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…
Author: Fintech News Malaysia
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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…
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…
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…