Author: Fintech News Malaysia

87% of GXBank’s small-business borrowers had never held a loan before. Deputy CEO Hildah Hamzah explains how the bank reaches them and still makes money. Hildah Hamzah is Deputy CEO and COO of GXBank, Malaysia’s first digital bank. She joined as employee number three and helped grow the team to around 400 people, with the bank focused on serving the B40 and M40 segments. She sat down with Fintech News Network to talk through whether digital banks have delivered on the financial inclusion they promised. In this episode: How 87% of its MSME borrowers were new to credit, and the…

PeerHive has shut down as former co-founder and CEO Vincent Yeo moves on to a new credit-focused role at TEIZA. PeerHive was a fintech startup working on a decentralised lending platform using blockchain technology and smart contracts. The company was one of six firms selected for the first cohort of the Securities Commission Malaysia’s regulatory sandbox in November 2025. PeerHive was chosen under the sandbox’s alternative financing focus area. The sandbox was set up to allow firms to test new capital market solutions in a controlled environment. Participants were expected to run their tests over about 12 months, with two…

Malaysia is experiencing unprecedented growth in cloud, AI and digital infrastructure  investments.  Global technology providers have committed billions of dollars towards establishing cloud  regions, data centres and AI capabilities in the country. Combined with the government’s  National Cloud Computing Policy (NCCP), these investments are reinforcing Malaysia’s  ambition to become a leading regional digital hub.  Cloud adoption is no longer a future aspiration. It is becoming the foundation of Malaysia’s digital economy.  Yet as organisations embrace multiple cloud platforms and hybrid environments, a new  challenge is emerging.  The question is no longer whether organisations should move to the cloud.  The question…

Malaysians can now use Semak Kasih to check whether deceased loved ones left behind family takaful or life insurance benefits. The centralised online portal was developed by the Malaysian Takaful Association (MTA) and the Life Insurance Association of Malaysia (LIAM) under the purview of Bank Negara Malaysia. Semak Kasih allows members of the public to check whether a deceased family member had a family takaful certificate or life insurance policy with participating takaful operators and life insurers. The portal is intended to help families who are unsure which takaful operator or life insurer to contact after a death. Users can…

Maybank is working with Evooq to make its wealth advisory teams more data-driven, as banks look to bring AI deeper into client servicing, The Edge reported. The Swiss wealth technology provider will support Maybank’s regional wealth management business through Advisor Assist, an AI-powered platform built on Evooq’s technology. The tool will help relationship managers review client portfolios, assess risk and identify possible next steps for clients. It will also give Maybank’s wealth teams access to portfolio data, investment opportunities and advisory insights through a single platform across key markets. Alice Tan, Maybank’s head of group wealth management, said the collaboration…

TNG Digital has launched Amanah Saham Bumiputera (ASB) Financing on its TNG eWallet in collaboration with CIMB Islamic Bank, marking the platform’s first Islamic financing product. The facility is particularly aimed at improving accessibility for Bumiputera users. It helps them build long-term wealth through structured monthly payments, rather than requiring a large upfront capital commitment. Bumiputera users currently make up 70% of TNG eWallet’s Amanah Saham Nasional Berhad (ASNB) investor base. This demographic also contributes 52% of the total investment value on the platform. Since integrating ASNB services in 2023, TNG eWallet has reported a 44% year-on-year increase in active…

Bank Negara Malaysia (BNM) imposed a RM520,000 fine on AEON Credit over failures tied to targeted financial sanctions checks. The action followed an on-site supervisory examination, which found that AEON Credit had onboarded a customer listed as a specified entity under Malaysia’s Domestic List. As a reporting institution, AEON Credit must reject potential customers who match names on the Domestic List or the United Nations Security Council Resolutions List, and freeze their funds once their identity is confirmed. BNM found that AEON Credit failed to reject the customer despite a positive match and delayed freezing the account after confirmation. The…

AEON Bank plans to tap AEON Credit’s customer network to grow financing disbursements after spending two years building its digital banking infrastructure. According to The Edge, AEON Credit Service (M) Bhd CEO Daisuke Maeda said the group expects the digital bank’s losses to ease in FY2027. The bank has completed much of its early setup work, including the development of its core banking system. Its next priority is to grow assets and financing income by reaching customers across AEON Credit’s ecosystem. This includes hire purchase customers, dealers, SMEs and micro-SMEs. AEON Co (M) Bhd’s retail operations could also give the…

Malaysia is bringing regulators, government agencies and industry leaders into a new panel to sharpen its Islamic finance agenda. Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) held the first meeting of the Malaysia International Islamic Financial Centre Advisory Panel, known as MAP. MAP was set up as an inter-agency advisory and consultation platform to support Malaysia’s position as a global Islamic finance marketplace and international gateway. It will provide strategic guidance to the MIFC Business Network, an industry-led platform focused on Malaysia’s Islamic finance agenda and business development efforts. Guiding Malaysia’s Islamic Finance Agenda The panel will…

Rapid KL has added its RM150 monthly travel pass to TNG eWallet, giving commuters a digital option for buying and activating unlimited travel. The Rapid Bulanan digital pass offers unlimited rides for 30 consecutive days across Rapid KL’s network, including the LRT, MRT, Monorail, BRT Sunway, Rapid KL buses and MRT feeder buses. The pass is available to both Malaysians and non-Malaysians. This differs from the My50 pass, which is only offered to Malaysian citizens. With the new digital option, users no longer need to queue at station counters to activate or renew the pass. The process can be completed…

Malaysia Digital Economy Corporation (MDEC) has appointed Ganesh Kumar Bangah as its new chairman. Ganesh was an independent director at MDEC from February 2025 before taking on the chairman role in June 2026. He is the founder and executive chairman of Commerce.Asia, and also serves as chairman of Xamble Group and independent director at Payments Network Malaysia (PayNet). Ganesh has held several roles in Malaysia’s technology sector, including as co-founder of MOL AccessPortal, which later became part of MOL Global. He was also involved in Friendster after its acquisition by MOL. He previously served as chairman of PIKOM, the National…

CIMB has launched an emissions advisory service for SMEs and mid-tier firms preparing for tighter climate disclosure rules. The service, offered under CIMB’s GreenBizReady proposition, helps businesses measure greenhouse gas emissions and identify steps to reduce them. Smaller companies may face growing requests for emissions data from larger corporate customers that need to report supply chain emissions under Malaysia’s National Sustainability Reporting Framework. The Companies Commission of Malaysia has also proposed mandatory Scope 1 and Scope 2 greenhouse gas disclosure requirements for some non-listed companies, including those with annual revenue above RM15 million. Businesses may finance selected initiatives through CIMB’s…

Ryt Bank has restructured its deposit yields by reducing its base savings rate from 3% to 2.05%, according to an in-app customer notice effective 18 June 2026. The digital banking platform notified users that the revised Ryt Bank interest rate maintains a maximum return of 4% strictly through a new bonus campaign structure. Customers previously earned a 3% base yield alongside a 1% bonus component. The updated framework shifts the balance to a 2.05% base alongside a higher 1.95% bonus requirement. The official application update also directed users seeking higher yields to explore the Ryt Invest feature for potential returns…

Generali has partnered with AmanahRaya to launch Gen Sinar, an affordable personal accident insurance plan aimed at providing financial protection to underserved families. The initiative is a purpose-driven social protection programme. It aims to improve financial resilience among underserved households, particularly by safeguarding children’s education. The launch event took place at Kompleks Komuniti Muhibbah, drawing community leaders, local residents, and industry representatives. Gen Sinar costs RM91.28 for the first year and RM59.40 for subsequent years, inclusive of stamp duty and 8% service tax. In the event of a fatal accident or permanent disability, the plan provides an immediate lump sum…

CIMB Bank has introduced a First Car Solution for young Malaysians buying their first vehicle, with financing, protection and road tax support in one package. The programme is aimed at first-time car owners aged 18 to 30. It combines vehicle financing with insurance and takaful protection, Purchase Price GAP insurance and CIMB credit card benefits. It also includes two years of complimentary road tax renewal worth RM240. CIMB said this makes it the first bank in Malaysia to offer the road tax renewal facility. The package is designed to help younger buyers manage both upfront and ongoing costs. Its protection…

PayNet Chief Marketing Officer Gary Yeoh is set to step down from his role at the end of June, Fintech News Malaysia has learned from reliable sources. His last day at PayNet is understood to be 30 June 2026. Gary joined PayNet as Chief Commercial Officer for close to two years before later taking on the CMO role. During his tenure, he helped expand PayNet’s engagement beyond banks and licensed financial institutions to include fintech companies, technology providers, corporates and other industry partners. He was also involved in establishing functions covering cross-border payments, strategic partnerships, fintech development and ecosystem engagement.…

UOB Malaysia has expanded its Privilege Banking offering as it targets twice as many affluent customers by 2028. The bank’s invested assets under management in its affluent wealth business have grown 30% since 2024, driven mainly by its fixed-income solutions. It has also seen more affluent customers move a greater share of their savings and investable assets into investment products. UOB Group manages S$210 billion, or about RM653 billion, in assets across its retail banking business. Elaine Fan, Country Head of Personal Financial Services at UOB Malaysia, said, “Malaysia’s investment culture is evolving rapidly, and there remains a clear gap…

Alexander Wong Tuck Meng has been appointed Chief Executive Officer (CEO) of KiplePay. Wong will lead the company as it focuses on strengthening its existing business and developing new payment and financing solutions for Malaysian companies. “My focus is straightforward. Strengthen what we already do well, build the next generation of payment and financing solutions for Malaysian businesses, and do it with discipline and sound governance,” he said in a LinkedIn post. KiplePay is a licensed e-money and payments infrastructure provider regulated by Bank Negara Malaysia. The company operates the Kiple e-wallet and provides payment services to businesses and institutions.…

Banks in Malaysia will no longer charge a RM1 fee for interbank cash withdrawals at ATMs and Smart Recycler Machines from 1 July 2026. The waiver will cover Malaysian debit cardholders using machines operated by any bank in the country, giving them free access to more than 14,000 locations nationwide. The move was announced jointly by the Association of Banks in Malaysia (ABM), the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), and the Association of Development Finance Institutions of Malaysia (ADFIM). The initiative is being implemented with Payments Network Malaysia Sdn Bhd (PayNet). The banking groups said the…

OCBC Malaysia is using Singpass to simplify account applications for business owners from Singapore, extending the option to both citizens and permanent residents, according to The Edge. The move targets companies with links to both sides of the Causeway, as more Singapore-based entrepreneurs look to set up or grow operations in Malaysia. The process allows the bank to verify applicants remotely during account opening, which OCBC said could cut the wait from roughly three weeks to about five working days. The rollout comes as business activity between Singapore and Malaysia is expected to increase with the Johor-Singapore Special Economic Zone.…