Author: Fintech News Malaysia

Bank Negara Malaysia (BNM) and the Bank of Thailand (BOT) have joined the Monetary Authority of Singapore’s (MAS) BLOOM initiative as policymaker members. The three central banks will work with industry players to develop common approaches for accepting, exchanging and settling digital money across borders. Launched in October 2025, BLOOM (Borderless, Liquid, Open, Online, Multi-currency) brings together policymakers, financial institutions, payment networks and technology providers. It supports settlement involving tokenised bank liabilities and regulated stablecoins. Visa, Mastercard and Ripple among new participants MAS also announced that Airwallex, Mastercard, Maybank, Monee, Nium, Ripple, ShopeePay, Visa and the World Bank Group have…

Malaysia has retained its position as the world’s most developed Islamic finance market for the 14th consecutive year. The 2026 Islamic Finance Development Indicator (IFDI) report by the Islamic Corporation for the Development of the Private Sector (ICD) and London Stock Exchange Group (LSEG) ranked Malaysia first among 140 countries. Malaysia recorded an overall score of 136, ahead of Saudi Arabia at 113 and the United Arab Emirates (UAE) at 95. Indonesia and Pakistan completed the top five. The index measures Islamic finance development across five areas: financial performance, governance, sustainability, knowledge and awareness. Malaysia led in financial performance, governance…

RHB Bank has until February 2027 to finalise negotiations with Tokio Marine Asia over a proposed merger of their Malaysian insurance businesses. Bank Negara Malaysia (BNM) has extended the negotiation deadline to 11 February 2027, according to a Bursa Malaysia filing. The proposal involves the bank selling up to 100 percent of its stake in RHB Insurance and merging the business with Tokio Marine Insurans (Malaysia). Under the proposed arrangement, RHB Bank would retain a stake of up to 35 percent in the merged entity. BNM initially approved the negotiations in May 2026, giving both parties six months to reach…

Axaipay has partnered with Italian software developer Incomedia to launch AxaiCart+, an e-commerce solution aimed at Malaysian MSMEs. The offering combines Incomedia’s WebSite X5 Pro website builder with Axaipay’s payment gateway, allowing businesses to create online stores with integrated payment processing. Axaipay, operated by Axai Digital Sdn Bhd, is registered with Bank Negara Malaysia (BNM) as a non-bank merchant acquirer. Through AxaiCart+, merchants can accept credit and debit cards, FPX online banking, DuitNow QR, Touch ‘n Go eWallet, ShopeePay and Boost eWallet. The integration removes the need for businesses to connect a separate payment processor to their online stores. WebSite…

Hong Leong Bank (HLB) customers can now make QR payments in China directly from the HLB Connect app through a partnership with UnionPay International (UPI). The bank is pairing the feature with its multi-currency account, so customers can convert ringgit into offshore yuan before they travel and spend from that balance. The service works at more than 120 million UPI and Weixin Pay QR-enabled merchants in China from major retailers and restaurants to small businesses and individual sellers. Payments come straight out of the customer’s HLB account, so there is no need for a third-party app or a wallet top-up.…

No institution moves into digital assets until it knows who will hold them and what happens to those assets if that custodian fails. This panel looks at custody as the gating issue for institutional adoption in Malaysia, where licensing is in place but enforcement is still catching up with Hong Kong and Singapore. The panellists see banks entering the space as partners that grow the market, while tokenised assets raise a new test of whether the token matches the record behind it. On safety, they treat insurance as the last line of defence, with segregation and layered key controls doing…

SME Bank will administer approximately RM2.8 billion in financing and grants under Malaysia’s Budget 2027, covering 12 programmes across seven priority sectors. The allocation forms part of more than RM7 billion in government-mandated initiatives assigned to its parent company, Bank Pembangunan Malaysia Berhad (BPMB) Group. Financing accounts for most of SME Bank’s allocation, with RM11 million earmarked for grants under two programmes. Sustainability and technology financing Dana Kelestarian Alam 2.0 will receive RM600 million to finance Malaysian companies undertaking low-carbon initiatives and adopting more sustainable business practices. Another RM500 million will go towards the Technology Adoption Fund, which supports digitalisation,…

CIMB Group Holdings has categorically denied plans to privatise PT Bank CIMB Niaga, its Indonesian banking subsidiary. The Malaysian banking group issued the statement in response to recent news reports on a possible CIMB Niaga privatisation. “The Group has made no decision and tabled no formal proposal in relation to the potential privatisation of CIMB Niaga,” the company said. According to the statement, CIMB Niaga remains part of the group’s regional footprint, and CIMB remains committed to its operations in Indonesia. CIMB added that it will continue to meet all applicable regulatory guidelines in a timely and structured manner, including…

Over five million users have accessed investment products through TNG eWallet’s GOfinance, ranging from digital gold to shares. TNG Digital, which operates the e-wallet, reported RM3.57 billion in total investment value processed across its wealth offerings as of 30 September 2026. More than 4.7 million users had invested in GO+, while over 700,000 had traded digital gold through e-Mas. The five million figure counts users who accessed multiple investment products only once. GOfinance offers a range of investment options including money market funds, Amanah Saham, unit trusts, retirement solutions, digital gold and local and global shares. Selected products allow users…

Malaysia’s Ministry of Finance (MOF) has renewed the registrations of 10 credit reporting agencies until September 2027. The ministry confirmed that the renewals were issued under Section 14 of the Credit Reporting Agencies Act 2010 and are valid from 15 September 2026 to 14 September 2027. The agencies are CTOS Data Systems, Experian Information Services (Malaysia), Credit Bureau Malaysia, Dun & Bradstreet (D&B) Malaysia, FIS Data Reference, Omesti BI, CTOS Basis, MARC Data, Mydata Infomatica and One Future Solutions. MOF warned that businesses operating credit reporting services without registration and a valid certificate could face fines of up to RM1…

Malaysians can now apply for a replacement MyKad through the MyGOV Malaysia app without visiting a government counter to start the process. The Ministry of Digital announced the service in a Facebook post, outlining how users can submit their applications online. To apply, users must download or update the MyGOV Malaysia app and log in to their accounts. They can then select the MyKad Replacement service under the Birth & Personal Identification category. Applicants must fill in the required information and upload supporting documents if requested. Once submitted, they will receive further instructions or confirmation on their application. The ministry…

Prasarana’s plans to introduce bank card and digital wallet payments across its public transport network remain delayed as the company works to finalise procurement. The first tender ended without a contract award, forcing the company to repeat the process, Transport Minister Anthony Loke told Parliament on 21 October, according to The Star. Prasarana had initially targeted the end of 2024 for bus services and August 2025 for rail services. The company is now in the final stages of procurement and evaluation, with a decision expected by the end of 2026. It has yet to announce when implementation will begin. Commuters…

Bank Muamalat has joined other Malaysian banks in offering credit cards with annual rates capped at 14 percent. Its new Shariah-compliant Awwal Credit Card-i carries an effective annual profit rate of 14 percent and no annual fee. The card uses a non-compounding profit structure, meaning profit is not charged on previously accumulated profit. Customers will also receive complimentary takaful protection for outstanding balances of up to RM20,000 as part of a limited-time promotion, subject to terms and conditions. The launch follows the government’s push to introduce basic credit cards with annual financing rates capped at 14 percent, down from the…

Can stablecoins make cross-border payments faster, cheaper, and more accessible and where do banks fit in? At Luno’s LIDAC conference, moderator Vincent Fong joins Eddy Christian Ng from Tether, Milind Sanghavi from Xweave, and Gerard Ang from Standard Chartered to explore how stablecoins and tokenized money could reshape the way businesses and individuals move money. The panel discusses: Real-world uses for stablecoins in remittances, treasury, and supplier payments How stablecoins compare with tokenized deposits The opportunities and challenges for ringgit and other local-currency stablecoins Why liquidity, regulation, and collaboration matter for adoption From Malaysia to the wider region, the conversation…

Bank Negara Malaysia (BNM) has launched SSDS+, a new platform for issuing, recording and safeguarding tokenised bonds and sukuk. By representing securities digitally, the platform aims to simplify transactions, support more flexible financial instruments and widen access to investment opportunities. BNM developed SSDS+ in-house using cloud and distributed ledger technology, which allows multiple parties to maintain shared transaction records. The platform builds on the existing Scripless Securities Depository System (SSDS), Malaysia’s central securities depository for the wholesale financial market. Beyond wholesale issuances, SSDS+ is also ready to support the issuance of tokenised government and retail bonds. How BNM’s SSDS+ works…

ShopeePay’s Money+ has increased its maximum holding limit from RM20,000 to RM30,000 at no additional cost to users. ShopeePay said the new limit is among the highest in the Malaysian market. Launched in January 2026, Money+ allows users to earn daily returns through a Shariah-compliant money market fund, with indicative annualised returns of up to 3%. According to the company, millions of Malaysians have used the feature since its launch. The higher limit allows users to invest, shop and make payments using a larger Money+ balance. Funds are not subject to a lock-in period and remain available for spending or…

Bank Negara Malaysia (BNM) is preparing new policy documents aimed at encouraging broader use of Shariah contracts across Islamic finance. Governor Dato’ Sri Abdul Rasheed Ghaffour outlined the plans during his address at the 21st Kuala Lumpur Islamic Finance Forum on 20 October. BNM will issue a Strategy Paper and Exposure Draft on its Shariah Contract Framework by the end of 2026, following a review that began in November 2024. Abdul Rasheed also said Malaysia’s next Financial Sector Blueprint would place greater emphasis on economic and social outcomes. He stressed the importance of directing funding towards the country’s economic needs.…

Maybank has signed a five-year deal with ServiceNow to improve how it monitors banking systems and responds to potential disruptions across Malaysia, Singapore and Indonesia. The agreement will expand Maybank’s regional Resilience Operations Centre (ROC), giving its technology teams a clearer view of applications, infrastructure, technology assets and service dependencies. Using ServiceNow’s AI platform, the bank plans to bring together operational data and analytics to identify potential risks before they affect banking services. The platform’s Super Intelligence Control Tower will also support operational monitoring, asset management and workflow automation. The rollout will begin in Malaysia and Singapore before expanding to…

Paysys by NTT DATA has deployed an unattended payment terminal at Menara Kembar Bank Rakyat, the bank’s headquarters in Kuala Lumpur. The installation marks the first unattended terminal deployment under its collaboration with Bank Rakyat, allowing customers to complete cashless transactions independently without staff assistance. According to Paysys, the terminal supports secure, contactless payments and extends digital payment acceptance beyond traditional retail and service environments. “Unattended payments are becoming an increasingly important part of how businesses and organisations deliver convenient customer experiences,” said Jeremy Low, Chief Operating Officer of Paysys. Meanwhile, Ahmad Shahril Mohd Shariff, Group Chief Executive Officer of…

Malaysia’s Ministry of Finance (MOF) has denied claims that QR payments will incur a new service charge from 1 November 2026, clarifying that it has made no such announcement. In a Facebook post on Sunday (18 October), MOF described a circulating poster making the claim as false and urged the public to verify information through its official channels before sharing it. The poster appeared on Facebook and Threads and did not identify any specific QR payment scheme, bank or e-wallet. The clarification comes amid changes to merchant fees for DuitNow QR, although these charges are separate from the alleged service…