Author: Fintech News Malaysia

Hong Leong Bank has introduced a Visa Infinite Privilege credit card for selected ultra-high-net-worth clients in Malaysia. The bank said it is the first in the country to offer Visa’s newly launched tier. Available strictly by invitation, the card provides access to travel, dining and wellness benefits. These include selected private members’ clubs, culinary experiences and wellness retreats worldwide. The launch forms part of Hong Leong Bank’s broader transformation plan, which identifies wealth management as a growth area. “Our transformation plan is built on anticipating where the future of banking is headed, and wealth management sits at the very heart…

Binance remains unlicensed and unregistered to conduct regulated capital market activities in Malaysia, according to the Ministry of Finance (MOF). Its website and mobile application also remain blocked in the country, Bernama reported, citing a written parliamentary response. MOF attributed Binance’s removal from the Securities Commission Malaysia’s Investor Alert List in 2024 to the company no longer being found to conduct regulated activities in Malaysia. However, its removal did not constitute a licence or authorisation to offer regulated capital market services in the country. The regulator will continue monitoring Binance and may intervene if it identifies legal breaches or emerging…

Digital financial services now shape everyday life, placing greater pressure on companies to earn and keep customer trust. With more transactions, more touchpoints and more customer data, getting security right has never been more important. eKYC is no longer just a compliance checkbox. It is now a critical part of how financial institutions build and maintain trust across the entire customer journey. This webinar will bring together industry experts from across the region to share practical insights on what comes next for eKYC in APAC. The evolving role of eKYC across the full digital customer journey Tackling identity fraud and…

CapBay and MDEC have opened a RM200 million financing pool for companies with Malaysia Digital status. Under the MD Technology Financing Programme, eligible companies can apply for up to RM3 million with repayment periods of up to 60 months. Rates start from 6 percent per annum and include a six-month repayment grace period. The programme covers established technology companies as well as early-stage and pre-profit start-ups that have operated for at least six months. It targets asset-light businesses that may struggle to secure conventional financing because they lack physical collateral. CapBay will assess applications using a credit model based on…

CIMB Islamic and Cagamas have completed Malaysia’s first MYOR-i-linked sukuk, Islamic Profit Rate Swap and asset purchase transaction. The transactions include a RM300 million one-year MYOR-i sukuk, a RM100 million five-year Islamic Profit Rate Swap with caps and floors, and a RM250 million transaction under Cagamas’ Purchase with Recourse Programme. MYOR-i is Malaysia’s Islamic risk-free rate benchmark. Bank Negara Malaysia has been encouraging the industry to adopt MYOR-i as a market benchmark rate. CIMB acted as lead manager and execution partner for the transactions. The bank also developed supporting infrastructure, including benchmark swap curves, transaction documentation and risk management tools…

RHB merchants can now accept QR payments through PayNet from participating banking apps and e-wallets in six Asian markets. The integration covers participating payment platforms from China, Singapore, Indonesia, Cambodia, Thailand and South Korea. Nurjesmi Mohd Nashir, Managing Director of Group Wholesale Banking at RHB Bank, said, “Through our collaboration with PayNet, RHB merchants can now accept QR payments from participating overseas banking applications and e-wallets, making it easier to serve overseas customers using payment methods they already know and trust. At the same time, our customers continue to enjoy seamless cross-border QR payments across participating regional markets.” RHB customers…

Most compliance teams do not have an AML cost problem. They have an AML fragmentation problem. Screening runs on one platform, transaction monitoring on another, entity data somewhere else, and investigators spend their days moving between them. Our new book, 20 Things That Make the Complete AML System, is written to address exactly this. It sets out the essential building blocks of a modern AML framework and explains how screening, monitoring, investigations, reporting, governance, and technology combine into a single, defensible compliance environment rather than a collection of isolated tools. The book is not a theory piece. Each of the…

PolicyStreet’s Series C funding has reached US$26 million after BlueOrchard joined its cap table with a US$5 million investment. The company raised the initial US$21 million in April 2026 in what it described as Malaysia’s largest insurtech funding round. BlueOrchard invested through its InsuResilience Investment strategy. The impact investment manager is part of the Schroders Group. It joins existing PolicyStreet investors including Khazanah Nasional, Cool Japan Fund, Altara Ventures and Gobi Partners. PolicyStreet plans to use the funding to support its regional expansion, strengthen its technology and grow its embedded insurance partnerships. It will also develop solutions for the evolving…

Pos Malaysia has launched a Syariah-compliant digital gold platform that lets Malaysians start investing from RM10. Developed with Go Capital Growth Sdn Bhd, Pos ArRahnu Gold-i allows customers to buy, save and sell gold at real-time market prices. Users can also convert their digital holdings into physical gold or cash. The service is available through its website and participating Pos ArRahnu outlets nationwide. Customers can manage their holdings online and sell gold from a minimum threshold of 0.5 grams. “Through Pos ArRahnu Gold-i, we are making it easier for customers to start small and build their savings in a simple…

RHB Banking Group brought together more than 300 vendors and technology partners to discuss responsible AI and its digital transformation plans. The discussions took place during RHB Vendor Engagement Day 2026, which included representatives from Microsoft and Google. Microsoft and Google shared perspectives on responsible AI, cloud technology and emerging digital tools for financial services. RHB expanded this year’s programme beyond procurement to examine how AI, digital technologies and vendor collaboration could affect efficiency and business transformation. Vendors also received updates on the bank’s strategic priorities and upcoming transformation plans through discussions with senior management. “Banking’s future will be shaped…

Malaysian banks are adopting AI faster than they are building the controls to govern it, according to a new Asian Institute of Chartered Bankers (AICB) report. The study found that 92% of Malaysian banks and development financial institutions have begun using AI, mainly for onboarding, fraud detection, anti-money laundering and employee productivity. Higher-risk uses such as credit underwriting, pricing and regulatory reporting remain less common. Only 25% of respondents trusted AI-generated outputs enough to use them in key business decisions. The report was produced by the AICB, Ecosystm and the AICB Chief Risk Officers’ Forum. It surveyed 87 senior leaders…

GXBank has partnered with Firsty to offer mobile data for more than 120 countries through its app. Customers can purchase and activate international data plans before travelling without downloading another app or using a physical SIM card. The service expands the GXBank app beyond financial products as digital banks add services such as travel, insurance and connectivity to their platforms. “We built GXBank to make financial and banking needs more accessible and simpler for Malaysians, and that does not stop at the border. Partnering with Firsty means our customers can travel and spend anywhere in the world while staying connected…

Wahed has launched a fractional real estate investment platform in Malaysia, allowing retail investors to invest in residential property from RM500. The Shariah-compliant platform is operated by Wahed X Sdn Bhd, a registered market operator with the Securities Commission Malaysia. Wahed X is also part of the SC’s inaugural Regulatory Sandbox, which became operational in March 2026. Investors can review available properties, independent valuations, projected rental yields, expected holding periods and fees before choosing where to invest. Once a deal is funded, they receive fractional ownership based on the amount invested. Returns are expected to come from quarterly rental income…

RHB will launch a new Islamic credit card in October 2026, offering a 14% profit rate with no annual fee or compounding finance charges. The RHB Sinar Credit Card-i is aimed at customers looking for a simpler credit card for everyday spending, without premium rewards or lifestyle benefits. The card’s 14% per annum retail transaction profit rate is lower than the industry norm, which may reach 18% per annum, according to RHB. The product is built around basic credit card features to provide a more straightforward credit option. Dato’ Mohd Rashid Mohamad, Group Managing Director and Group Chief Executive Officer…

AEON Credit Service (M) Berhad reported a 20% rise in pre-tax profit for its first quarter, to RM130.9 million. The group’s share of AEON Bank losses narrowed to RM17.7 million over the same period, down from RM31.2 million in the preceding quarter. The results, for the quarter ended 31 May 2026, cover the first three months of AEON Credit’s financial year ending February 2027. Revenue rose 7.9% to RM647.6 million and net profit climbed 20.5% to RM93.4 million, which the group attributed to stronger loan and financing growth. Earnings came in at 18.64 sen per share. Digital Bank Losses Ease,…

Bank Negara Malaysia (BNM) says more than 70% of Malaysian financial service providers have implemented at least one AI application, raising fresh questions about governance and accountability. BNM Governor Abdul Rasheed Ghaffour told the inaugural AICB Nexus Conference in Kuala Lumpur that AI is already being used in financial services to detect fraud, assess credit and insurance risks, strengthen compliance, manage risk and improve customer service. He noted that adoption is accelerating across Malaysia’s financial sector, based on industry responses to BNM’s Discussion Paper on Artificial Intelligence in the Malaysian Financial Sector. So far, much of the focus has been…

Malaysia is reviewing tougher cybercrime punishments and possible refund routes for scam victims, according to a report by The Sun. The review could include whether caning should apply to certain cybercrime offences and whether victims of online scams should have a clearer path to recover stolen funds. The move reflects growing concern that many victims are left with little practical recourse once money has been transferred out of their accounts. Azalina Othman Said, the Minister in the Prime Minister’s Department for Law and Institutional Reform, framed the exercise as both a punishment and victim-support review. The Legal Affairs Division is…

The Philippines government is working with Malaysia’s Zetrix AI to build public blockchain infrastructure for digital credentials and other national applications. The project follows a memorandum of understanding between the Philippines’ Department of Information and Communications Technology, Zetrix Philippines and My Blockchain Infrastructure. My Blockchain Infrastructure is a joint venture between Zetrix AI and Malaysia’s national research and development agency, MIMOS. The parties will use the Zetrix protocol to implement and operate the Philippines’ public blockchain infrastructure. The platform will support government-issued digital credentials and other national applications, with early work also covering trade facilitation. Zetrix already serves as the…

Maybank Islamic will be rolling out a Shariah-compliant credit card with a fixed 14% profit rate and non-compounding charges. The Maybank Islamic Nadi Mastercard Credit Card-i will be open for applications in October 2026 through the MAE app, Maybank2u and Maybank branches nationwide. The card is aimed at Malaysians who want a simpler credit product for everyday spending. It comes with no annual fee and a fixed profit rate of 14% per annum. The fixed profit rate differs from tiered structures used by some credit cards, where rates can rise to 18% per annum. Cardholders will also have access to…

CIMB Islamic Bank will roll out the CIMB Lite-i credit card by October 2026 to widen access to affordable credit for everyday spending. The no-frills card is aimed at consumers who want a simple credit facility without premium rewards or lifestyle perks. It will have no annual fee, a 14% per annum profit rate across all tiers and a lower cash advance profit rate. The CIMB Lite-i card will follow a non-compounding profit structure, similar to its other Tawarruq-based Islamic credit cards. Customers will not be charged profit if they pay their full outstanding balance by the due date. The…