL users, with most aged 21 to 45 years and earning below RM5,000 per month. BNPL services were provided by 12 companies across the country. Amir Hamzah acknowledged concerns over the sector’s impact on household debt but noted that BNPL loans remained at a manageable level. As of December 2024, BNPL financing amounted…

Finory, a Malaysian personal finance management app, has secured investment from 1337 Ventures. The sum was not disclosed. Initially designed to help users track spending, manage multiple accounts, and optimise cashback opportunities, Finory consolidates credit card and bank statements into a single view, providing insights into financial habits. Finory is now applying its transaction parsing, categorisation, and analysis technology to provide enriched financial insights to banks and fintech firms, helping them improve personal finance and lending processes. This investment supports Finory’s shift from a consumer-focused app to a broader fintech solution provider. Kee Hui Jiang, Co-Founder of Finory, shared, “Managing…

Bank Negara Malaysia (BNM) has reported strong early interest in its new Digital Insurers and Takaful Operators (DITO) licenses, which began accepting applications on 2 January 2025. Within the first three months of the two-year application period, numerous parties have expressed interest. BNM is currently holding consultation sessions with potential applicants. The central bank initiated the DITO licensing to address existing gaps in insurance coverage, noting that less than half of Malaysians currently have life or family takaful protection. BNM aims to encourage innovation within the insurance and takaful sectors to better serve underserved and unserved segments of the population.…

AEON Bank, Malaysia’s first Islamic digital bank, secured two wins at the Islamic Finance News (IFN) Awards. The bank was named Best Islamic Digital Bank (Global) and won Best Islamic Digital Offering by a Bank (Malaysia) under the IFN Best Bank Poll. The IFN Awards, celebrating their 20th year, recognise achievements in Islamic finance through a global voting process. This year, over 17,500 votes were cast across multiple categories, including Best Banks, Non-Banking Financial Institutions, Law, Service Providers, and Deals of the Year. A total of 101 winners were recognised across two award ceremonies held in Dubai on 17 February…

The Consumer Credit Bill 2025 was tabled for its first reading in the Dewan Rakyat, marking a step toward stronger consumer credit regulation in Malaysia, The Star reports. Deputy Finance Minister Lim Hui Ying introduced the bill, with the second and third readings expected in the next parliamentary session. The proposed legislation aims to establish a Consumer Credit Commission, which will be responsible for regulating and supervising credit businesses across conventional and Islamic finance sectors. The commission’s primary objective is to enhance consumer protection, promote responsible lending, and ensure fairness and transparency in the credit industry. The bill covers various…

AEON Bank, Malaysia’s first Islamic digital bank, has introduced a new Shariah-compliant personal financing product, Personal Financing-i. The facility allows customers to access financing from RM1,000 to RM10,000, or up to their credit limit, whichever is lower, subject to AEON Bank’s credit evaluation. Repayment periods range from three to 24 months, with a flat profit rate of 6.88% per annum. Upon approval, applicants must tap ‘Accept’ in the AEON Bank app within seven calendar days to proceed with the financing. Once accepted, funds will be disbursed directly to the applicant’s AEON Bank Savings Account-i within minutes, with a RM1 Wakalah…

The Securities Commission Malaysia (SC) and the Malaysian Communications and Multimedia Commission (MCMC) are strengthening cooperation to tackle the rise in online scams and unlicensed activities. The decision follows a recent high-level meeting aimed at improving investor and consumer protection through enhanced regulatory oversight. Advancements in technology have fueled a surge in online scams. In 2024, the SC received 4,859 complaints and inquiries related to scams and unlicensed activities. With MCMC’s assistance, online service providers removed 66,507 scam-related content last year, with an additional 19,200 pieces taken down between January 1 and February 26, 2025. The collaboration focuses on stricter…

TNG Digital, the company behind TNG eWallet, has introduced Travel eSIM services, offering seamless mobile data access in over 100 countries without the need for a physical SIM card. The launch comes as the company records a 120% year-on-year increase in travel transactions, driven by the growing adoption of its cross-border payment and travel solutions. The Travel eSIM offers competitively priced data plans that users can purchase directly through the TNG eWallet app, ensuring uninterrupted connectivity while abroad. This expands TNG Digital’s travel offerings, which include QR payments in more than 50 countries and the Touch ‘n Go eWallet Visa…

Payments Network Malaysia (PayNet) has recorded 24 million cashless transactions through its PayNet Digital Campus 3.0 (PDC3.0) initiative. This marks a significant expansion in digital payments adoption among Malaysian universities. The programme involved 30 higher education institutions, including 25 public universities and five private institutions. PayNet disbursed RM1.02 million in sponsorship funds between August and September 2024, supporting digital payment initiatives ahead of the campaign period, which ran from October to December 2024. Several universities, including Universiti Putra Malaysia, Universiti Malaya, Universiti Sultan Zainal Abidin, Universiti Malaysia Sabah, Universiti Kebangsaan Malaysia, and Universiti Teknologi Malaysia, received Special Recognition Awards for…