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…
Author: Fintech News Malaysia
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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…
RHB has launched its Flood Relief Assistance Programme to support individuals and SMEs affected across the country. The programme offers short-term financial relief, though customers should note that deferred instalments may lead to higher overall financing costs due to accrued interest or profit. Eligible individuals may apply for up to six months of instalment deferment on mortgages, ASB Loan or Term Financing-i, personal loans or Financing-i, and hire purchase or Hire Purchase-i facilities. Credit Card-i holders may receive waivers of up to RM500 on late payment charges and interest or actual management fees for up to six months, along with…
The Securities Commission Malaysia has named six firms to join the first cohort of its regulatory sandbox. The sandbox, launched at last year’s SCxSC Fintech Summit, is part of the SC’s innovation toolkit and provides a controlled environment for companies to test new products that could strengthen the capital market. It allows the regulator to observe real world trials and refine future policies. Applications ran from 15 April to 31 May 2025. After a multi stage review, the SC selected six firms across three focus areas. Wahed X Sdn Bhd (Wahed) and Urban NX Sdn Bhd (Urby) will explore alternative…
Customers expect respectful, convenient, and instant interactions—even when they’ve fallen behind on payments. Collections teams that rely on manual calls and one-size-fits-all scripts face rising costs and disappointing cure rates. This publisher-safe rewrite restates, in fresh wording, how lenders can modernise outreach with data-driven personalisation, compliant automation, and transparent governance across end-to-end credit management. In short: move from “contact at scale” to “context at scale,” where every touchpoint earns its place. The problem with legacy collections Traditional programmes prioritise volume over relevance: batch diallers, static SMS templates, and rigid workflows. Contact rates slip, promises-to-pay are inconsistent, and customer satisfaction suffers—especially…
Labuan IBFC Incorporated (Labuan IBFC Inc.) has appointed Ben Quah as its new Chief Executive Officer. He brings to the role over two decades of experience in fintech, digital marketing, and regional business development, with a strong record of building sustainable growth across Asian markets. Ben has held senior roles in both established financial institutions and high-growth technology ventures in Malaysia, China, Hong Kong, and Singapore. His career reflects deep expertise in market expansion, ecosystem development, and cross-border business development. He has launched multi-jurisdictional platforms, led scalable growth programmes, and forged key partnerships with regulators, financial institutions, and technology providers.…
HSBC Malaysia has extended its first social loan facility to CapBay to help more Malaysian SMEs secure funding. The facility was issued through Bay Harbour Ventures, CapBay’s special purpose vehicle, and is designed to widen SME access to financing by helping the company connect smaller businesses to multiple liquidity providers. The structure allows CapBay to use its portfolio of loan receivables to manage funding needs more efficiently, monetise receivables earlier and reinvest capital to support additional borrowers. HSBC and CapBay can also monitor the performance and health of the receivables portfolio more proactively through this arrangement. SMEs continue to face…
SPayLater has introduced a motorcycle financing feature that lets users fund their purchases through instalments. The service, called SPayLater Motorcycle, is in a pilot phase and is planned to be available to all users by the first quarter of 2026. SPayLater is a buy now, pay later (BNPL) service from Shopee that lets users make purchases and repay them over time through instalment plans. The platform, which offers Shariah-compliant financing, said that after five years in the market it has seen a maturing user base and growing demand for accessible financing. The new option provides up to RM20,000 in credit…
AEON Bank has added two Zurich Takaful plans to its app to give Malaysians low-cost protection starting from RM5 a month. The move extends the partnership first announced in May 2024 and brings 100 percent Shariah-compliant protection from Zurich directly into AEON Bank’s digital ecosystem. The Personal Accident Takaful and Term Takaful plans are available through the app. Both plans are fully digital and accessible around the clock. Malaysians aged 18 to 59 can compare options, enrol and activate coverage within minutes without meeting agents or submitting physical forms. Users can select their preferred plan, review benefits and confirm payment…
GXBank will offer up to 4 percent per annum on its Bonus Pocket savings as part of a limited-time promotion tied to its upcoming second anniversary. The bank, which officially launched on 30 November 2023, is combining its existing 2 percent base interest, credited daily, with an additional 2 percent bonus interest that will be paid at the end of a three-month tenure. The offer applies to deposits of up to RM50,000 placed in Bonus Pockets. According to GXBank, a RM10,000 balance kept for the full three-month period would earn a total of RM99 in interest. A RM50,000 balance over…
Ryt Bank will maintain its 4 percent per annum savings rate and introduce additional rewards for users in December as part of the 12.12 season. Customers can continue earning 4 percent interest in their Save Pockets by using the Ryt Card for everyday spending or by making JomPAY bill payments. New users receive two starter stamps, and three transactions in the first month are needed to unlock the boosted rate. After that, collecting five stamps every 30 days keeps the 4 percent rate active. Interest is paid daily and there is no lock-in. For December, customers can earn 1.2 percent…
TNG eWallet has extended the Visa Travel Card cashback campaign until 31 December 2026. The company said card applications have risen since launch, supported by broader growth in overseas spending across its Visa cards. Foreign transactions on its Visa portfolio increased 2.5 times year on year as of October 2025, driven by higher travel activity, competitive exchange rates and the convenience of using the cards abroad. It said these trends also informed the introduction of the Visa Travel Card. The travel card offers up to 3 percent unlimited and immediate cashback on overseas transactions, zero markup fees and competitive exchange…
CIMB has partnered with the Nicol David Organisation to roll out a youth programme that links financial literacy with movement-based learning. The +Play Finance Programme was introduced at Karnival Celik Kewangan in Penang, a nationwide financial literacy initiative led by Bank Negara Malaysia. The programme combines money management lessons with physical activities and mental wellness elements to help students build confidence and practical life skills. More than 750 students from 30 Klang Valley schools will take part in four weekly sessions that blend movement-based exercises with basic financial concepts such as saving, budgeting and responsible spending. Organisers said the format…
Malaysia’s fintech scene has been picking up a steady pace in 2025, with meaningful strides leading the way. Growth this year has been shaped by continued traction in digital payments, early signals from newly launched digital banks, and clearer regulatory direction in areas like consumer credit, data sharing, and digital assets. This shift is visible across the ecosystem. RENTAS+ made Malaysia the first in ASEAN to offer 24/7 interbank fund transfers and settlements, while the signing of the George Town Accord 2025 cemented the nation’s leadership in building the region’s next-generation of payment rails. Meanwhile, Paywatch secured one of the year’s…
Fintech News Malaysia was among those recognised by Payments Network Malaysia (PayNet) at the Malaysian e-Payments Excellence Awards (MEEA) 2025. The ceremony, held at The St. Regis Kuala Lumpur and themed “Leading Progress, Recognising Impact”, honoured 30 recipients across 22 categories. This marks the first time media organisations have been included among the award winners. PayNet, which serves as the backbone of Malaysia’s national payments infrastructure, said more than 2.9 million DuitNow QR touchpoints are now active nationwide. This expansion has widened access for consumers and small merchants as digital payments continue to grow across the country. “Malaysia’s digital payments…
Digitalisation is becoming central to Islamic finance in Malaysia, with regulators identifying blockchain, AI and e-KYC as key drivers of the sector’s next phase. Bank Negara Malaysia outlined this direction at the Kuala Lumpur Islamic Finance Forum 2025. Assistant Governor Suhaimi Ali said Islamic finance now forms a major part of the financial system. Islamic banking accounts for 47 percent of total financing, takaful represents 25 percent of net contributions and Malaysia holds 36 percent of global sukuk. SRI assets reached RM11.9 billion in 2024. He said the sector is well placed to support national priorities, including the RM1.2 trillion…
Chubb Insurance Malaysia has begun the IPO process for a planned Main Market listing on Bursa Malaysia, based on a draft prospectus published for public feedback. Reuters reported that the insurer plans to sell 300 million existing shares, equal to 30 percent of its issued capital. The entire offering is an offer for sale by its sole shareholder, Chubb INA International Holdings. As all the shares are existing shares, the proceeds will go to Chubb INA rather than the Malaysian operating entity. The draft does not include details on valuation or the expected listing date. The institutional portion totals 249.55…
Malaysians are losing between RM200 and RM350 on each overseas trip due to exchange rate markups they do not see, according to new research by international money app Wise. This is happening even as many spend up to two days searching for flight and hotel deals. The study found that 31 percent of travellers believe they save more than RM500 through promotions, but only 41 percent check exchange rates. A RM2,500 weekend in Singapore can cost RM180 to RM250 more and a RM5,000 Bangkok trip may rise by RM350 to RM450. Even a RM15 latte in Melbourne effectively becomes RM16.50…
FeedMe has raised US$5 million in funding led by Integra Partners, with participation from Cento Ventures. The Malaysia-based restaurant software company will use the capital to expand into Thailand, strengthen its engineering team and advance its AI-driven capabilities. It also plans to introduce financial services that improve payment access and lending options for merchants. FeedMe offers a restaurant management platform that brings together POS, delivery integrations, e-invoicing, QR ordering, queue management, payments, accounting, kitchen display systems, HR tools, inventory, CRM and AI operation tools. The system is designed to unify front- and back-of-house operations on a single platform. The company…