Not long ago, banking in Asia Pacific meant standing in line at a branch, filling out slips of paper, and waiting patiently for transactions to be processed. Fraud, when it occurred, was relatively visible and often easier to contain, counterfeit notes, forged signatures, or cheque tampering were the risks banks kept a close watch on. Those threats were tangible, localised, and limited in scale. Fast forward to today, and the contrast is striking. Payments move at the speed of a tap, digital wallets are used as readily as cash once was, cross-border transactions settle in seconds, and modern AI agents…
Author: Fintech News Malaysia
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The way we pay has changed more in the past five years than in the previous fifty. But as real-time payments become the global standard, the industry is entering a new phase. In this interview, Fintech News Network’s Vincent Fong sits down with Hasan Khan, Business Head for Cards & Unsecured Lending at Trust Bank, to unpack what The Next Chapter in Payments looks like. They discuss why the industry’s obsession with “speed” is shifting toward “strategic friction” to combat the $4 billion lost to scams in Singapore. Hasan also reveals how Trust Bank utilizes cloud-native infrastructure to achieve the…
A new joint initiative has been announced by Alibaba Cloud and the Malaysia Digital Economy Corporation (MDEC). The project aims to accelerate digital adoption among small and medium enterprises (SMEs) in Malaysia through its specific design Launched on 8 December 2025 in Kuala Lumpur, the SME Digitalisation Program addresses a critical national priority. The programme focuses on enabling businesses to utilise artificial intelligence (AI) and cloud computing technologies. Alibaba Cloud and MDEC developed the programme to support MDEC’s Business Digitalisation Initiative (BDI). It addresses national priorities outlined in the 13th Malaysia Plan (13MP), recognising the central role of MSMEs in…
RHB Banking Group has introduced a new Shariah-compliant financing facility aimed at assisting Malaysian families with the costs of tertiary education. Launched on 8 December, the “RHB Education Financing-i” is structured under the Commodity Murabahah concept. The facility offers financing amounts ranging from RM10,000 to RM500,000, designed to cover tuition fees and related expenses for undergraduate, postgraduate, and professional programmes. The scheme caters to both students and working adults. To facilitate repayment, the financing provides a tenure of up to 20 years or until the applicant reaches the age of 70, whichever comes first. A central feature of the product…
MBSB Bhd has announced a partnership with Santander Group’s Navigator Global to provide its small and medium enterprise (SME) customers with free access to an international trade platform. The initiative, valued at RM1,800 per customer, aims to assist Malaysian SMEs in expanding into global markets. Launched on Wednesday, the collaboration offers SMEs access to Navigator Global’s digital suite of trade tools. These include customised market-entry action plans, real-time market intelligence, and a network of verified international partners. The platform helps businesses navigate the regulatory and informational barriers associated with international trade. Tengku Datuk Seri Zafrul Abdul Aziz, the outgoing Minister…
The Construction Industry Development Board (CIDB) has introduced a new multi-functional digital green card for construction workers in Malaysia. This innovative solution integrates identity verification, site attendance, and wage management into a single platform. Works Minister Datuk Seri Alexander Nanta Linggi officiated the initiative, which aims to modernise workforce oversight and reduce the sector’s reliance on cash and physical documentation. “Workers no longer need to rely solely on cash or physical documents,” Nanta Linggi stated during the launch. “Their identity, attendance, and wages can now be managed digitally.” A central feature of the new card is the ‘e-Wages’ system, which…
Merchantrade Asia Sdn. Bhd. has been officially recognised as an Approved Issuer of a Designated Payment Instrument (DPI) for the state of Sabah. Effective 1 December 2025, the mandate allows employers in the state to utilise Merchantrade’s digital platforms to manage wage payments for foreign employees in compliance with the Labour Ordinance of Sabah. Merchantrade received approval for Peninsular Malaysia back in August 2024, and this latest update complements that earlier milestone. Employers can now credit salaries directly into workers’ “Merchantrade Money” e-wallets through a dedicated payroll portal. This system provides a modern alternative to the traditional reliance on cash…
RHB Banking Group will extend operating hours across its branches and premier locations in Malaysia starting 1 January 2026. From next year, branches in all states except Kelantan and Terengganu will operate from 9.15 a.m. to 5.00 p.m. from Monday to Thursday, compared with the current closing time of 4.15 p.m. Friday hours remain unchanged at 9.15 a.m. to 4.15 p.m. In Kelantan and Terengganu, branches will open from 9.15 a.m. to 5.00 p.m. between Sunday and Wednesday. Thursday hours remain at 9.15 a.m. to 4.15 p.m. Branches located in shopping malls will continue operating based on mall requirements. “This…
Bank Negara Malaysia (BNM) has begun planning a gradual reduction of its shares in PayNet, the Ministry of Finance (MOF) said in a parliamentary response. The central bank currently holds 35.5 percent of PayNet, making it the largest shareholder. As part of its oversight responsibilities, BNM sets the company’s mandate to deliver accessible and efficient digital payment services while ensuring strong operational resilience across the industry. According to a Bernama report, the intention behind the planned adjustment to BNM’s ownership is to open the door for broader industry participation in the national payments operator. MOF said this approach supports efforts…
GXBank said its Malaysian operations are not affected by the layoffs announced by its parent group. The clarification follows news that GXS is laying off 82 employees, or about 10 percent of its total workforce, with the cuts taking place in Singapore and India after a group-wide review. The bank said it is adequately staffed and has evolved organically into the structure needed for its current stage of growth. GXBank said in a statement, “The management takes a long term prudent view to ensure we have the right talent in place for the sustainable growth in Malaysia.” The broader review…
Ryt Bank’s AI-driven digital banking platform runs on Alibaba Cloud, a setup that supported the bank’s launch and infrastructure build-out in Malaysia. The collaboration, announced at Alibaba Cloud AI Day in Kuala Lumpur, supported the bank’s rapid deployment of its core systems within six months and underpins its digital onboarding process, which allows customers to open an account in two minutes. The platform is built on Alibaba Cloud’s local infrastructure and secure architecture, which helps the bank operate in line with regulatory requirements. Alibaba Cloud provides Ryt Bank with data resiliency, operational continuity and robust cyber protections. The cloud setup…
MDEC and Ant International are expanding their partnership to speed up digital adoption among Malaysian MSMEs. The new MoU will see Ant International roll out EPOS, the all-in-one SME platform under its Antom unit. EPOS brings together payments, multi-channel online store deployment, operations management, digital banking features, growth tools and AI-driven capabilities in a single system designed to give small businesses faster access to digital solutions and data insights. MDEC will back the rollout by engaging MSMEs, industry bodies and ecosystem partners, and by leading outreach, training and co-developed programmes under its national digitalisation agenda. The collaboration builds on earlier…
Malaysia’s five operational digital banks now serve 1.97 million customers and together hold RM3.1 billion in deposits as at September 2025, according to data released in a parliamentary reply and reported by Bernama. The figures reflect the first detailed update on the performance of the new entrants since the rollout of the digital banking framework. The institutions contributing to these numbers are GXBank, AEON Bank, Boost Bank, KAF Digital Bank and Ryt Bank. The Ministry of Finance (MOF) noted that a substantial share of their user base comes from communities that often face hurdles accessing traditional banking services, indicating that…
From navigating ‘irrational’ market incentives to achieving operational profitability, DANA CEO Vince Iswara breaks down the contrarian strategies behind scaling Indonesia’s leading digital wallet to 200 million users. He reveals the critical pivot from high-burn growth to sustainable unit economics and why maintaining an ‘underdog’ mindset was essential for survival.
Tencent has opened a larger office at Menara 1 Sentrum in Kuala Lumpur, expanding its presence in Malaysia and strengthening its role as a strategic base for international operations. The new space can accommodate up to 500 staff and supports the company’s longer term growth plans. “Malaysia’s strong digital infrastructure, supportive policies, and highly skilled talent make it an ideal base for digital innovation. This new office marks the beginning of an exciting next chapter, where we will deepen our Cloud and AI innovation partnerships, support Malaysia’s digital ambitions, cross-border collaboration, and continue nurturing local creative and technology talent,” said…
Payments Network Malaysia (PayNet) has introduced a refreshed DuitNow QR standee design that is being deployed across the country. The update is intended to improve the visibility and consistency of Malaysia’s single national QR standard at merchant locations, making the payment experience more seamless and intuitive for both consumers and businesses. The change is visual only. DuitNow QR continues to function as before with no adjustments to its security features or interoperability across participating banks and e-wallets. Consumers can keep paying as usual and merchants can continue accepting payments through a single QR code. Different standee designs had appeared over…
Thredd has completed the migration of BigPay’s 2.5 million cards to its next-generation platform, marking a shift away from legacy infrastructure. The transition covered virtual and physical cards and was carried out through a structured process with extensive planning and transparent communication. Thredd said this ensured a seamless experience for cardholders as banks face pressure to modernise. Analysts estimate that institutions that delay upgrades risk losing 10 to 15 percent of their payments revenue each year as older systems struggle to meet demands for hyperpersonalisation, faster time-to-market and stronger digital performance. More than 100 million cards a year are expected…
Bank Negara Malaysia (BNM) has fined Moneywave RM14,000 for failing to maintain required sanctions screening systems. The penalty was imposed on 31 October 2025 under Section 74(3) of the Money Services Business Act 2011. An on-site examination had found that Moneywave did not keep a sanctions database based on the United Nations Security Council Resolutions List and the Domestic List. These checks help safeguard reporting institutions and the broader financial system from terrorism and proliferation financing risks. These requirements are set out in the central bank’s 2019 Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions policy and its…
In this exclusive roundtable jointly hosted by Fintech News and OneConnect Financial Technology banking C-levels from Philippines debate whether we’ve fallen into the trap of incremental gains and end up dreaming too small about how AI can potentially reconfigure banking. Hear real world use cases of top banks in the Philippines’ are leveraging AI to take their banks to the next level. Roundtable speakers: Matthew Chen, CEO, OneConnect Financial Technology Jerry Ngo, CEO, East West Banking Corporation Manish Bhai, CEO, UNO Bank Lito Villanueva, EVP and Chief Innovation and Inclusion Officer, RCBC Gigi Puno, CTO, GoTyme Bank Nishy De Silva,…
Bank Islam Malaysia has rolled out financial assistance for individuals and MSMEs affected by recent floods across the country. The bank is offering its Relief and Adaptation Facility (RAFt) to MSMEs in districts designated by the National Disaster Management Agency as flood disaster areas. The facility supports the restoration or replacement of damaged assets, including manufacturing plants, machinery, and equipment, and provides essential working capital. Existing MSME customers in these areas may also apply for a six month moratorium on Term Financing-i, Revolving Credit-i, Cash Line-i, and Trade Facilities-i. RAFt is extended to customers in areas assessed to be at…