Author: Fintech News Malaysia

After successfully building digital banks across two continents, Tyme Group is now eyeing their 3rd GoTyme Bank. Rachel Freeman, Chief Growth Officer, shared that they are looking to decide within the 12 months time frame and hinted at some potential markets. Anxin Leong, also weighed in on the IPO timing, explaining why a listing remains a matter of when, not if, but 2029 or 2030 is a more realistic window than the 2028 target previously floated by CEO Coen Jonker. In this episode: The shortlist for the third market and the 6 to 12 month decision window How the kiosk…

Bank Islam has added former Malaysian Institute of Accountants CEO Dr Nurmazilah Dato’ Mahzan to its board. Her appointment as Independent Non-Executive Director took effect on 7 May 2026. Dr Nurmazilah has served on the board of BIMB Securities Sdn Bhd, a Bank Islam subsidiary, since August 2025. She also sits on the boards of Perbadanan Wakaf Selangor and Malaysia Professional Accountancy. She was previously on the board of TH Plantations Berhad and its subsidiaries. Her other past roles include Board Member of CIMB Bank Berhad and Authority Member of the Sustainable Energy Development Authority. Dr Nurmazilah began her career…

V Systems has completed the issuance of Malaysia’s first tokenised sukuk, marking a settlement milestone for the country’s digital capital markets ecosystem. The issuance follows the earlier launch of the tokenised sukuk priced by Khazanah Nasional Berhad. V Systems served as the technology platform provider for the transaction. The pilot has moved from concept to real transaction execution in a controlled environment. V Systems noted that the transaction shows how tokenised capital market instruments can be supported within a regulated financial environment when governance, controls, institutional coordination and operational readiness are in place. The pilot required financial institutions and market…

Maybank has been ordered to pay RM166,000 to a customer after a court found the bank negligent in a fraud case involving unauthorised online transfers from her accounts. The case, reported by the New Straits Times, involved Chan Yan Li, whose funds were moved out through several transactions in 2021. The court heard that RM166,000 was moved from Chan’s housing loan account into her savings account before being sent to several third-party accounts between 26 June and 2 July that year. Chan discovered the transactions on 15 July 2021 after checking her Maybank2u account and later lodged a police report.…

Maybank has launched SME Perkasa, a RM1 billion financing initiative to help eligible Malaysian SMEs access working capital faster. The programme targets businesses facing rising costs and cash flow pressures, with RM1 billion in approvals to be made over the next 12 months. Eligible SMEs can apply for up to RM1 million in financing, with a six-month principal payment deferment. Maybank said disbursements can be made within 48 hours after full document execution. The fast-track process uses customers’ existing transaction and banking relationship data with Maybank to support credit assessment. SME Perkasa is available to existing Maybank SME customers across 10…

Ryt Bank has opened the in-app waitlist for Ryt Invest, its upcoming investment feature, with early access perks for users who sign up ahead of launch. The digital bank is offering potential returns of 5% p.a., along with a guaranteed extra 1% p.a. bonus reward for the first 20,000 users on the waitlist, with no cap. This brings the potential return to up to 6% p.a., subject to terms and conditions. The Ryt Invest preview shows three investment options: SavePlus (Shariah), Income and Gold. The campaign material lists returns of 5.00% p.a. for SavePlus, 15.97% p.a. for Income and 33.34%…

Bank Negara Malaysia has cleared RHB Bank to begin talks with Tokio Marine Asia on a proposed insurance deal. The negotiations will cover RHB Bank’s proposed disposal of up to 100% of its stake in RHB Insurance Berhad to Tokio Marine Asia. The proposed transaction would also see Tokio Marine Insurans (Malaysia) Berhad and RHB Insurance integrated into a larger combined entity, where RHB Bank would hold up to 35%. RHB Investment Bank Berhad announced the development on behalf of RHB Bank’s Board of Directors after BNM issued its no-objection letter dated 11 May 2026. The approval is subject to…

TNG Digital has added business financing to TNG eWallet through BizCash, with CIMB joining as its first financing partner. The in-app platform connects SSM-registered businesses, including sole proprietors, to financing through a fully digital application process within TNG eWallet. BizCash is aimed at micro and small businesses that may face challenges securing formal financing due to lower turnover, simpler business structures or limited documentation. Eligible merchants must have at least RM4,200 in monthly revenue and a minimum of one year in operation. They can apply for financing from RM10,000 to RM150,000 through the app, without branch visits or manual paperwork.…

GXBank has crossed 1.4 million users after more than two years of operations, as the Malaysian digital bank grows its retail and small business base. The bank has processed more than 450 million transactions since launch, with GXBank users spending across categories such as food and beverage, retail, transport and utilities. The update comes as Malaysia’s five digital banks reached 2.4 million customers and RM4.2 billion in deposits by end-2025, according to Bank Negara Malaysia’s Annual Report 2025. Savings and Credit Use Grow Among GXBank Users GXBank users created 1.3 million Savings and Bonus Pockets, earning more than RM24 million…

RHB has partnered with Syarikat Jaminan Pembiayaan Perniagaan Berhad (SJPP) to facilitate up to RM1 billion in financing for SMEs and mid-tier companies in Malaysia. SJPP, a wholly owned company of the Ministry of Finance, will provide government-backed guarantees under its existing schemes, helping eligible businesses access financing with reduced collateral requirements. The arrangement is designed to improve funding accessibility for SMEs that may otherwise face financing constraints. Beyond new financing, eligible companies will also have access to restructuring, rescheduling, and repayment assistance options, aimed at easing cash flow pressures amid a challenging operating environment. The initiative aligns with Bank…

Bank Negara Malaysia (BNM) and Bank Indonesia (BI) have signed a MoU to deepen their bilateral relationship, with a focus on payment systems and digitalisation. The agreement provides a comprehensive framework for the two central banks to collaborate on a range of established areas, including monetary policy, financial stability, and financial sector development. While the MoU covers broad macroeconomic stability, it specifically highlights payment systems and digitalisation as emerging areas for the partnership. “This MoU reaffirms the longstanding partnership between BNM and BI,” said Dato’ Sri Abdul Rasheed Ghaffour, Governor, Bank Negara Malaysia. “It also underscores our shared commitment to…

KWAP has appointed Dato’ Jay Khairil Jeremy Abdullah as its CEO effective May 20 2026. He brings extensive financial sector experience to the role, having most recently driven digital banking and operational transformations as the chief executive of Bank Simpanan Nasional. The arrival of Dato Jay Khairil at KWAP follows the departure of Datuk Hajah Nik Amlizan Mohamed. She had led the organisation as CEO since 2020. Dato’ Jay Khairil has spent nearly 30 years in the banking and financial services sector. His expertise spans financial management, internal audit, risk management and corporate governance. During his time leading Bank Simpanan…

Ryt Bank is leveraging infrastructure from Tencent Cloud to power its conversational banking experience in Malaysia, enabling customers to complete financial transactions using natural language commands. The partnership provides the real-time communication backbone for Ryt Bank’s AI-driven digital banking platform, built around a “Zero-UI” model where users can bypass traditional app navigation and simply issue instructions such as sending money to a contact, with the system executing the transaction seamlessly. At the core of this capability is Tencent Cloud Chat (IM), which transmits AI commands and transaction data while supporting end-to-end encryption and full message auditing to meet stringent banking…

CIMB Bank and CIMB Islamic Bank have launched a financing programme to help MSMEs manage rising operating costs and supply chain disruptions linked to the West Asia conflict. The initiative is part of Bank Negara Malaysia’s RM5 billion SME Stabilisation Relief Facility. Eligible businesses can access additional working capital financing of up to RM750,000 with a tenure of up to five years. The financing rate is capped at a maximum of 3.75% per annum, which includes the guarantee fee. Funds under the facility support MSMEs’ short-term liquidity needs, including inventory purchases, operating expenses, and business continuity requirements. Priority goes to…

Vietnamese merchant management platform SoBanHang has raised at least US$3.8 million in a pre-Series A round to expand its digital services for micro-enterprises across the region, according to regulatory filings and a report by DealStreetAsia. The round was anchored by Malaysia’s Hong Leong Bank, which invested US$2 million, while OSK-SBI Venture Partners contributed US$1.5 million. Existing backers FEBE Ventures and Antler also participated, filings with Singapore’s Accounting and Corporate Regulatory Authority showed. Sources told DealStreetAsia that the fundraising is still ongoing. The latest financing comes three years after SoBanHang raised US$4 million in seed funding in 2021 across two tranches.…

As the government intensifies efforts to combat online scams in Malaysia, Meta faces potential legal action over its alleged failure to curb fraudulent content on its platforms. According to a report by Bernama, the Malaysian Communications and Multimedia Commission (MCMC) is reviewing measures to penalise the social media giant over the proliferation of fake accounts and scam-related content. Communications Minister Datuk Seri Fahmi Fadzil said the government had summoned Meta representatives after identifying large volumes of illicit content on social media platforms. More than 90% of the 230,000 content takedown requests issued by authorities involved online gambling and scam-related material.…

Malaysian businesses can now access the new RHB SME relief facility, which provides working capital financing of up to RM750,000 under a Bank Negara Malaysia (BNM) initiative. Eligible companies can secure the funding at a 3.75% annual rate, inclusive of guarantee fees. The loans are backed by up to 80% guarantees from Credit Guarantee Corporation Malaysia (CGC) or Syarikat Jaminan Pembiayaan Perniagaan (SJPP), which lowers the collateral requirements for applicants. RHB has created a fast-track application process for pre-selected customers to accelerate approvals. Standard applications for the wider SME market will open on 15 May 2026. The bank is also…

Wong Wai Ken has stepped down as StashAway Malaysia’s Country Manager after nearly eight years with the digital wealth platform. He reflected on his time at the company, where he joined in 2018 with a mandate to build StashAway’s Malaysia business. Wong was StashAway Malaysia’s first employee and led the company from its initial licensing stage to becoming one of the country’s largest digital investment managers. StashAway is currently the largest robo-advisor in Malaysia. He shared that StashAway Malaysia grew to RM1.3 billion in assets under management and served more than 60,000 clients during his tenure. The platform reported RM130…

The Securities Commission Malaysia’s investED programme has helped grow Malaysia’s capital market talent pool, with 65% of its Leadership trainees securing roles in the sector since its launch in 2023. Out of 581 trainees, 65% have secured jobs in the capital market, while the remaining graduates have found roles in sectors such as banking, fintech, consulting and accounting. Launched by Prime Minister Dato’ Seri Anwar Ibrahim in June 2023, investED is a collaboration between the SC, the Ministry of Finance, the Ministry of Higher Education, industry players and Malaysian universities. The programme has reached more than 190,000 university students and…

CIMB has launched a salary account that gives eligible salaried customers complimentary Takaful protection of up to RM200,000. The CIMB Salary Account is offered under the bank’s CIMB@Work programme, with coverage underwritten by Sun Life Malaysia Takaful Berhad. It covers 36 critical illnesses, including cancer, heart attack, stroke, Alzheimer’s disease and kidney failure, as well as death and total and permanent disability. Customers do not need health screening or a health declaration, although exclusions for pre-existing conditions apply. To qualify, account holders must be between 18 and 69 years old, have their salary credited into the account and maintain a…