Author: Fintech News Malaysia

Intuit QuickBooks, a cloud-based accounting software platform, is gearing up to host an Accounting Leaders e-Invoicing Forum on 15 October 2024, at the M Resort in Kuala Lumpur. This conference is tailored specifically for accounting professionals and will unveil QuickBooks’ upcoming Peppol-accredited e-invoicing solution, coming soon to Malaysia. The one-day conference will bring together accounting and compliance industry experts, panelists, and keynote speakers to explore and discuss the latest e-invoicing compliance mandates in Malaysia and beyond. Attendees will delve into the dynamic landscape of digital disruption and transformation within the accounting profession. Additionally, QuickBooks will showcase its latest product launches…

Principal Southeast Asia is preparing to launch a US$250 million fund aimed at tapping into direct lending opportunities across the ASEAN region, according to a report from DealStreetAsia. The company is a joint venture between the U.S.-listed Principal Financial Group (PFG) and CIMB Group Holdings. This fund is expected to materialise within the next year as part of the firm’s broader focus on expanding its presence in private credit markets. Munirah Khairuddin, CEO of Malaysia & Global Shariah at Principal, explained that the company is shifting its business model towards managing direct lending operations, rather than acting as a limited…

Malaysian digital takaful operator Ouch! has raised RM5 million in a recent funding round led by PPB Ventures. Other key investors who had joined the fundraise include OSK Ventures, RHL, and Vynn Capital. This follows a one-year extension granted by Bank Negara Malaysia (BNM) to continue Ouch!’s participation in the Regulatory Sandbox, enabling the company to further develop its digital takaful solutions. The new funding will be used to expand Ouch!’s market presence, enhance its technology infrastructure, and support the development of proprietary systems. A key focus for Ouch! is transitioning from its reliance on a third-party core system to…

The Islamic financial landscape in Malaysia has seen much advancement in recent years with digital technology at the core of such developments. Like conventional banking, Islamic finance has evolved to include innovative online banking platforms which provide customers with fast and easy access to banking products, services and information. Needless to say, competition among Islamic lenders has also increased in tandem, and banks now find themselves having to constantly innovate to cater to increasingly discerning customers. Compared to conventional banks, Islamic banks have the added task of ensuring that the technology they implement is in line with the Islamic principles…

Truely, a provider of eSIM services for international travelers, has raised US$3.5 million in a funding round led by 1982 Ventures. Beenext and Kopital Ventures also participated, along with angel investors including former Airbnb executives JJ Chai and Kum Hong Siew, as well as Tranglo Founder Sia Hui Yong, Mohammad Gharaybeh, Qin En Looi, Eric Dadoun, and Gilbert Relou. Launched in July 2023, Truely offers eSIM data plans in over 200 destinations and regions, eliminating the need for travelers to swap physical SIM cards. The company aims to simplify global connectivity by providing affordable data packages and 24/7 support. Truely’s…

GoBarakah, a Shariah-compliant e-voucher platform, has emerged as the winner of the Securities Commission Malaysia’s (SC) FIKRA ACE Accelerator. The accelerator is part of a three-year initiative aimed at advancing the Islamic Capital Market (ICM) through innovative fintech solutions. The GoBarakah platform streamlines the distribution of donations, corporate social responsibility (CSR) funds, and zakat to verified beneficiaries, ensuring 100% of the funds reach those in need. As the winner, GoBarakah received a cash prize of RM50,000 at the SCxSC Fintech Summit 2024. Producst2U and Koha Digital secured second and third places, winning RM30,000 and RM20,000, respectively. The FIKRA ACE Accelerator…

Anuar Fariz Fadzil, previously the Head of Public Policy at TikTok Malaysia, has been appointed as the CEO of the Malaysia Digital Economy Corporation (MDEC). According to The Star, the announcement was made by MDEC chairman Syed Ibrahim Syed Noh during the Malaysia Digital Content Festival 2024 in Kuala Lumpur today (3 October). Anuar also held key roles at Celcom Axiata, where he was Special Advisor to the CEO on public sector strategy and digital economy initiatives, and at Axiata Group Berhad, where he served as the Head of Regional Government Stakeholder Management. Earlier in his career, Anuar served as…

Bursa Malaysia is taking steps to boost the value of its listed companies and draw in investors from around the world. CEO Datuk Muhamad Umar Swift shared with Bloomberg that the exchange is developing a new framework to achieve these goals. The initiative will focus on improving shareholder returns by setting performance targets for companies based on key metrics such as price-to-earnings ratio, return on equity, and free float. Bursa Malaysia will work closely with companies that fall short of these targets, engaging their boards to identify potential improvements and enhance market performance. Looking ahead, Bursa Malaysia is targeting 50…

Oracle plans to invest over US$6.5 billion to establish a new public cloud region in Malaysia in a bid to meet the growing demand for artificial intelligence (AI) and cloud services in the country. This investment will provide local access to Oracle Cloud Infrastructure (OCI) for businesses and government organisations. This will support Malaysia’s digital economy with more than 150 infrastructure and software-as-a-service (SaaS) solutions, including AI capabilities and high-performance computing. This move will enable organisations to modernise applications, process data more effectively, and drive innovation using AI tools. Oracle’s upcoming public cloud region will extend its cloud footprint in…

Bursa Malaysia, TNG Digital, and Affin Hwang Investment Bank have launched e-Trade, a new feature within TNG eWallet that allows users to trade equities listed on the local stock exchange. This is said to be the first equities market trading feature within a digital wallet in Malaysia. The new feature is part of the GOfinance hub, which aims to make stock market investments more accessible to retail investors. e-Trade provides a seamless platform for buying and selling stocks and exchange-traded funds (ETFs) listed on Bursa Malaysia. Additionally, it offers educational resources from MyBURSA to help new investors learn about the…

KLDX, a Malaysian digital asset platform, and AsiaNext, a Singapore-based digital asset exchange, have signed a Memorandum of Understanding (MOU) to collaborate on expanding access to digital asset markets across Southeast Asia. The agreement, witnessed by Shivakumar Nair, Deputy High Commissioner of Singapore, will allow for cross-listing of digital assets between the two platforms, increasing liquidity and providing new opportunities for investors and issuers in Malaysia, Singapore, and the wider region. This partnership aims to create a more integrated digital asset ecosystem by leveraging the strengths of both platforms. KLDX and AsiaNext will work together to develop new products and…

Boost Bank, a digital bank by Axiata and RHB, is offering Malaysians a 5% per annum daily interest rate on savings deposited in its “Boost Birthday Jar” throughout October. East Malaysians can also access the same 5% p.a. daily interest rate at four supermarkets and hypermarkets in Sabah and Sarawak: Bataras Sdn. Bhd., CKS RETAIL Sdn. Bhd., FARLEY (KCH) Sdn. Bhd., and Servay Hypermarket Sdn. Bhd. Customers can activate their RM5 cashback by using specific redemption codes: BOOSTSERVAY, BOOSTBATARAS, BOOSTCKS, and BOOSTFARLEY. Shoppers who spend at least RM50 per month using the Boost eWallet app at these stores will be…

pitchIN has partnered with Hata to enable trading of digital assets and utility tokens issued through its Token Crowdfunding (TCF) platform. A licensed Digital Asset Exchange (DAX) in Malaysia, Hata operates local and global exchanges in Ringgit Malaysia and US Dollars. Hata platform also offers competitive trading fees and an affiliate programme which offers users a 30% share of the trading fees generated by their referrals. The collaboration aims to offer businesses that raise funds through pitchIN’s platform the option to list their tokens for trading on both Hata Malaysia and Hata Global exchanges. pitchIN operates under the supervision of…

Vilja Solutions, a provider of cloud-based core banking platform, has selected Kuala Lumpur as its ASEAN headquarters, marking its expansion into the region. Around 60 digital banking industry leaders from Malaysia gathered at the event, joined by Swedish and Malaysian government representatives. Swedish Ambassador to Malaysia, H.E. Niklas Wiberg expressed support for Vilja’s initiative and highlighting the importance of promoting innovation that drives economic growth and financial inclusion. His remarks underscored the significance of international collaboration in advancing the region’s financial landscape. Ruslena Ramli, Director of Fintech & Islamic Digital Economy at MDEC, also welcomed Vilja’s choice of Kuala Lumpur…

The Securities Commission Malaysia (SC) announced a three initiatives to drive innovation in the capital market during the SCxSC Fintech Summit 2024. Among these efforts is the introduction of a regulatory sandbox that will allow businesses to test new financial products and services in a controlled environment. The sandbox is designed to encourage developments in areas such as financial inclusiveness, Islamic finance, and retirement solutions, while maintaining investor protection. The sandbox is open for applications until April 2025, with accepted companies given up to 12 months to test their products or services. Pre-consultation sessions are required before submission, and these…

Bank Negara Malaysia (BNM) and Bank Indonesia (BI) have strengthened their collaboration on digitalisation and payment systems during a high-level meeting in Jakarta. The two central banks also discussed macroeconomic, monetary, and financial developments, with a focus on modernising financial services through closer cooperation. This ongoing partnership builds on the successful launch of the cross-border QR payment linkage between the two countries in May 2023. The system allows users in Malaysia and Indonesia to make instant retail payments using their respective home country’s QR payment applications, linking DuitNow and QRIS systems. The regulators are also discussing the possibility of enabling…

Investments and risk go hand in hand and in the current era of unparalleled economic volatility, shrewd investors are learning to diversify their investment portfolios with different assets. The essence of this is that a threat to the value of one asset cannot harm an investor with a diversified portfolio since he has many others to balance out his performance. One asset that has been highly reliable in diversifying an investment portfolio is gold because of its glowing records from the past two decades as it outperformed all other asset classes even in times of the most turbulent economic turmoil.…

The National Sustainability Reporting Framework (NSRF) was launched at the Securities Commission Malaysia (SC) yesterday (24 September 2024) by Finance Minister II, YB Senator Datuk Seri Amir Hamzah Azizan. Developed by the Advisory Committee on Sustainability Reporting (ACSR), the framework enhances sustainability disclosures for companies by adopting the International Sustainability Standards Board’s (ISSB) Sustainability Disclosure Standards. These standards aim to improve transparency, accountability, and business resilience, while supporting Malaysia’s broader sustainability agenda. Large-listed issuers on the Main Market with a market capitalisation of RM2 billion and above will begin using the ISSB Standards in 2025. This will be followed by…

Experian Information Services Malaysia has launched Global UBO, a solution aimed at enhancing due diligence and compliance for businesses. The tool offers detailed insights and standardised analysis of Ultimate Beneficial Ownerships (UBOs) across over 200 markets through a comprehensive report. This helps organisations meet regulatory and KYC standards by supporting informed decision-making. The Global UBO solution provides benefits such as improved due diligence during onboarding, more effective portfolio management, and better customer lifecycle management for ongoing compliance. “In line with the revised Companies Act 2024’s goal of fostering a transparent business environment and combating financial crimes, we are excited to…

Financial institutions around the world are facing a surge in fraud and cyberattacks. A new report by LexisNexis Risk Solutions explores the state of digital fraud, revealing a 17% increase in digital fraud attacks within the financial services sector in 2023. According to the report, human-initiated attacks in financial services rose to 1.2% last year, up 8% year-over-year (YoY). Notably, North America saw a 30% rise in attack rates, in contrast to declines in Asia-Pacific (APAC) and Europe, the Middle East and Africa (EMEA), where rates dropped by 15% and 24%, respectively. In 2023, the financial services industry continued to…