Microleap PLT, a P2P (Peer-to-Peer) financing operator which manages microLEAP, has partnered with boutique Shariah advisor, Masryef Management House, to launch its Shariah-compliant investment notes. Based on principles of Commodity Murabahah, Masryef Management House ensures that the Islamic funds raised on microLEAP’s platform adhere to ethical and Islamic teachings and that they are compliant with the resolutions issued by the Shariah Advisory Council of the Securities Commission of Malaysia. “We have worked together with microLEAP and our Shariah Supervisory Board to ensure that its Islamic Investment Notes are compliant with resolutions issued by the Shariah Advisory Council of the Securities…
Author: Fintech News Malaysia
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JCB, Japan’s international payment brand, is leveraging Malaysia’s Soft Space’s technological expertise to develop the Tap on Mobile programme that capitalises on the wide availability of Android smartphones equipped with NFC (near-field communication). The programme enables merchants to accept card payments by simply having their customers tap their card on the merchant’s mobile phone. This expansion is consistent with a previous statement to Fintech News Malaysia by Soft Space’s CEO Joel Tay which he shared that the company has their eyes set on Japan where they can leverage off their existing relationship with Sumitomo Mitsui Card. JCB Contactless card or…
Sunway Berhad, via its 100% owned subsidiary, Sunway Holdings, is acquiring a 51% stake in Credit Bureau Malaysia. Upon completion of the acquisition, Credit Guarantee Corporation Malaysia Berhad (CGC) and Sunway Holdings will be the two shareholders of Credit Bureau Malaysia. With this acquisition, Sunway enters the race for Malaysia’s virtual banking license, which has been delayed recently due the COVID-19 disruptions. “The acquisition will enable us to advance our ambition of building a financial technology ecosystem and securing a digital banking license, in order to promote financial inclusion for Malaysians and small and medium enterprises (SMEs) aligned with the…
Alibaba Cloud, the data intelligence backbone of Alibaba Group, today launched a Global SME Enablement Program to provide cloud technology relief worth more than USD 30 million to new and existing small and medium-enterprise (SME) customers around the world and equip them with the solutions needed to maintain business continuity amid the COVID-19 pandemic. Under the program, new SME customers worldwide can apply for the relief between now and June 22 to start using a portfolio of proven solutions from Alibaba Clouds. The portfolio consists of a support package with 12 key products, including Elastic Compute Service (ECS), which powers…
FOMO Pay, Singapore-based digital payment and digital banking solution provider, partnered with OCBC Malaysia to develop OCBC OneCollect as its first merchant cross-border QR code collection service. This service allows any account holder of Singapore’s PayNow participating banks to make Singapore Dollar payments to eligible merchants in Malaysia via direct QR code payment through OCBC OneCollect. This project follows the opening of FOMO Pay’s new office in Malaysia, Kuala Lumpur. In their media statement, they said that the decision to open an office in Malaysia ties in with the company’s expansion strategy to focus on ASEAN and other emerging economies…
Following the outbreak of COVID-19 pandemic, the Personal Protective Equipment (PPE) used by frontline personnel was reported to upsurge by two to ten times, resulting in a major shortage of PPE supply. In response to the distress over the PPE shortage in Malaysia, AXA AFFIN Life Insurance Berhad as part of its Corporate Responsibility programme, is organizing a crowdfunding campaign namely – AXA AFFIN “Smash the Curve” COVID-19 Fund Raising Campaign. Running from now up till 15 May, 2020 via a crowdfunding platform – PitchIN, this campaign aims to raise RM150,000 collectively. The funds will be used to procure the…
The importance of the gig economy has always seen a steady growth trajectory, but nothing has made its importance clearer to everyone than the COVID-19 pandemic — from delivering essential services to providing side income for those affected. Which is why it is urgent for us to look into how fintech and innovative digital solutions can help protect the gig economy workers. In contrast to the traditional economy set-up, the gig economy is characterised by flexible, temporary, or freelance jobs with irregular income and working hours. Fueled by the digital revolution in recent years, the growth of the gig economy…
In a media statement issued on Wednesday, Johor’s Chief Minister Datuk Haji Hasni Mohamad announced the state government’s intention to launch its own digital bank. This announcement is made against the backdrop of Bank Negara’s upcoming digital banking framework which has been delayed due to disruptions brought on by COVID-19. The Chief Minister further stated that the establishment of a digital bank will create a more inclusive financial ecosystem for its citizens. He further noted the growth potential of digital banks and the fintech sector and added that the state government should seize the opportunity. Similarly, the Sarawak state government…
BIMB Investment Management Berhad (“BIMB Investment”), a wholly-owned subsidiary of Bank Islam Malaysia Berhad, today announced the launch of BEST Invest online investment mobile application (BEST Invest app), what they described as its “first Robo-Intelligence Sustainable Shariah-ESG investing online platform.” In their media statement, the company said that the BEST Invest app provides convenience and efficiency for individuals to build wealth. BEST Invest app offers a systematic, transparent and structured construction and building of wealth for individuals through investing in robo-intelligence and big data technology platform. BEST Invest offers a suite of BIMB Investment’s Shariah-ESG unit trust funds across asset…
The Malaysia Digital Economy Corporation (MDEC) today announced a partnership with seven crowdfunding operators to help entrepreneurs tide the economic challenges brought on by the COVID-19 onslaught. This announcement follows another partnership that MDEC has done with crowdfunding platforms to raise funds for COVID-19 frontliners. According to a recent survey by The Malaysian Global Innovation and Creativity Centre (MaGIC) involving 239 startups, 35.1% of the respondents said they needed loans, 23.8% asked for grants or subsidies and 3.8% asked for deferment in repayments. “We are also made aware that 74.9% of the survey respondents indicated that they were unsure…
Between 21 to 31 March 2020, Malaysians contributed a total of RM258,921.30 to the ‘Tabung COVID-19 by Boost’ fund to aid front liners in the fight against the COVID-19 pandemic. These donations have been channeled to the Ministry of Health’s (MOH) special COVID-19 fund to purchase medical equipment, medicines, reagents, disposable items, and other medical necessities such as Personal Protective Equipment that are vital for medical workers to contain the novel coronavirus. Donations continue to pour into the fund. As of 5 April, total contributions have exceeded RM300,000 and continue to grow. Expressing his gratitude, MOH Secretary-General Dato’ Seri Dr.…
Rakuten Trade, a fully digital equities broker reported a surged in user base during the Movement Control Order (MCO) Period. The equities broker said in a media statement that they saw over 11,000 new accounts activated in March, a 100% month-on-month growth — with more that 64% of them done during the first phase of the MCO. Mr Kaoru Arai, Managing Director, Rakuten Trade, said, “We attribute the high volume of appeal to many now working from home and other brokers still requiring some form of face-to-face contact. In view of this, we see many investors opting for a ‘zero…
Despite the gloomy climate brought on by the COVID-19 outbreak, insurtech startup PolicyStreet is looking to fundraise through Equity Crowdfunding via pitchIN. In their statement, PolicyStreet shared that the insurance sector is seeing a “buzz of activities and has a positive outlook” and that it has ” heightened sense of urgency to protect their lives and health” for more people PolicyStreet is the only homegrown insurtech awarded the Financial Adviser and Islamic Financial Adviser approval by Bank Negara Malaysia, which has enabled them to work with over 34 insurance and takaful providers in Malaysia and offer more than 1,000 products.…
IDC Financial Insights today released the 2020 update of its FinTech Fast 101 research which details a list of fast-growing fintechs in Asia/Pacific excluding Japan (APEJ) from 11 key markets. IDC’s FinTech Fast 101 research refers to fast-growing fintech players based on extensive on-ground analysis of fintech players from China, India, Indonesia, Singapore, Hong Kong, Thailand, Malaysia, the Philippines, Vietnam, South Korea, and Australia. All the Malaysian companies featured in IDC’s list were also featured in our Top 20 Fintech in Malaysia list as well 5 Fast Growing FinTechs in Malaysia BOOST Boost is a popular e-wallet brand operated by…
Funding Societies, P2P financing platform, is stepping up efforts by offering deferment or rescheduling options to help tide small and medium-sized enterprises (SMEs) over as they face challenges brought on by the coronavirus (COVID-19) outbreak. Following first quarter of 2020, the outbreak has already caused a further economic challenge, placing additional pressure on companies that were already faced with an uncertain business outlook. Among these businesses, SMEs especially are the most vulnerable as they struggle in managing their cash flow, inventory and distribution of goods and services during this trying time. The customized deferment or rescheduling option will provide cash…
SINEGY announced today that they have been granted full approval by the Securities Commission Malaysia to operate its Digital Asset Exchange (DAX) platform in Malaysia. SINEGY is a homegrown crypto exchange based out of Penang, and they were also previously included in our list of top 20 fintechs in Malaysia. This announcement follows their initial conditional approval granted to SINEGY as a Recognised Market Operator (“RMO”) announced on the 4th June 2019. As part of the Company’s relaunch efforts, they will be introducing a brand-new corporate identity including Marketplace, the DAX platform which allows for the trading of Bitcoin and…
While most Malaysians are practising social distancing and working from home due to the COVID-19 outbreak, our healthcare frontliners are braving risks to their health by battling against the COVID-19 virus to safe lives. These heroes are making personal sacrifices to serve our fellow Malaysians during a very difficult time. Malaysia Digital Economy Corporation (MDEC), as part of its Community Responsibility programme, has taken the lead to convene and drive the digital crowdfunding platforms to raise funds for our frontliners to protect themselves against the spread and impact of the pandemic. The participating crowdfunding platforms include Global Sadaqah, pitchIN and…
GHL Systems Berhad (GHL) and its online payments arm, GHL ePayments Sdn Bhd (eGHL), announced the launch of a brand new service to help physical businesses and shops get online and e-commerce ready in 3 days. The GHL group said that it is cognizant that daily business operations for many have been adversely affected during the COVID-19 epidemic, and hence is doing its part in helping SME businesses stay open, 24/7. eGHL SWIFT is a new offering for businesses, especially those who are traditionally based in a physical shop to move online, and to remain open. eGHL SWIFT is said…
Labuan International Business and Financial Centre, Labuan IBFC’s financial services and intermediation community have come together to assist local authorities in relief efforts via the pooling of resources. Labuan IBFC’s Cross-Industry Group comprising of all the industry associations representing licensed entities in the jurisdiction has led the formation of a pool fund, focused on providing relief to frontliners and those less fortunate in Labuan. This Cross-Industry Group consists of Labuan Financial Services Authority, Labuan International Insurance Association, Association of Labuan Banks, Association of Labuan Trust Companies, Labuan Investment Banking Group and the Labuan Fintech Association. The Labuan IBFC Community is…
Amid the outbreak of COVID-19 in Malaysia, foodpanda has partnered with insurrtech PolicyStreet to provide additional coverage for to provide riders with additional financial support totalling to approximately RM200,000. This means that, any delivery partner who tests positive for the virus will receive an additional RM1,000 from this initiative. And, should anything untoward happen, a death benefit of RM5,000 will also be paid out to the next of kin upon the death of a delivery partner from COVID-19. This follows their earlier initiative to provided financial support to delivery partners impacted by COVID-19. Under the financial assistance measures rolled out…