Neosurance and KLCC Runners Group have signed a Memorandum of Understanding for the distribution of microinsurance to KLCC Runners Group growing community members. The microinsurance product will be provided ad hoc by a leading reinsurer and insurer who will be disclosed later, together with the price and features of the microinsurance. The InsurTech sector has already seen investment deals of more than $2B in 2016 and the growing trend is expected to continue in the coming year. Interest in the InsurTech industry has increased significantly over the last few years, reaching a media coverage 8 time higher and an investment…
Author: Fintech News Malaysia
Author
“I always been passionate of improving road safety and we were thrust into action by the tragic death of a schoolmate earlier this year. My friend and his brother were killed in a road accident, and I still remember how inconsolable the mother was when burying her two sons. Malaysia has an average of more than 6,800 deaths caused by road accidents from 455,000 accidents each year – statistics by Malaysian Institute of Road Safety Research (MIROS).” said Koh Mui Han, CEO of DraVA “Shanmuga Pillaiyan (DraVA CTO) and I came together to develop an app to provide insights to…
Jack Ma, the founder and executive chairman of Alibaba Group, has been appointed as Malaysia’s digital economy advisor as the government looks to boost the country’s e-commerce and Internet sector, and create new opportunities for Malaysia. Prime minister Datuk Seri Najib Tun Razak announced the appointment of Ma on November 04 during a week long visit to China for the launch of the Alitrip Malaysia Tourism Pavilion, an e-commerce platform that seeks to attract Chinese travelers to browse Malaysia’s tourism products. “We will be in partnership with Jack on the path and route to the future,” Najib said, as quoted…
Securities Commission Malaysia (SC) introduced six registered Peer-to-Peer (P2P) financing platform operators in Malaysia to widen funding avenues for small and medium enterprises (SMEs). The six registered operators are B2B FinPAL, Ethis Kapital, FundedByMe Malaysia, ManagePay Services, Modalku Ventures and Peoplender. They are expected to be fully operational in 2017. This makes Malaysia the first country in the ASEAN region to regulate P2P financing. SC was also the first to put in place a regulated framework for equity crowdfunding (ECF) in 2015. As of October 2016, 11 Malaysian SMEs have raised a total of RM8 million via the six ECF…
Securities Commission Malaysia has awarded 6 P2P licenses, one of which is the world’s first license for Shari’ah-compliant P2P. This license was awarded to EthisKapital.com, which will be focused on funding small businesses, and real estate development projects. The team is spearheaded by Umar Munshi, a technology entrepreneur, supported by former senior World Bank and Barclays Bank executives. Islamic Crowdfunding has been a hot topic in the Islamic Finance world – a recent point of focus among industry leaders and academics over the past year. Crowdfunding is estimated to reach a funding volume of USD100billion this year, and is very…
A new association has been formed earlier this month in Malaysia to represent the fintech scene and push the country into becoming a leading hub. This followed a set of initiatives that have been launched in Malaysia in recent months with an aim to foster the nation’s fintech sector. Initiated by a group of entrepreneurs, founders, enthusiasts, community leaders and government agencies, Fintech Association of Malaysia (FAOM) aspires to be the key enabler and a national platform for fintech. The organization said it will help facilitate collaboration between fintech stakeholders in Malaysia, build awareness and trust in fintech startups, and…
Bank Negara Malaysia today issued details of Fintech Regulatory Sandbox Framework following a one month consultation on the proposed Framework which was released on 29 July 2016. The regulatory sandbox will enable the experimentation of fintech solution in a live environment, subject to appropriate safeguards and regulatory requirements. Over 60 comments and suggestions were received from various stakeholders including financial institutions, fintech companies, associations and other corporates. Following the comments and suggestions received, the Bank has expanded the eligibility criteria to clarify the focus of innovations that the sandbox aims to support. Innovations should have clear potential to: i. improve the…
Finnext Capital , an innovation ecosystem enabler announced a partnership with Cyberview, to develop Finnext Accelerator, which is a collaborative effort between government, corporates, entrepreneurs and venture capitalists to accelerate and nurture Fintech and IoT focused tech startups. Selected startups will work closely with the ecosystem players and leverage on technology and resources to implement their services at Cyberjaya which is poised as the leading Smart City in this nation. Finnext Accelerator will host batches of up to ten (10) teams over ten months in Cyberjaya, Malaysia to prepare startups to be accelerated and investment ready by providing…
Fintech News will update you once again about the most anticipated Fintech events in Asia in the second half of 2016. These events vary from Fintech in general, Lending, Digital Finance, Customer Experience, Mobile Payments, or IOT, which gather top industry leaders and experts to share experience, knowledge, case studies and network. Check out the list below and find out the most anticipated Fintech events in Asia for the second half of 2016. And make sure you will not miss out the special offers for specific events, exclusive for Fintech News readers! Lang Di Fintech Conference 2016 July 17-18, 2016, Shanghai…
Malaysian startup CurrenSeek is a location-based currency exchange app that helps travellers compare and locate the moneychangers with the best rates. The company claims that travellers can save up to 200% of their travel money using the service. Created by Intuitive Asset Sdn Bhd, CurrenSeek was launched in April this year and lets you discover and compare street rates – not wholesale inter-bank rates – and is social media friendly, meaning that you can share these rates, locations and directions to your friends. How it works When you open up the app, a map shows you the various exchanges…