More than 70 percent of active buy now, pay later (BNPL) users in Malaysia were from the lower-income B40 group. The finding, drawn from a Consumer Credit Oversight Board Task Force study and cited in parliamentary disclosures reported by Bernama, comes as BNPL lending continued to expand last year. Outstanding BNPL loans reached RM4.9 billion as at Dec 31, 2025, accounting for about 0.3 percent of Malaysia’s total household debt. Overdue BNPL balances stood at RM160.2 million, or 3.3 percent of total BNPL lending. Usage increased sharply over the year, with BNPL platforms processing 243 million transactions in 2025 valued…
Author: Fintech News Malaysia
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The government recovered about RM34 million from bank accounts linked to scam syndicates in 2025, with RM6.7 million of that amount successfully returned to victims, according to details reported by The Star. Home Minister Datuk Seri Saifuddin Nasution Ismail said the funds were secured mainly by intercepting the money before it could move through multiple layers of mule accounts, allowing authorities to freeze and seize RM17.5 million that had already entered the system. He said returning money to victims takes longer as many cases are still under investigation. Speaking during Ministry Question Time in Parliament, Saifuddin said recoveries rose sharply…
The ShopeePay and Shopee apps now offer a new investment feature called Money+, providing daily returns from RM10. The feature is developed in partnership with iFAST Capital and is backed by Eastspring Investments’ Shariah-compliant money market fund, the Eastspring Investments Islamic E-Duit Fund. The feature gives users direct access to Eastspring’s Islamic E-Duit Fund while keeping funds available for everyday use. Money+ allows users to keep their funds liquid while earning returns, with balances available for spending on Shopee, payments at physical stores via DuitNow QR, or withdrawals at any time. To mark the launch, ShopeePay is offering a limited-time…
CapBay has entered a financing partnership aimed at helping Bumiputera contractors manage working capital for public sector projects. The company has signed a memorandum of understanding with the Bumiputera Infrastructure and Facility Management Contractors Association (PKIF) to improve access to digital financing for contractors involved in infrastructure and facilities management. The partnership is expected to benefit around 70 active members, particularly those working on road construction, bridge works, electrical projects and facility maintenance. These contractors typically manage projects for agencies such as the Public Works Department (JKR), Tenaga Nasional Berhad (TNB), the Construction Industry Development Board (CIDB) and the Ministry…
OpenSys has introduced the Horizon Series, a cash recycling platform built in Malaysia with Oki Electric Industry Co., Ltd (OKI) to modernise self-service banking operations. The platform was developed through a collaboration between OpenSys Technologies Sdn Bhd and Oki Electric Industry Co., Ltd (OKI). It is designed and manufactured in Malaysia by OpenSys Technologies, using a cash recycling module from OKI. “The Horizon Series is designed to help banks improve cash economics while rethinking the role of self-service in a digital-first banking environment. It provides a resilient, upgradeable platform that allows financial institutions to consolidate operations, expand services, and adapt…
Fraud in the Asia Pacific is growing at an explosive pace and scale, forcing financial institutions to rethink where and how they detect risk. This threat has evolved from a consumer issue into a trillion-dollar cybercrime economy that legacy controls can no longer withstand. Regulators are responding with stronger action, with Singapore introducing the Scam Bill and Malaysia rolling out a National Fraud Portal to drive earlier intervention. As criminals increasingly exploit the earliest stages of the customer journey, financial institutions now need smarter ways to detect high-risk users before onboarding even begins. Getting a snapshot of current fraud trends…
Eighteen banks have joined the second testing phase of Malaysia’s MyDigital ID programme as the country moves closer to rolling out digital identity across financial services. The update was disclosed by the Ministry of Finance in a parliamentary response as regulators continue to assess whether the banking sector is ready for large-scale adoption of the national digital identity system, Bernama reported. Phase 2 of the sandbox is testing MyDigital ID’s e-verification function, which allows customers to authenticate their identity digitally during account onboarding and secure transactions. The government said MyDigital ID Sdn Bhd and Bank Negara Malaysia are overseeing the…
KAF Investment Bank has begun sounding out interest in strategic options for KAF Digital Bank, including a potential sale or stake reduction, according to The Edge. The talks come amid a leadership change at KAF Digital Bank. CEO Rafiza Ghazali is set to step down at the end of the month, with Suzaini Mokhtar appointed acting CEO. Rafiza will join crypto investment platform Fasset as Managing Director for Consumer Banking from 1 February. KAF Digital Bank has continued to post losses since launch. For the financial year ended 30 June 2025, it recorded a net loss of RM44.4 million, with…
Prudential is increasing its ownership of its Malaysian life insurance business, agreeing to buy an additional 19% stake in its local holding company for about RM 1.52 billion, according to Reuters. The deal will lift Prudential’s interest in Sri Han Suria to 70%, strengthening its control over its conventional life operations in the country. Sri Han Suria is the holding firm for Prudential Assurance Malaysia, which forms the core of Prudential’s life business alongside its stake in the takaful operator Prudential BSN Takaful. Malaysia’s central bank, Bank Negara Malaysia, has approved the transaction and completion is expected in the near…
HSBC Malaysia has opened a new Premier Centre in Petaling Jaya as part of its efforts to expand its affluent banking and wealth management services in the country. Located on the ground floor of the bank’s Petaling Jaya branch, the centre features private consultation rooms and a family room, offering a more personalised and discreet banking environment for HSBC Premier customers. The bank said the facility is designed to support clients with wealth accumulation, protection and legacy planning. The Premier Centre brings together HSBC’s wealth and international banking services, giving customers access to investment products such as unit trusts, bonds…
Raja Datin Paduka Teh Maimunah Raja Abdul Aziz may be set to exit AEON Bank, as Bank Islam Malaysia reportedly considers her for its top leadership role, according to people familiar with the matter. According to The Star, she is among the candidates being evaluated to succeed Datuk Mohd Muazzam Mohamed as Group CEO. Muazzam stepped down from the position on 31 December 2025, after seven years leading Bank Islam. Any appointment will require approval from Bank Negara Malaysia, which must formally endorse senior management changes at licensed banks. If Raja Teh is appointed, it would mark another senior leadership…
We’ve moved from Cash to Cards, and Cards to QR. Is your face the next wallet? Or will “Tap to Pay” on smartphones dominate the future of payments in Asia? Fintech News Network Chief Editor Vincent Fong sits down with Sam Su, CMO of SUNMI, to debate the future of payment hardware. While “Face Pay” has seen massive adoption in China, Southeast Asia is still a battleground between QR codes and the rapidly rising “SoftPOS” (Tap to Pay) technology. In the same interview Sam also revealed to us the future direction of SUNMI.
ShopeePay has increased its wallet limit to RM30,000 in Malaysia, raising the ceiling for how much verified users can store and spend through the platform. The wallet limit has been raised from RM9,999 and applies automatically to all existing users who have completed electronic know-your-customer verification. New users, as well as existing users who have yet to complete e-KYC, will gain access to the higher limit once verification is completed. ShopeePay said the RM30,000 cap represents the highest wallet limit currently offered by an e-wallet in Malaysia. The update also raises the daily transaction limit to RM30,000 from RM9,999. Monthly…
In this interview, Fintech News Network Chief Editor, Vincent Fong sits down with Roger Wang (Huawei) and Wizard Hee (Netis Technologies) to uncover how the Huawei RongHai Program is helping banks skip years of development time. From the “Gandalf” project in Singapore to migrating core banking systems in less than 10 months, we explore why over 150 fintech partners have joined forces with Huawei to build the future of banking infrastructure.
Ryt Bank users can now add their debit cards to Google Pay for in-store contactless payments. The integration allows Ryt Card holders to make tap-and-pay transactions using Google Wallet at supported terminals. For transactions above RM250, users are required to set a personal identification number through the Ryt Bank mobile app. The Ryt Card, which runs on the Visa network, is issued as both a physical and virtual card. Cardholders can manage spending limits, receive real-time transaction alerts, and freeze or unfreeze their cards instantly through the app. The card offers unlimited 1.2 percent cashback on overseas in-store spending, does…
Instapay Technologies is using Alibaba Cloud’s local cloud infrastructure in Malaysia to run its digital payroll and payments platform. The move is intended to strengthen service reliability, meet regulatory requirements, and support the fintech’s expansion. The infrastructure is designed to maintain uptime during periods of high transaction volumes while optimising resource use to reduce operational overhead. It also supports faster service rollouts as Instapay scales its offerings. Instapay provides an e-wallet and prepaid Mastercard used by employers to digitalise payroll for workers without access to traditional banking services, including migrant and blue-collar workers. Malaysia is a major destination for migrant…
Jelawang Capital has opened applications for the second cohort of its Emerging Fund Managers’ Programme, introducing a rolling submission model that allows year-round entries. The programme is supported under Dana Impak, an initiative by Khazanah Nasional, and is run by its subsidiary, Jelawang Capital, Malaysia’s national fund-of-funds. Through the programme, Jelawang invests in Malaysian venture capital fund managers to support early-stage investment activity. Khazanah Managing Director Dato’ Amirul Feisal Wan Zahir said, “We are pleased to invite applications for the EMP second cohort 2026, now enhanced with all-year round submissions. Since the selection of the first three EMP fund managers…
TNG Digital and Ant International have launched EPOS360 in Malaysia, rolling out an all in one digital and payments platform to help SMEs adopt AI and modern payment tools. EPOS360 is available as a mini programme within the TNG eWallet app, allowing merchants to manage payments, marketing and other business functions in one place. Merchants will be able to reach more than 25 million TNG eWallet users nationwide through the platform The platform includes AI powered tools such as a Copilot feature that can generate digital menus from photos or descriptions. It also supports marketing campaign creation, voucher design and…
Ryt Bank’s CEO Melvin Ooi will be stepping down from the digital bank, according to sources familiar with the matter. The company’s Chief Financial Officer, Wilson Soon, will reportedly take on the role of acting CEO. Melvin took on the top role in November 2022 and was involved in shaping the bank’s strategy ahead of its market entry, including overseeing regulatory engagement and the early development of its products and operations. Prior to joining Ryt Bank, he was CEO of BonusKad Loyalty, Country Manager for Alipay in Singapore and Indonesia, and spent more than a decade with American Express in…
Fasset will appoint Rafiza Ghazali as Managing Director for Consumer Banking as it advances plans for regulated consumer and SME banking services. The appointment takes effect on 1 February 2026. This follows conditional approval from Malaysia’s Labuan Financial Services Authority under the Labuan i-BOX regulatory sandbox for Islamic digital banks. Rafiza has more than two decades of experience in central banking, capital markets, Islamic finance and digital banking. She led the end-to-end establishment and launch of KAF Digital Bank, overseeing the bank from initial setup through full operations. In her new role, she will drive Fasset’s global stablecoin-led consumer banking…