Author: Fintech News Malaysia

Zurich Malaysia (Zurich) and Singapore-based fintech BetterTradeOff, today launched ‘Up | MyZurichLife’, a financial planning solution exclusively for MyZurichLife’s users to help them plan their finance. The solution took root after BetterTradeOff won the Malaysian round of the Zurich Innovation Championship in April 2020. They said that it is a cloud-based solution utilising advanced analytics with an easy-to-use interface that helps to dramatically simplify the task of building of a sound and comprehensive financial plan. The solution allows users to explore different financial scenarios and how individual elements impact their overall plan. This includes purchasing a new home, planning for…

Against the backdrop of the cacophony of noise and emerging trends in Asia, it’s difficult even for the keenest of observers to determine what trends will shape the future of fintech in Asia. On the 6th episode of Fintech Fireside Asia, we were joined by Brett King, an inductee of CB Insights’ Fintech Hall of Fame and ardent futurist to shed some light on the matter. The following is a summary of the conversation between Brett and Vincent Fong, Chief Editor of Fintech News Malaysia. Is it True That Challenger Banks are Struggling? Xinja, a digital bank in Australia had…

Mambu, the newly-minted fintech unicorn, has announced the launch of the Sharia-compliant version of its SaaS banking platform. The solution caters to the needs of Islamic banks and lenders globally. It was made available to customers from the end of 2020. Worldwide, over 1.8 billion Muslims are financially underserved and are looking for alternative shariah-compliant solutions to manage their money. This is particularly relevant in Malaysia with Bank Negara Malaysia’s new digital banking licensing framework also being open to Islamic digital banks. Mambu said that its new shariah-compliant product enables Islamic banks to enhance their offerings and increase brand loyalty…

Payments firm GHL announced today they will be piloting a Buy Now Pay Later (BNPL) service for its merchants in Malaysia through a partnership with Split, a homegrown BNPL firm that has processed RM 10 million in transactions Consumers can make purchases in up to 3 monthly interest-free installments with instant approval and this BNPL solution. According to their media release the service is free for consumers with no interest, late fees, financing fees, or any other hidden charges. The parties involved expect to start piloting at selected merchants by the first quarter of 2021. GHL has also previously entered…

FWD Insurance announced the launch of the FWD Start-Up Studio to support insurtech and takafultech startups in Malaysia, with seed funding of RM1.2 million over two years. The studio aims to build a new talent pool for insurance technology and help streamline the relationship between FWD, emerging startups and adjacent technologies in Malaysia. With this in mind, the Studio has teamed up with 1337 Ventures, a Malaysia-based business accelerator, to launch a four-week pre-accelerator programme. This will give them access to the studio’s mentorship programme, FWD workshops with coaching on areas such as design thinking and an insurtech 101 and…

SELANGKAH announced today their newly launched mobile app SELANGKAH Biz which enables registered businesses in Malaysia to accept cashless payments by turning their mobile devices into payment terminals. SELANGKAH, was originally designed by the state government as a QR contact tracing system for businesses in Selangor. They said that merchants will only need to download the application and register to become a SELANGKAH BIZ merchant, which will then provide them access to the Unified Payment Platform to receive cashless payments through multiple e-wallets including; Touch n’ Go, Boost, Grab, Razer and kiplePay. Dr Helmi Zakariah, Chief Information Officer of SELANGKAH…

In Malaysia, a robust digital infrastructure and governmental support have enabled the growth of fintech startups and rising adoption of technology by financial institutions. With fintech becoming increasingly important in Malaysia’s financial sector, incumbents and fintechs alike are urged to embrace public cloud to become more agile and innovative, according to a new whitepaper by Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group. The paper, titled The Malaysian Fintech Industry: Guidance and Solutions, gives an overview of Malaysia’s fintech ecosystem and explains why it is critical for financial institutions to move to the cloud. The advent of…

Kenanga Investment Bank revealed on Monday that it had received a Digital Investment Manager license from Securities Commission Malaysia. The newly granted license allows for Kenanga to operate a robo advisor. Currently, there are 7 other companies in Malaysia with a Digital Investment Manager license namely; Akru, BH Global Fintech, GAX MD, Raiz Malaysia, StashAway, UOB Asset Management, and Wahed Invest. Kenanga previously received an approval in principle from the regulator in 2020, they previously revealed to Fintech News Malaysia that their robo advisory platform will be named Kenanga Digital Investing and is slated for 2021 launch.

Principal Asset Management Berhad has announced the launch of its latest product, the Principal e-Cash Fund to make investing accessible and easy for Malaysians. The Principal e-Cash Fund will be made available soon through a landmark strategic partnership with TNG Digital Sdn Bhd, the owner and operator of Touch ‘n Go e-wallet. In January 2021, the Touch ‘n Go e-wallet was the first to be granted a conditional approval to operate as a Recognised Market Operator (RMO) by the Securities Commission of Malaysia (SC). The conditional approval by the SC will enable TNG Digital to directly distribute capital market products.…

Ouch!, a Malaysian-based digital insurance platform, announced that it had raised RM 1.5 million in a seed funding round from Vynn Capital and Temokin, along with a few angel investors. With the funding, the Ouch! team will be focusing on further product and business development to prepare a stronger foundation for growth. Ouch! added that it will be improving its platform and service for users and will be rolling out more features and upgrades to the platform across the year. Ouch! has a simple and intuitive interface where customers can choose from 5 insurance categories; medical, life, travel, motor, and…

Payment gateway solutions provider iPay88 registered 4.1 million e-wallet transactions via its network last year, marking a growth of six-fold compared to 2019. iPay88 started providing the gateway solutions service in 2000. Via their gateway, payment transactions were enabled to include different modes of online payment such as e-wallets, credit cards, debit cards and bank transfers. The pandemic has accelerated the digitalisation of Malaysia where online touch points jumped by 30% in 2020, to over 37,000 as more merchants shifted their businesses online. iPay88 added that it has strengthened its partnership with Shopee by integrating the e-commerce platform’s mobile wallet,…

Malaysia Debt Ventures Berhad (MDV) and Kenanga Investment Bank announced the establishment of a Fintech Fund, with a target fund size of RM 300 million to support the growth of fintech and further develop the venture capital industry in Malaysia. The fund will see MDV and Kenanga taking up the role of joint managers and co-investors on a pro-rata basis. In the initial investment phase, both MDV and Kenanga will equally contribute RM 25 million each as seed capital towards the fund. The fund will primarily be used to finance fintech companies at various stages of its lifecycle and up…

Tune Protect Malaysia launched its first online cashless e-medical card, PRO-Health Medical, with growing awareness for medical protection, soaring healthcare costs and tightened wallets. The e-medical card provides customers coverage for hospitalisation and surgical expenses including in-patient, daycare surgical procedures and outpatient treatments expenses due to illnesses and accidents. Customers will also have access to the zero deductible feature which means that they do not have to pay upfront before receiving treatment. The e-medical card can be used for cashless admission at more than 150 hospitals across Malaysia as well as reimbursement for alternative and chiropractic treatments post-hospitalisation. PRO-Health Medical…

Bank Islam, through its new division, Centre of Digital Experience (CDX), has been actively laying the foundation to set up a fully digital bank by forming partnerships with Mambu, Experian and Pod. Bank Islam has selected Mambu, a SaaS banking platform and Experian, a global information services company, as well as inked a Memorandum of Understanding (MoU) with a local fintech player, Pod, to develop new product offerings. The engagement of Mambu allows the bank to configure Shariah-compliant banking products, while Experian will provide an eKYC solution for digital onboarding. On the product front, CDX is in the midst of…

GHL Systems Berhad’s Malaysian operations has added the ShopeePay mobile wallet to its widening range of e-wallet payment acceptance, following its recent tie-up with ShopeePay Malaysia Sdn Bhd. The partnership will see GHL enable its existing offline merchant base as well as new merchants to start accepting payments for purchases using the ShopeePay mobile wallet. Through this strategic partnership, ShopeePay mobile wallet users will be able to pay at 104,300 selected GHL Transaction Payment Acquisition (TPA) merchant touchpoints in Malaysia presently. GHL targets to launch ShopeePay payment acceptance in phases; the first batch went live in early February. GHL said…

MyMy and Sukaniaga Sdn Bhd announced their partnership to form a digital banking consortium and bid for one of five digital banking licenses to be issued next year by Bank Negara Malaysia (BNM). The parties said that while the collaboration covers most requirements laid out by Bank Negara Malaysia, they are still considering one final partner to strengthen their bid. Both entities consider their ideal partner to be a tier-one Malaysian company with strong financials and a large customer base for distribution. Their joint statement added that “both MyMy and Sukaniaga have ambitions to revolutionise banking for the betterment of…

The COVID-19 pandemic has forced organisations and individuals to embrace new practices and move to online channels, bringing with it a significant increase in fraudulent activities. Affirming this situation, cybersecurity firm Kaspersky recorded a 20% increase in the share of account takeover incidents in 2020 compared to the previous year. This trend comes on the back of the growing adoption of digital and mobile banking. Boston Consulting Group’s survey of 17,600 respondents last year found that 16% of those surveyed enrolled into online or mobile banking for the first time as a result of the COVID-19 pandemic. One in three customers used…

AmBank has formed a strategic partnership with Merchantrade Asia, a digital money services business operator and e-money issuer, to enable a hybrid e-wallet as part of its fintech initiatives. This follows a similar partnership to launch Kenanga’s e-wallet back in September 2020. With this hybrid e-wallet enablement, Merchantrade’s customers will have access to a much larger e-wallet capacity of RM50,000 while reaping the benefits of a current account — which means users will be able to enjoy a small amount of interest. AmBank said in a statement that this would also improve customer experience and ease the hassle of e-wallet…

Malaysian stock exchange Bursa Malaysia is seeking to collaborate with fintech companies or other strategic partners in a bid to strengthen its value proposition, increase its agility as well as efficiency. Bursa Malaysia said that such efforts would help the exchange grow, capture new opportunities, innovate, and remain relevant in this fast-changing financial landscape. Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia said in a statement to Bernama, “We are open as to potential collaboration and the nature of the same. We also look towards investment and adoption of new financial technologies through proof-of-concept (PoC) and investment in…

Telekom Malaysia Berhad (TM) via its enterprise and public sector business solutions arm, TM ONE, signed a Memorandum of Understanding (MoU) with Bank Islam Malaysia Berhad, for its appointment as a digital partner in realising the latter’s transformational strategy. The collaboration between both parties is aimed at further exploring TM ONE’s role in becoming the primary digital solutions provider to Bank Islam for digital infrastructures such as data center and Cloud α (Alpha) services, as well as big data analytics and cybersecurity solutions. These solutions will intensify Bank Islam’s IT infrastructure and Center for Digital Experience’s (CDX) digital banking products,…