Author: Fintech News Malaysia

Setel has introduced an AI-powered feature that lets users activate fuel pumps by stating their pump number in English, Bahasa Melayu, Mandarin or Tamil. The company describes Voice Fuelling as Malaysia’s first multilingual voice fuelling experience. Currently in beta, it builds on the mobility app’s existing One-tap Fuelling function. Once users enable Voice Fuelling in the Setel app, its AI processes the transaction using their preferred payment method and fuelling preferences. PETRONAS dealers and ground crew will help customers set up and use the feature through on-ground activations. “Voice Fuelling is a good example of how we see AI making…

Zetrix AI has submitted a payment proposal to settle outstanding funds owed to Malaysia’s Road Transport Department (JPJ) after the agency suspended MYEG Group’s services as a collection agent. In a filing with Bursa Securities, the company attributed the suspension to delayed remittances. Both parties are still finalising the amount owed, while the proposed settlement terms remain subject to agreement. The suspension took effect on 5 October 2026. It covers road tax and competent driving licence renewals, learner’s driving licence applications, summons enquiries and payments, vehicle ownership transfers and the computerised driving theory test. Zetrix AI confirmed the media reports…

CIMB Islamic Bank has launched the CIMB Lite-i Credit Card, a no-frills credit card aimed at Malaysians seeking lower financing costs and flexible repayment options. The Tawarruq-based card offers a fixed, non-compounding profit rate of 14% per annum across all customer tiers, which CIMB said is lower than prevailing industry rates. It targets customers who prioritise affordable access to credit over rewards and lifestyle benefits. Cardholders who spend at least RM500 in a single retail transaction can convert the purchase into a six-month Flexi Payment Plan-i at 0%. The promotion runs until 31 October 2027. Novan Amirudin, Group Chief Executive…

Bank Negara Malaysia (BNM) and the Hong Kong Monetary Authority (HKMA) have agreed to deepen cooperation across digital assets, tokenisation, trade finance and financial infrastructure. The central banks will establish a joint policy-focused workstream to explore compliant cross-border stablecoin use cases between Hong Kong and Malaysia. The agreement followed a high-level bilateral meeting in Hong Kong on 2 October, where the two regulators discussed financial developments, banking regulation, fintech, payments, capital market connectivity, local currency usage and Islamic finance. Digital asset innovation will form a key part of the collaboration. BNM and the HKMA plan to exchange policy and regulatory…

Malaysian banks and PayNet are developing industry-wide fraud alerts to warn banks and customers before potentially risky payments go through. Bank Negara Malaysia (BNM) Governor Dato’ Sri Abdul Rasheed Ghaffour announced the initiative at the 16th International Conference on Financial Crime and Counter Terrorism Financing in Kuala Lumpur. The alerts will prompt customers to pause, think and verify before proceeding with a transaction. Abdul Rasheed said, “We recognise that this capability may introduce additional friction for customers. However, these measures are necessary to strike an appropriate balance between offering convenience and protecting customers from fraud, particularly authorised scams. Today, I…

Ryt Bank has become the first licensed digital bank in Malaysia to support Apple Pay, allowing cardholders to pay in stores, online and in apps. The bank also added Google Pay support in January 2026. Customers can add their Ryt Card through the bank’s app by selecting the Cards tab, tapping “Add to Apple Wallet” and following the on-screen instructions. Once they add the card to Apple Wallet on an iPhone, they have the option to add it to their other compatible Apple devices. According to the bank, transactions require authentication through the device’s built-in security features, including Face ID,…

Wise has expanded QR payments and added customisable eSIM plans to its app, with customers in Singapore and Malaysia among the first globally to access both features from today. The QR payment service covers more than 50 destinations. Customers can already use PayNow QR in Singapore and DuitNow QR in Malaysia. The app also connects directly to QR Ph in the Philippines, Swiss QR-bill in Switzerland and Qvik in Hungary. A partnership with Ant International’s Alipay+ also lets eligible customers scan supported merchant QR codes in markets including mainland China, Hong Kong, South Korea and Cambodia. In mainland China, eligible travellers…

The Federal Government collected just RM465 million, or 5%, of the RM9.273 billion in loan arrears recorded at the end of 2024 in 2025, according to the Auditor-General’s Report No. 2/2026. Recoverable government loan arrears stood at RM8.084 billion as at 31 December 2025, with RM5.024 billion, or 62.1%, outstanding for more than six years. Across 190 loans involving 30 borrowers, the Auditor-General identified weaknesses in the monitoring and recovery of government lending. Restructured loans continue to fall into arrears Some borrowers continued to accumulate arrears even after the government restructured their loans. Some loans had been restructured between one…

Zetrix AI has submitted a proposal for the Malaysian government’s consideration to address outstanding remittances following the suspension of its Road Transport Department (JPJ) services. The company did not disclose the proposal’s details or a timeline for resolving the matter. The suspension took effect on 5 October 2026 and covers all JPJ services previously offered through the group’s channels, including MYEG road tax renewals and summons payments. According to The Edge Malaysia, Transport Minister Anthony Loke disclosed that Zetrix AI owed JPJ about RM314 million in collections it had failed to remit from May to September 2026. He attributed the…

Pertama Digital subsidiary Dapat Vista ran eJamin for five years without a formal contract, according to the Public Accounts Committee (PAC). The online bail payment system began operating on 10 January 2020 and was used at 192 courts across Malaysia. PAC found that bail funds were invested without government approval Bail deposits totalled RM193.71 million at the end of 2024. According to the report, a government review identified about RM62.3 million in bank accounts and RM130.8 million in investments, including sukuk and money market funds. PAC found that Dapat Vista invested the funds without government approval or legal authority. It…

MYEG users can no longer renew road tax or pay Road Transport Department (JPJ) summonses through the platform following a service suspension effective 5 October. JPJ cited contractual compliance and obligations that the companies concerned had yet to fulfil or settle. The decision applies to My E.G. Sdn. Bhd. and Zetrix AI Berhad. Zetrix AI is the listed parent company formerly known as MY E.G. Services Berhad, which changed its name in 2025. According to The Edge Malaysia, Transport Minister Anthony Loke disclosed that Zetrix AI owed JPJ about RM314 million in collections it had failed to remit from May…

More digital services now accept Malaysia’s new MyKad following earlier verification issues. The TNG eWallet team confirmed to Fintech News Malaysia that it has supported the new-generation card since 30 September. MyDigital ID has also enabled registration with the new MyKad on Android, according to an announcement on its Instagram account. Android users need to update the MyDigital ID app through the Google Play Store before registering through the usual process. Support for iPhone and Huawei users will follow. MyDigital ID has not provided a release date but will announce when the updates become available. The redesigned MyKad had faced…

Airwallex is targeting further expansion in Malaysia after growing its local workforce by 66 percent in 2025. Its goal is to double Malaysian headcount in 2026, Bernama reported. The company disclosed the hiring target in April and has moved into an office that can accommodate more than 160 employees. Beyond hiring, Airwallex aims to act on customer feedback more quickly as it grows. Jon Stona, its Vice-President of Global Marketing, outlined that approach during a fireside chat. He explained that employees closest to customers can identify improvements for headquarters to roll out more widely. Local teams also help Airwallex adapt…

Bank Negara Malaysia (BNM) has fined three money-changing firms a total of RM40,400 for customer due diligence and sanctions screening failures. BNM announced the penalties on 30 September after supervisory examinations uncovered the breaches. All three firms have paid their fines and taken remedial measures. Wawasan Ilham (M) Sdn. Bhd. received a RM22,000 penalty for failing to conduct customer due diligence on a customer for a money-changing transaction. BNM attributed the lapse to inadequate oversight and a weak compliance culture. The firm has since strengthened management oversight and trained staff. SMJ Teratai Sdn. Bhd. was fined RM6,900 for customer due…

Ryt Bank has updated its systems so customers can use Malaysia’s new MyKad to apply for an account. The bank confirmed that it had completed testing successfully and that recognition of the new MyKad is now stable. Customers can proceed with account applications through the Ryt Bank app, subject to its standard electronic know-your-customer (eKYC) verification process. The bank was among several platforms affected by compatibility issues with the redesigned MyKad, which was also rejected during verification on TNG eWallet, AEON Bank and GXBank. Malaysia began issuing the new MyKad on 17 September. The card includes 53 security features, compared…

Bursa Malaysia awarded its top CEO and CFO honours to Maybank’s Dato’ Sri Khairussaleh Ramli and Hong Leong Bank’s Malkit Singh Maan. The inaugural Bursa Malaysia IR Awards 2026 took place on 4 September. Maybank received four honours, including Best CEO in Investor Relations for its President and Group CEO Khairussaleh. The bank also won Best Company in Investor Relations overall, Best Financial Reporting and Best Large-cap Company in Investor Relations for Financial Services. Malkit won Best CFO in Investor Relations. Hong Leong Bank also ranked among the top three performers in the large-cap financial services category, according to the…

Eligible Malaysians can now open and fund a Webull Malaysia trading account through TNG eWallet to invest in US, Hong Kong and China A-share markets. TNG Digital and Webull Malaysia announced the partnership to add global share trading to GOfinance, the eWallet’s financial services hub. Users can apply for an account digitally and fund it directly from their TNG eWallet balance, subject to eligibility and account approval. Webull Malaysia provides regulated brokerage services and trading tools. Users can access market information and charting tools to research investments and carry out their own analysis. Eligible US stocks are available for 24-hour…

BNPL is a lifeline for Malaysians shut out of formal credit, or a fast route into debt, depending on who you ask. ShopeePay’s CEO makes his case. Alain Yee joined Shopee in 2019 as CEO of ShopeePay Malaysia, launching the e-wallet two to three years after its main rivals. SPayLater followed in 2021 and cash lending in 2022. He also leads Monee in Malaysia, Sea’s digital financial services business, and is president of the Association of E-Money Issuers (AEMI). Before Shopee, he worked in consulting and finance in London, then at Discovery Channel and McKinsey before joining Astro. In this…

GXBank is expanding its lending business as it works towards its first full-year profit in 2028, The Edge reported. The digital bank’s first-half net loss widened slightly from RM119.9 million in 2025 to RM122.1 million in 2026. Operating income more than tripled to RM61.4 million, but allowances for credit and other losses increased to RM61.9 million from RM18.6 million. Gross impaired loans accounted for 1.88% of its loan book at the end of June, compared with 1.03% six months earlier. CEO Kaushik Chowdhury told The Edge that Bank Negara Malaysia is assessing GXBank’s application to exit its foundational phase. Approval…

Cashku will offer selected funds from RM10 with no sales charge through a new partnership with Kenanga Investors. The distribution agreement covers funds offered by Kenanga Investors and its Institutional Unit Trust Adviser partners. Users can review fund information, open an account, set investment goals and make initial and additional investments within the app. Suitability is assessed at the point of investment and monitored continuously thereafter. Cashku uses agentic AI for risk profiling, goal-based portfolio construction, suitability assessments and ongoing portfolio monitoring under the oversight of licensed human advisers. The platform is operated by Advisonomics Sdn Bhd and licensed by…