RHB launched today an eco-friendly recycled PVC payment card that done in partnership with WWF Malaysia, Visa, and Idemia. The bank said in a media statement that this part of their effort to strengthen their commitment in sustainable practices As part of its environmental strategy, IDEMIA said that it will move away from today’s linear take-make-waste model and fundamentally rethink the way we design, use and reuse plastics. Plastic recycling is beneficial in many ways (including C0² emission reduction) and one of the most significant impacts is industrial waste reduction versus first-use materials. These recycled PVC payment cards save a…
Author: Fintech News Malaysia
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Curlec announced today that they have secured funding from 500 Startups. The fintech startup which focuses on simplifying recurring payments said that they will be using the fund to further grow their Malaysian operations through product development, strategic initiatives and market expansion. The company was launched in 2018 and received its seed funding from Captii Ventures in March 2019. Since its launch, Curlec now serves companies such as AXA Affin, Axiata, and Stashaway, as well as a wide range of SMEs. “In light of Covid-19, we continue to see growth in our offering, with many traditional businesses having to shift…
Tuas Capital, a fintech-focused VC which counts companies like MoneyMatch and Jirnexu among its portfolio announced that it will be collaborating with The Hive to participate in the Malaysian Government’s soon to be announced Dana PENJANA Nasional matching program. The Hive is best known for its investment into Pinterest which led to a successful IPO. Subsequent to the announcement by the Prime Minister of Malaysia Tan Sri Muhyiddin Yassin on the launch of the Malaysian Short-Term Economic Recovery Plan (Penjana), a Fund of Fund which will be named as Dana PENJANA Nasional will be formed. This fund will function to…
Beginning from the start of the Government initiated Movement Control Order (MCO) up through the holy month of Ramadan, caring Malaysians were quick to respond to calls for help and contributed over RM1 million to back the fight against COVID-19 and support underprivileged communities as part of homegrown e-wallet Boost initiatives. A total of RM694,843.13 was donated to the Tabung COVID-19 by Boost fund to aid frontliners in the fight against the COVID-19 pandemic. The main disbursements were made to the Ministry of Health’s (MOH) Tabung COVID-19 and the National Disaster Management Agency (NADMA). “It is very uplifting to see…
The much-anticipated reopening of schools has been revealed to begin in phases from 24 June onwards, with strict guidelines being reviewed by the government to help curb the spread of COVID-19. As students resume activity at schools, they will once again have to handle bank notes and coins for their daily needs. Concerned parents will have to look towards ensuring their children’s health and safety needs are met fully following schools reopening. To that end, Vircle has launched its parent-controlled cashless payment and nurturing solution, providing a convenient, contactless alternative to bank notes and coins. With additional features allowing parents…
Razer and Berjaya Corporation, through their partnership in Razer Fintech, the financial technology arm of Razer, have announced plans to sponsor high quality certified surgical masks for all Malaysian adults and residents as a part of the #RazerForLife initiative. The masks will be made available through selected 7-Eleven Malaysia stores from 1 July, 2020, and subsequently rolled out across all stores in Peninsular Malaysia. In a bid to drive customers to these local businesses, Razer Fintech will give consumers one free surgical mask per day if they make purchases using Razer Pay. These masks can also be redeemed at 7-Eleven…
KiplePay announced today that the company is now able to issue Visa prepaid cards and has also joined Visa’s FinTech Fast Track program. Visa has been expanding its Fintech Fast Track program in Malaysia to allow FinTech companies to gain access to Visa’s network. In May, Soft Space was the first company to join the program. The program is part of Visa’s global strategy to open up its network and support a broad range of players that are developing new commerce experiences. “At Visa, we are focused on engaging and building strategic partnerships with the FinTech community. We’re extremely pleased…
During the height of the COVID-19 crisis, PolicyStreet, a Malaysian insurtech company opened its fundraising exercise to the angel network via equity crowfunding platform PitchIN. The startup closed its campaign earlier than scheduled after achieving more than 500% of the minimum requirement, making it one of the largest funds to be raised from an ECF platform in Malaysia. The exercise was participated by both international and local investors including a government co-investment fund that saw the potential of its insurance business; having grown more than 40 times last year. PolicyStreet has successfully raised US$ 1.8 million (MYR 7.8 million) in…
FICO, a global analytics software firm, has released its Consumer Digital Banking Survey which found Malaysian consumers are more comfortable opening bank accounts on their smartphones than consumers in the US and Canada. The study showed that 23 percent of Malaysians prefer to open a bank account on their phone compared to 18 percent in the US and 16 percent in Canada. “It is not surprising that Malaysian consumers are digital natives,” said Subhashish Bose, FICO’s lead for fraud, security and compliance in Asia Pacific. “It is demographically a young country, with 80 percent of the population under the age…
CapBay, P2P Supply Chain Financing platform registered with Securities Commission Malaysia, announced a collaboration with TheLorry their “Express Financing” Program. The program is said to be tailored to the logistics industry and is aimed at increasing accessibility of digital financing solutions to TheLorry’s SME base. With this, they said lorry drivers can easily apply for collateral-free financing upfront and defer toll expenses up to 60 days later. CapBay has seen a spike in financing volumes in recent weeks for the Express Financing program as there has been increased activity in the logistics sector driven by a switch to e-commerce in…
Razer Fintech has announced that Google Play Store consumers can make offline-to-online (O2O) payments through its Razer Cash solution. With Razer Cash, Google Play Store customers can have the added option of purchasing Google Play in-app items and topping up of Google Play credits by paying cash at offline acceptance points. This O2O solution especially addresses the needs of users who had the interest in purchasing digital goods yet unable to due to a lack of a credit/debit card, or an internet-ready bank account. This solution will be first available at the 2,761 7-Eleven stores across Malaysia. “Razer Fintech recognizes…
Digi together with AXA AFFIN Life Insurance is offering Digi Abadi, Malaysia’s first of its kind prepaid internet plan that comes bundled with free life insurance cover. This prepaid plan that they described as “limited edition” is an effort by both companies to ensure Malaysians continue to stay connected and well protected especially when health is a key concern for everyone at this time. Digi Abadi bundles both connectivity and insurance cover into one single plan. Exclusively available via Digi Online Store for 100,000 customers, this plan is open to all eligible Malaysians aged 30 to 55 years old. To…
Visa announced today that Soft Space is joining Visa’s Fintech Fast Track program, becoming the first Fintech partner to do so in Malaysia. The Fintech Fast Track program allows Fintech partners to build and deliver new commerce experiences on Visa’s payments network. As part of the Visa Fintech Fast Track program, the two companies will work together to offer start-ups and technology companies the opportunity to work with Soft Space to launch Visa prepaid card products in Malaysia. This solution is introduced through Soft Space’s wholly-owned subsidiary, Fass Payment Solutions Sdn. Bhd. (“Fasspay”), which is an e-money license holder regulated…
Maybank is foreseeing a spike in festive giving via its online platform this year as Malaysians celebrate Hari Raya under a “new normal”. Datuk Hamirullah Boorhan, Maybank’s Head of Community Financial Services Malaysia says that the Bank is expecting a 30% rise in the volume of eDuit Raya transactions performed, and projects more than RM33 million worth of eDuit Raya being sent amongst family and friends. He added that the eDuit Raya has gained much popularity since its launch in 2015. “Over the years, we have been enhancing the eDuit Raya feature which has contributed to its strong acceptance. After…
Multi-asset investment platform eToro has announced that it will extend its commission-free stocks offering to clients in Asia-Pacific, effective immediately. The zero-commission offering for Asia Pacific clients applies to all stocks on its platform that are traded on the Nasdaq and NYSE exchanges. The company believes this makes eToro the first platform to offer commission-free stocks and fractional shares globally In an email to Fintech News Malaysia, the platform claims that in Malaysia alone the number of people investing for the first time in on eToro grew over 200% in the first for months this year compared to the same…
The COVID-19 health crisis has been very tough on businesses especially SMEs and micro-businesses. With the government’s Movement Control Order (MCO) being put into effect many micro- and small-business owners who run cash-based businesses faced the risk of shuttering due to the sudden drastic drop in customers as well as customers choosing to go cashless and limiting the use of banknotes as they sought cleaner and safer ways to transact. To help micro- and small- cash-based businesses remain operating, homegrown e-wallet Boost has introduced the ‘Boost Payment Link’ – a low cost and accessible contactless solution for merchants. The payment…
Rakuten announced that is has marked a major milestone by turning to black ahead of its third anniversary. According to their media statement, they have activated almost 85,000 trading accounts. They also shared that they have handled more than RM12.5 billion in total trading value on Bursa Malaysia since business their inception. As of 30 April 2020, Rakuten Trade’s retail market share is more than 5% while the clients’ assets under trust had exceeded RM1 billion. Positive on the growth prospects of the company as it enters its fourth year of business, Mr Kaoru Arai, Managing Director of Rakuten Trade,…
Malaysian Technology Development Corporation (MTDC) today signed two MOUs with pitchIN and MicroLEAP respectively to collaborate and cooperate in the areas of peer-to-peer (P2P) financing and equity crowdfunding (ECF). The collaboration enables MTDC to participate in equity crowdfunding investment and P2P financing up to 30% in eligible prospective companies per campaign. In a statement, they said this partnership is to create synergy between private funded companies and funds provided by the government. The idea behind this partnership is to collaborate with private funding companies so that synergies can be created between the funds provided by the government and the sophisticated…
GlobalSadaqah in collaboration with SINEGY and LuxTag announced today an initiative to facilitate cryptocurrency donations on their platform. In their statement, they said that the aim of this collaboration is to raise awareness and to educate the community of Muslim cryptocurrency owners about the need to pay Zakat on their digital assets. GlobalSadaqah Islamic Social Finance Platform focusing on CSR, Zakat and Waqf Management. It features a wide range of campaigns from trusted and verified partners from across the globe. SINEGY is a digital asset exchange which is approved by the Securities Commission Malaysia and Luxtag enables the tracking and…
The Securities Commission Malaysia (SC) announced today that it will facilitate the online distribution of capital market products such as unit trusts, through e-Services platforms like e-wallet or e-payment service providers. The Guidelines on Recognized Markets has been amended to introduce a new chapter on “e-Services platform”, which contains the registration requirements and ongoing obligations for e-Service providers. This amendment will allow operators of e-wallet or e-payment applications to partner with Capital Markets Services Licence holders to distribute capital market products to investors. E-wallets or e-payment operators which are currently subject to the oversight of another sectorial regulator will be…