Malaysia will begin piloting MediAsas at the end of July as part of wider efforts to make private medical insurance and takaful more affordable. MediAsas is the new brand name for the Base Medical and Health Insurance and Takaful Plan, which is scheduled for nationwide rollout in January 2027. The initiative falls under the RESET framework led by the Joint Ministerial Committee on Private Healthcare Costs, co-chaired by Minister of Finance II Datuk Seri Amir Hamzah Azizan and Health Minister Datuk Seri Dr Dzulkefly Ahmad. Datuk Seri Amir Hamzah Azizan said, “Through broader eligibility criteria and distinct product features, MediAsas…
Author: Fintech News Malaysia
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Boost has upgraded its Boba AI platform to allow customers to complete banking tasks through chat and voice interactions. The fintech company is expanding Boba AI from customer support to task execution, enabling the platform to guide users through account onboarding and bill payments. The platform can guide users through opening a Boost Bank account, completing electronic know-your-customer verification and paying bills. According to the company, this setup is intended to reduce the need for users to navigate multiple screens or wait for human assistance during routine banking processes. “AI is moving beyond simply answering questions to actually getting work…
The Securities Commission Malaysia (SC) is seeking feedback on proposed reforms covering company secretaries, shareholder litigation, ownership structures and AI oversight. The SC corporate governance proposals are set out in a new consultation paper that builds on its December discussion paper and feedback from stakeholders. The proposals aim to strengthen accountability among governance gatekeepers, improve transparency among public listed companies, and support greater shareholder participation. SC Governance Proposals Cover Shareholder Rights, AI Oversight The SC plans to strengthen oversight of company secretaries through new requirements aimed at improving their professionalism and effectiveness in advising boards. It is also seeking views…
The Asia Fintech Alliance (AFA) has launched the inaugural Asia Fintech Alliance Awards. The programme is designed to recognise fintech companies with proven scalability and the potential to expand across 16 regional economies. Fintech Association of Malaysia (FAOM), as Malaysia’s AFA member, will nominate companies to compete for regional recognition. Each member organisation can nominate up to seven local businesses. The awards programme follows an invitation-based model. AWS Taiwan is providing technology advisory support, and EY Taiwan is serving as an advisor. A panel of venture capital investors and industry experts from across the region will evaluate the entries. The…
Fraud and AML in Asia have shifted over the past year. Alongside the system-level attacks that continue, panellists point to a growing move towards human compromise, scams that target the customer’s judgement rather than the bank’s defences. This LexisNexis Risk Ready 2026 panel, hosted by Vincent Fong of Fintech News Network, works through that shift from four angles, security, compliance, customer experience and payments, and asks what financial institutions should actually do about it. The conversation moves from how scams have become more personalised and harder to detect, to the awkward questions underneath them: who should be liable when a…
XTransfer has opened a new office in Malaysia. The cross-border payments company stated the expansion will position Malaysia as a strategic hub for its operations across Southeast Asia. The XTransfer Malaysia office launch follows the company receiving conditional approval from Bank Negara Malaysia (BNM) for key payment licenses in February. Upon completing pre-issuance conditions, XTransfer intends to roll out digital payment services tailored for Malaysian SMEs engaged in international trade. Representatives from major local financial institutions attended the opening ceremony. Attendees included Winnie Wong, Director of Financial Institutions Group at Maybank, Sylvia Wong, Regional Head at CIMB, and Daphne Yoo,…
Gopi Ganesalingam has stepped down from the Malaysia Digital Economy Corporation (MDEC) after 11.5 years with the national digital economy agency. In a LinkedIn post, he said he joined MDEC to help speed up Malaysia’s digital economy agenda and support the country’s push to become a stronger digital nation. His work at MDEC covered digital transformation, investment, exports, talent development and wider industry growth. Gopi added that Malaysia’s digital economy had grown from an emerging sector into an important part of national growth. The next phase, he wrote, would be shaped by Malaysia Digital 2030 and the country’s ambition to…
The Securities Commission Malaysia (SC) has appointed seven members to its Shariah Advisory Council for the 2026 to 2029 term. The term runs from 1 July 2026 to 30 June 2029 and includes one new appointment and six reappointments. Senator Dato’ Setia Dr Haji Mohd Na’im Haji Mokhtar has been newly appointed to the council. The reappointed members are Professor Dr Engku Rabiah Adawiah Engku Ali, Dato’ Dr Ashraf Md Hashim, Professor Dato’ Dr Asmadi Mohamed Naim, Dato’ Setia Dr Haji Anhar Haji Opir, Dr Marjan Muhammad and Burhanuddin Lukman. The SC Shariah Advisory Council was established on 16 May…
Communications Minister Datuk Fahmi Fadzil urged bank customers to lodge official complaints with BNM if they still incur the RM 1 ATM withdrawal fee, he told Bernama. Regulators encourage users to report these instances directly to the central bank for further regulatory action. Introducing a national fee waiver yesterday sparked these new regulatory guidelines. Bank Negara Malaysia will take subsequent action against any financial institution that fails to comply with the new mandate. Only automated teller machines owned and operated by banks participating in the shared network qualify for the waiver. Cash withdrawals can now be completed at these participating…
SME Bank has appointed Samad Majid Zain as CEO, effective 1 July 2026. Samad joined SME Bank as CFO in November 2021 and later served as Relief President and CEO during the bank’s leadership transition. Prior to joining SME Bank, Samad was Group COO of a local bank-backed investment bank. He began his career in external assurance at one of the Big Four audit firms before moving into management assurance at a local multinational conglomerate. He has more than 30 years of experience across finance, assurance, treasury, investment banking, corporate finance and operations. This includes more than 19 years in…
Flexi Parking’s app service is back online after a cyberattack disrupted parking payment services used by 64 local authorities nationwide. The company said some users may still face issues and asked them to contact its official messaging channel for help. Due to a high volume of enquiries, its support team is reviewing cases in stages. Users who need assistance should provide their registered phone number, vehicle plate number, issue details, screenshots if available, and any relevant payment or compound information. The outage left some motorists unable to pay for parking through the app. Selangor Menteri Besar Dato’ Seri Amirudin Shari…
Malaysian fintech Ascertain Group is expanding its financial infrastructure services into Indonesia, Oman, and India. The company is using a partner-led model to enter these new markets. It focuses on deploying its core banking and payment technology internationally. This move aligns with Malaysia’s broader ambition to strengthen its position as a regional hub for digital economy development and fintech innovation. “Our approach has always been to work alongside local partners who understand their markets best, while we bring our homegrown tech, expertise and innovation across borders,” said Rathnavel Anandhakumar, Group Chief Executive Officer of Ascertain Group. Partnering for local market…
E-wallet providers that fail to meet Bank Negara Malaysia’s fraud safeguards will have to fully reimburse scam victims within seven working days. The Star reported that Prime Minister Datuk Seri Anwar Ibrahim disclosed the requirement in a written parliamentary reply to Roy Angau Gingkoi (GPS-Lubok Antu), who asked about stronger protection for victims of e-wallet and online payment scams. The rule also applies when user negligence partly contributed to the loss. BNM is tightening consumer protection across digital payments as online banking and e-wallet use grows. Banks and eligible e-money issuers must follow several anti-fraud requirements. These include stronger transaction…
Fraud is no longer just a back-office concern, but a frontline business challenge As digital experiences accelerate and customer expectations rise, organisations are under increasing pressure to deliver fast, seamless onboarding while simultaneously protecting against sophisticated fraud attacks. The reality is clear: fraudsters are evolving faster than ever. From AI-driven identity manipulation to increasingly complex attack patterns across the customer lifecycle, today’s threat landscape demands a more strategic and adaptive approach to identity verification. The latest Identity Fraud Report provides a comprehensive look at how these trends are shaping the future of digital trust and what organisations must do to…
TNG eWallet users will soon be able to search Malaysian companies and download official SSM documents directly in the app. The service is being introduced through a collaboration between Raffcomm Group and TNG Digital, the operator of TNG eWallet. The integration will allow users to look up registered companies and businesses, as well as purchase documents such as company profiles, business information and financial statements where available. Raffcomm Group is an authorised SSM e-Info service provider and licensed Certification Authority, while SSM remains the official custodian of Malaysia’s corporate registry. Users previously had to access SSM e-Info through dedicated portals…
Prime Minister Anwar Ibrahim officiated the opening of Ant International’s new development centre in Kuala Lumpur. The Global Development Centre is located at The Exchange 106 in TRX. It will support Ant International’s work in AI, digital payments, SME digitalisation and financial technology. Ant International has around 1,500 fintech roles in Malaysia, with more than half in technology-related positions. About half of its local technology team are recent graduates from more than 30 Malaysian universities. The company plans to work with the government, the Ministry of Higher Education and local universities to support financial AI talent development through hackathons, training…
CTOS Digital has appointed Creador founder Brahmal Vasudevan as its chairman, effective 1 July 2026. Brahmal joins the board as a non-independent and non-executive director, according to a Bursa Malaysia filing. He founded Creador, a private equity firm, and has served as its Chief Executive Officer since 2011. Before Creador, Brahmal was General Partner and Managing Director at ChrysCapital Investment Advisor (S) Pte Ltd from 2000 to 2011. He also held roles in branding, consulting, marketing, strategy and business development across Southeast Asia and the United Kingdom. His earlier experience includes Malaysian Tobacco Berhad, The Boston Consulting Group International, British…
Bank Negara Malaysia (BNM) has set a 30 June 2028 deadline to phase out fragmented proprietary QR payment networks. The move falls under BNM’s new interoperable fund transfer framework, which is designed to keep Malaysia’s payment systems connected as digital transfers and QR payments become more widely used. Issued on 30 June 2026, the framework applies to banks, Islamic banks, development financial institutions, e-money issuers, payment system operators and merchant acquirers. What Changes for QR Payments in Malaysia Banks and eligible e-money issuers that use shared payment infrastructure must support interoperable QR payments. This will allow consumers to pay merchants…
Bank Negara Malaysia (BNM) has opened applications for its latest Green Lane sandbox cohort, giving eligible financial institutions until 31 July 2026 to submit fintech testing proposals. The application window, which opened on 1 July, is aimed mainly at licensed financial institutions, including banks, development financial institutions, insurers, takaful operators and money services businesses. BNM introduced the Green Lane in 2024 as an accelerated track for financial institutions with strong risk management, governance and compliance capabilities. The track is meant to help eligible institutions test financial technology solutions that may face regulatory barriers, while still operating within BNM’s sandbox safeguards.…
AEON Bank has added two Shariah-compliant financing products for companies seeking growth funding and working capital. The digital Islamic bank introduced Term Financing-i and Working Capital Financing-i under AEON Bank Biz, its business banking vertical. Both facilities are based on the Shariah principle of Murabahah via Tawarruq. Term Financing-i is aimed at medium to long-term business needs such as growth projects, asset purchases and infrastructure expansion. The facility offers repayment tenures of up to 60 months, requires no collateral, and has no hidden charges on application or utilisation. Approved funds are disbursed into the customer’s AEON Bank Biz Business…