Author: Fintech News Malaysia

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…

Saxo Markets, a fintech focused on multi-asset trading and investment, today announces the launch of Malaysian equities on Saxo platforms via Bursa Malaysia. With this made available, Saxo clients can now access over 400 Malaysian stocks and ETFs for online trading, across sectors such as technology, electrical and electronics (E&E), and commodities, according to their media statement. They further added that, Saxo clients can benefit from even greater choices when they trade and invest with Saxo. With the addition of Bursa Malaysia, Saxo expands its already broad range of products, now covering 37 global exchanges and over 40,000 products. They…

Homegrown e-wallet Boost today announced the introduction of Tabung COVID-19 by Boost, a donation fund to help ease the burden of those directly impacted by the coronavirus pandemic in Malaysia. This news follows the group’s launch of RM 150 Million fund to aid Micro SMEs impacted by COVID-19 Mohd Khairil Abdullah, CEO of Boost shared that the Tabung COVID-19 by Boost was created so Malaysians can easily channel their support through their e-wallets where Boost would then deploy the funds to the appropriate beneficiaries fighting the deadly virus. “There are many unsung heroes in the medical profession who are working…

Axiata Group alongside its subsidiaries edotco and Axiata Digital announced the launch of a RM 150 Million cash funds to provide financial assistance to micro-SMEs. Axiata’s COVID-19 Assistance Program includes an initial contribution of RM20 million from the Ministry of Finance. The COVID-19 Assistance Program serves as a direct and urgent intervention by Axiata to give immediate assistance to micro-SMEs facing financial difficulties arising from the unprecedented COVID-19 pandemic and the subsequent Movement Control Order (“MCO”) issued by the Government of Malaysia which saw the closure of all non-essential businesses. Under the current challenging conditions, micro-SMEs, which easily make up more…

Across Asia-Pacific (APAC), regulators are opening up their markets to new entrants that promise to transform the traditional banking model. By leveraging digital platforms and cutting-edge technologies, virtual banks aim to offer more affordable and convenient banking services, and reach the unbanked and traditional underserved markets. But as virtual banks are poised to transform the banking sector, their arrival is also introducing new risks related to cybersecurity and identity fraud, according to a new report by Jumio, an online payments and identity verification company. Cybersecurity risks and fraud on the rise In a report titled How eKYC is Streamlining Digital…

The novel coronavirus, now known as Covid-19, was first discovered in the city of Wuhan, China, in December 2019. In the short span of three months, it has spread like wildfire. Concerned by the alarming levels of spread and severity, the World Health Organization (WHO) has declared Covid-19 as a pandemic. In Malaysia, the country’s first recorded case was in January and the number has recently placed it as the most affected country in South East Asia. As a result, the government has implemented a nationwide movement control order that limits public movements as an effort to curb the spread…

BigPay,  announced today its participation in the DuitNow eco-system operated by Payments Network Malaysia (PayNet).  BigPay users will soon be able to use DuitNow for instant domestic money transfers. In addition, BigPay customers will be able to use DuitNow QR, Malaysia’s national QR code standard, for payments at merchants. “With BigPay’s entry into the DuitNow eco-system, consumers and merchants in Malaysia will reap the benefits of more merchant acceptance points and wider customer reach as the eco-system continues to grow”, said Peter Schiesser, Group CEO of PayNet. With DuitNow, BigPay users will be able to safely and…

CIMB today announced that Tengku Dato’ Sri Zafrul has resigned as its Group CEO and CEO of CIMB Bank Berhad with immediate effect. This announcement came shortly after Tan Sri Dato Haji Muhyiddin Yassin announced Malaysia’s Cabinet line-up which included Tengku Dato’ Sri Zafrul as the Minister of Finance. Tengku Dato’ Sri Zafrul has also resigned from all other board positions on the same date. The Chairman of CIMB Group Holdings Berhad, Datuk Mohd Nasir Ahmad said, “Tengku Zafrul has served the Group for six years, when he re-joined in 2014. He has done an outstanding job, shaping CIMB’s transformation…

hoolah, a Singapore based company, has finalized a commitment for an eight-figure Series A investment round, led by Allectus – a VC, part of the $30bn PE firm ICM, who are focused on disruptive technology companies. Joining the round are Singapore based iGlobe Ventures, who participated in hoolah’s seed round, and a variety of newcomers, including Genting Ventures, Max Bittner, the former group CEO of Lazada and Tim Neville, the CEO of FNZ – a global FinTech firm responsible for over 330 Billion pounds of assets under administration. “We were delighted to invest in hoolah. The team has delivered some…

Luno, a digital asset exchange license by the Securities Commission Malaysia announced today the that Ripple (XRP) will be made available on their cryptocurrency exchange platform starting tomorrow, 3rd March 2020. In Malaysia, the platform currently only allows the trade of Bitcoin (BTC) and Ethereum (ETH), citing the growing demand Ripple, Luno said it decided to introduce this digital asset to the platform. Ripple (XRP) the third-largest digital asset with a current market value of US$12.5 billion. Marcus Swanepoel, Luno CEO, commented: “We have always limited the number of coins we offer, only listing digital currencies which have liquidity, are…

Boost together with Prudential announced a joint initiative to help protect Malaysians by providing free COVID-19 coverage exclusive to Boost users. Between 24 February 2020 to 30 April 2020, verified premium Boost users who are not existing Prudential and Prudential BSN Takaful customers will be eligible to enrol for Group Term Life Insurance coverage worth RM5,000 for free if diagnosed at one of the 26 hospitals designated by the Ministry of Health. To enrol for the free Prudential Life Insurance with special COVID-19 coverage, verified premium users simply need to tap on the ‘COVID-19 Coverage’ tile in the Boost app…

Merchantrade announced today that their multicurrency e-wallet has obtained regulatory approval to increased its wallet size from RM 10,000 to RM 20,000. Their VISA enabled multicurrency e-wallet was launched in January 2018, and it is primarily used travellers to exchange foreign currency and spend said currency using the VISA card that comes with the e-wallet. In comparison, its closest competitor BigPay operates at the wallet-size limit of RM 10,000. Merchantrade said that the new wallet size is expected to take effect before the end of Q2 2020. Merchantrade Founder and Managing Director Ramasamy K Veeran said the increase is yet…

The Securities Commission Malaysia (“SC”) and Bursa Malaysia Berhad (“Bursa Malaysia”)  announced Tuesday that Bursa Malaysia will establish a wholly-owned subsidiary (“Bursa RegSub”) to assume the regulatory functions currently undertaken by Bursa Malaysia. SC’s chairman, Datuk Syed Zaid Albar shared in a media statement that SC and Bursa Malaysia have been working closely to further enhance the governance structure of the exchange by segregating its regulatory functions from its commercial objectives. In doing so they aim to address the perception of potential conflicts between these two roles. “ The Bursa RegSub will be governed by a board of directors, a…

Dapat Vista, Bank Islam, and Bank Mualamalat inked an agreement on Wednesday to launch a digital bail payment solution, eJamin. The solution is said to be the first digital bail payment solution in Malaysia and South East Asia. Dapat Vista is homegrown payment company who is known for launching their government e-payments service, MyPay just last year. The eJamin solution allows bailors to post bail digitally. Bailors will no longer be required to go through the lengthy and time-consuming process of traveling between the court and the bank to open a surety account. eJamin allows bail payment to be made…

GHL Systems Berhad (GHL) and Aspirasi, a digital financing platform and fintech provider under Axiata Digital have formed a partnership to provide SMEs and micro-entrepreneurs in the country with digital access to GHL’s new financing business. This news follows their announcement of receiving operating licenses in Malaysia and Thailand to provide lending services. The collaboration aims to narrow the financial inclusion gap for the underserved community by tapping into Aspirasi’s platform which offers a fully digital and complete financing application journey, covering on-boarding and merchant scoring. GHL will market its financing solutions to its existing merchant base with collection managed…