ShopBack has confirmed it will discontinue its Pay service in Malaysia from 25 March 2026, while continuing to operate its other offerings in the country. Retailers will no longer accept ShopBack Pay from that date, and the feature will be removed from the app. The company said the move follows a review of its product portfolio, with resources redirected to other areas of the platform. Its online cashback services and broader rewards ecosystem will remain available in Malaysia. The change will also affect Return Cashback linked to ShopBack Pay. From 2 March 2026, new Return Cashback will no longer be…
Author: Fintech News Malaysia
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Malaysia’s BNPL balances reached RM4.9 billion at end-2025, with the Ministry of Finance saying exposure remains around 0.3 percent of household debt. Bernama reported that MOF disclosed the figures in a written parliamentary reply on BNPL usage and oversight. Overdue BNPL financing stood at RM160.2 million as at Dec 31, 2025, equivalent to 3.3 percent of total outstanding BNPL loans. The ministry said the data indicates repayment pressures remain manageable. BNPL adoption has expanded rapidly. User numbers rose to 7.5 million by end-2025, up from 2.6 million in 2023. Industry analysis has suggested that more than 70 percent of BNPL…
Boost Bank is offering insurance in its app through a tie-up with Great Eastern General Insurance Malaysia, with plans starting from RM15. The digital bank has introduced three protection plans covering travel, personal accidents and daily commutes. TravelProtect provides coverage of up to RM250,000 from RM15. CoreProtect PA, priced from RM25 annually, offers personal accident coverage including accidental death and permanent disablement benefits of up to RM50,000. CommuteProtect, also from RM25 annually, covers personal accidents of up to RM25,000 while commuting. Users can browse and purchase the plans through the Protect tab in the Boost Bank app. Those who take…
AEON Bank has enabled its users to make their zakat contributions within its app during Ramadan. The service is offered through a partnership with Tulus Digital, an Islamic social finance platform authorised to collect zakat on behalf of state religious authorities including Pusat Pungutan Zakat MAIWP and Lembaga Zakat Selangor. Payments made via the app are processed through secure API integrations and settled directly to the respective zakat authorities. The feature supports 11 types of zakat, including Zakat Fitrah, income, business, gold and EPF contributions. For Zakat Fitrah, users can select the applicable rice category and specify the number of…
In today’s competitive automotive landscape, closing a sale is no longer just about the right car at the right price. It’s about delivering speed, certainty, and a seamless financing journey that builds customer trust while enabling dealerships to operate efficiently and grow sustainably. For many dealers, financing remains one of the biggest friction points in the sales process. Multiple bank submissions, manual paperwork, and uncertain approval outcomes can delay decisions and create unnecessary stress for both sales teams and customers. As expectations shift toward faster, more transparent experiences, dealerships need solutions that simplify operations without adding cost or complexity. This…
Ant Digital Technologies has opened a ZOLOZ operations hub in Malaysia to strengthen its local AI and digital identity capabilities. The Kuala Lumpur hub is expected to improve service delivery, accelerate response times and enhance on-the-ground processing for Malaysian customers. ZOLOZ is described as Ant Digital Technologies’ flagship AI product. It provides digital identity verification and risk management services powered by artificial intelligence, facial recognition and dynamic risk intelligence. The platform operates in more than 30 countries and regions. Malaysia introduced the National Cloud Computing Policy last year to guide cloud adoption and digital transformation, with a focus on security,…
Axiata Group Berhad’s fintech arm, Boost, is closing in on its path to profitability, with Group CEO Vivek Sood sharing that 2028 would be the year for Boost Bank to turn profitable. Boost Bank is a digital bank formed under a joint venture between Axiata’s fintech arm, Boost and RHB Banking Group. Speaking at Axiata’s FY2025 results media brief, Sood highlighted Boost’s loan book expansion as a key indicator of momentum. The lending business posted a 32.7% QoQ jump in its loan book to RM310 million, while QoQ revenue climbed 38.1%, driven by stronger non-bank segment performance and higher interest…
KAF Investment Bank has been fined RM1.03 million by Bank Negara Malaysia for breaching foreign exchange rules. The penalty was imposed on 6 January 2026 under the Financial Services Act 2013 after the bank failed to comply with directions requiring proper internal controls to ensure adherence to the central bank’s Foreign Exchange Policy Notices. BNM said the bank processed transactions involving foreign currency assets for a resident individual with Domestic Ringgit Borrowing above the permitted limit without sighting the required approval from the central bank. This amounts to a breach under section 214(9) of the Act. Under current rules, resident…
Bank Negara Malaysia has granted XTransfer conditional approval for key payment licenses, clearing a path for its entry into the local market. The approval covers the issuance of electronic money and a Class A Money Services Business license for remittance and currency exchange. The company must satisfy pre-issuance conditions before commencing operations. Once operational, XTransfer plans to introduce digital payment services for businesses engaged in international trade, particularly SMEs. The offering is expected to include digital onboarding, foreign exchange, funding options and cross-border remittance and settlement. The company said the services will prioritise compliance, security and operational reliability to support…
Kenanga Investment Bank has introduced what it describes as Malaysia’s first tokenised unit trust money market funds to go live in the local market. The move expands retail access to blockchain-based investment products. The launch, unveiled at Blockchain Summit 2026 during Japan Fintech Week, saw Kenanga Group roll out Myrra, a token platform built on the Stellar blockchain. The platform enables the tokenisation of real-world assets, starting with the Kenanga Money Market Fund and the Kenanga Islamic Money Market Fund, both managed by Kenanga Investors. Through Myrra, investors can buy and sell digital tokens that correspond on a one-to-one basis…
Suhaimi Abdul Hamid has been appointed as a Board Member of KAF Digital Bank, according to a recent LinkedIn update. The appointment comes as the digital bank undergoes leadership changes, with former CEO Rafiza Ghazali succeeded by Suzaini Salleh. Market talk of a potential stake sale has also surfaced, though no formal announcement has been made. Suhaimi has more than two decades of experience in Islamic banking. He currently serves as Chairperson of the Board at Amanie Advisors and is Managing Partner at BerryPay. He previously led Standard Chartered Saadiq Berhad as CEO for over five years, after serving as…
CIMB is working with Ant International to explore blockchain-based solutions for treasury and liquidity management, alongside cross-border payment innovation for businesses in Malaysia. The collaboration covers Ant International’s businesses including Alipay+, Antom and Bettr Treasury. It spans cash management, treasury and markets, credit and financing facilities, capital markets activities and selected sustainability initiatives. Both sides plan to jointly develop a digital framework to strengthen treasury and liquidity operations. The framework is expected to leverage Ant International’s blockchain-based treasury management solution, subject to regulatory approvals. It aims to improve capital efficiency, transparency and cross-border liquidity optimisation across regional operations. Novan Amirudin,…
Malaysia’s Zetrix AI has raised US$40 million (RM155.6 million) in equity from the International Finance Corporation to scale its digital identity and blockchain infrastructure platform. The funding will support the development and rollout of blockchain-based digital public infrastructure applications and artificial intelligence tools in Malaysia and across ASEAN. These solutions aim to improve digital inclusion, expand access to services and enhance economic efficiency. The company also plans to expand into emerging markets beyond the region. In Malaysia, Zetrix AI intends to integrate its services with MyDigital ID and the Malaysia Blockchain Infrastructure, the country’s national blockchain service network. Zetrix AI…
PolicyStreet turned profitable in 2025, posting over US$1 million in profit after tax as net revenue grew more than 2.5 times year on year. This comes two years after the company raised US$15.3 million in a Series B funding round led by Khazanah Nasional in 2023. Growth during the year was driven largely by embedded insurance partnerships across Malaysia and other Southeast Asian markets. PolicyStreet onboarded new partners including telecommunications providers, travel experience marketplaces and digital economy platforms, extending its regional footprint. Its reinsurance operations also strengthened. “The protection gap has long been recognised as a structural challenge, but less…
Royal Award for Islamic Finance recipient Tan Sri Dr Mohd Daud Bakar has been charged with abetment relating to alleged unlicensed capital market activities, according to a report by The Edge. He pleaded not guilty at the Sessions Court before judge Norma Ismail to one charge of abetment under Section 58(1) read together with Section 370(c) of the Capital Markets and Services Act 2007. The provision prohibits carrying out regulated capital market activities, including dealing in securities, without a Capital Markets Services Licence or proper registration. Court documents allege that he abetted AUF MBZ Consortium PLT in carrying on a…
McKinsey estimates the stablecoin market will hit $2 trillion by 2028. But according to Sam Lin, COO of dtcpay, even that massive number might be an underestimate. In this video, we dive into why the “train cannot be stopped.” From Visa embracing stablecoins to transactions that are faster and cheaper than SWIFT, the infrastructure of money is changing fundamentally behind the scenes. Key Topics: Why the $2 Trillion forecast might be conservative Stablecoins vs. SWIFT: Speed and Cost Why Visa is entering the game The next 5-10 years of digital finance
Prime Minister Anwar Ibrahim held talks with Ant International CEO Peng Yang on advancing artificial intelligence (AI) adoption and expanding partnerships in Malaysia. The meeting covered progress in AI adoption as well as Ant International’s initiatives across tourism, trade, technology and talent development. Headquartered in Singapore, Ant International is the international business unit under China-based Ant Group, which began with the Alipay service in 2004. The company has longstanding ties to Malaysia through Khazanah Nasional Berhad, a major investor and partner of both Ant Group and Alibaba. Ant International has expanded its footprint in Malaysia through partnerships with MDEC to…
Ryt Bank has become the most downloaded app in Malaysia as of February 2026 across the Google Play Store and Apple App Store. Backed by YTL Group and Sea Limited, Ryt Bank debuted less than a year ago in August 2025 as Malaysia’s first AI-powered digital bank. Its in-app Ryt AI feature enables users to make payments by uploading images instead of entering account numbers and to send money through simple text commands. Customers can check recent spending instantly, move funds seamlessly between accounts, and pay more than 20,000 JomPAY billers. The bank recently announced that it has extended its…
Bursa Malaysia will introduce a new breakdown of investor types in its market statistics to improve transparency, Reuters reported. From 6 April, the exchange will separate large and small investors within nominee accounts, which distinguish between legal and beneficial ownership. The revision is intended to better reflect retail trading activity, including trades placed through online platforms that are currently grouped under broader nominee data. Bursa Malaysia said the change follows feedback from market participants seeking clearer measurement of trading participation. The move comes amid wider regional scrutiny over ownership disclosure and market transparency, after MSCI recently raised concerns about trading…
Maybank will appoint Chua Bee Geok as Group Chief Operations Officer from 1 April 2026, as part of a planned leadership transition reported by The Edge. She succeeds Alan Lau Chee Kheong, who is retiring after 43 years with the banking group. Chua will oversee operations across trade, treasury and payments. Her role includes strengthening customer experience and supporting growth in wealth management, payments, transaction banking, and corporate and investment banking. She reports to President and Group CEO Datuk Seri Khairussaleh Ramli and joins the group executive committee. With more than 25 years in banking, including a decade at Maybank,…