Many will agree that the economics of fraud have shifted dramatically, making it more affordable than ever for fraudsters to execute large-scale operations with minimal investment. Today, anyone can access the resources needed to launch fraudulent schemes, regardless of their technical expertise. Sumsub, a global full-cycle verification platform, coins this trend as the “democratisation of fraud” in their 2024 APAC Identity Fraud report. This shift is largely driven by Fraud-as-a-Service (FaaS) technological platforms and widely available fraud tools, which provide a range of services to facilitate cybercrime, including identity theft, account takeovers, and financial fraud. Inside APAC’s Identity Fraud Trends:…

CGS International Securities Malaysia Sdn Bhd (CGS Malaysia) has introduced fractional share trading on Bursa Malaysia, marking the first time this option is available on the local bourse. The new feature allows investors to start trading with as little as RM1, significantly lowering the barrier to entry. The launch coincides with the debut of CGS Malaysia’s new trading platform, UP. According to The Edge, the initiative aims to make investing more accessible to a wider audience. “As barriers come down and affordability goes up, we hope to encourage more youth and first-time investors to embark on their trading and investing…

The central banks of Malaysia and Cambodia launched the second phase of their cross-border QR payment linkage today. Bank Negara Malaysia (BNM) Governor Dato’ Seri Abdul Rasheed Ghaffour and National Bank of Cambodia Governor H.E. Dr. Chea Serey officiated the launch. With the latest update, Malaysian travellers can now use their local mobile banking apps to scan Cambodia’s KHQR codes and make payments directly. Cambodian visitors to Malaysia can continue using the Bakong app to scan Malaysia’s DuitNow QR, a feature introduced in the initial phase. The linkage is expected to benefit over seven million merchants across both countries by…

Tune Protect Malaysia and ticketing platform Ticket2U have launched a ticket refund insurance option for event attendees in Malaysia. The partnership aims to offer financial protection to ticket buyers who are unable to attend events due to unexpected situations. The insurance covers tickets purchased through Ticket2U for various events, including conferences, concerts, festivals, marathons, runs, and sports tournaments. Policyholders may receive a full refund if they cannot attend due to circumstances such as specified medical or home emergencies like fire or burglary, accidental death, natural disasters, road accidents, vehicle breakdowns on the way to the venue, or sudden job loss.…

KAF Digital Bank is inviting the public to register their interest for its upcoming Perintis Beta Programme, offering early access to its new ONZ Banking services. Those interested can sign up for the Islamic digital bank using their name and email address to receive updates and may be selected to participate in the programme. Selected individuals may also be chosen as Perintis Pioneers, giving them a chance to try out the platform early and earn loyalty points through the POD Savings programme, which can be redeemed for rewards, subject to terms and conditions. ONZ Banking operates on a Shariah-compliant framework…

BigPay, the fintech arm of Capital A, has named Monica Millares its new Chief Product Officer (CPO). Millares, who took on the role a few weeks ago, announced the promotion in a recent LinkedIn post after more than seven years with the company. In her announcement, Millares reflected on joining BigPay during the early days of Malaysia’s fintech scene, describing her journey from the company’s first product hire to CPO. She acknowledged the challenges ahead and said the role would require continued personal growth. Her appointment comes amid a broader leadership shake-up at BigPay. Several senior executives, including CEO Zubin…

Maybank is planning to extend the term of its CEO Khairussaleh Ramli by another three years, allowing him to see through the bank’s current strategic roadmap, according to a report by The Edge citing unnamed sources. Khairussaleh, who assumed leadership of Malaysia’s largest lender on 1 May 2022, will now be able to complete the M25+ strategy targeted for 2025 and lay the groundwork for the group’s next phase of growth. The bank has not officially commented on the reported extension. Under Khairussaleh’s leadership, Maybank’s shares have delivered a return of 36%, significantly outpacing the 6.4% gain in the FTSE…

Malaysia’s first digital bank, GXBank, announced revisions effective 17 April 2025, that include an RM12 fee for physical card issuance and replacement. The fee will be applied at the time of card issuance but will be waived for customers who maintain a specified minimum balance. According to an update to the GX Card Product Disclosure Sheet, the waiver applies to customers who maintain an average balance of at least RM1,000 in their GX Account for 30 consecutive days starting from the date the card is issued. The relevant fee will initially be deducted upon issuance and subsequently refunded if this…

Google Cloud has appointed Hana Raja as Country Manager for its operations in Malaysia. She will be responsible for leading the local go-to-market strategy and operations for both Google Cloud and Google Workspace. Hana will report to Serene Sia, Country Director for Malaysia and Singapore. She brings over 16 years of experience to the role, having previously held leadership positions at Cisco and Bain & Company. At Cisco, she served as Managing Director for Malaysia and led strategy and operations for Southeast Asia. Her experience spans sectors including financial services, retail, consumer packaged goods, healthcare, automotive, energy and utilities, and…

RHB Banking Group is offering financial and insurance relief to individuals and businesses affected by the recent gas pipeline fire in Putra Heights. The bank has introduced a Financial Relief Assistance Programme for affected customers, with applications open until 30 May 2025. Eligible individuals may defer payments for up to six months—from June to November 2025—on mortgages, ASB financing, personal loans, and hire purchase facilities. Late payment charges and interest or management fees on affected credit cards will be waived up to RM500. Replacement fees for ATM, debit, and credit cards will also be waived. SMEs not currently undergoing restructuring…

Ryt Bank has begun rolling out access to its app and is now accepting users on its waiting list, according to SoyaCincau. Developed by YTL Digital Bank Berhad with backing from Sea Group, Ryt Bank describes itself as Malaysia’s first AI-powered digital bank. While the full service has yet to officially launch, the app is already available on both the Apple App Store and Google Play Store. The digital-only bank is promising a quick and seamless onboarding experience, with account sign-up said to take as little as two minutes. To join the waiting list, users must download the app and…

Despite ongoing efforts from regulators and financial institutions, financial crime in Malaysia continues to escalate, with fraudsters exploiting loopholes to siphon billions from victims. According to the latest Financial Crime Landscape Report by regtech firm Tookitaki, Malaysia has suffered a staggering RM54.02 billion in losses due to scams, underscoring the urgent need for stronger fraud prevention measures. The Rising Threat of Financial Crime in Malaysia The financial crime landscape in Malaysia is becoming increasingly complex, with mule accounts playing a major role in fraudulent activities. Authorities have identified 208,000 mule account holders, many of whom are university students recruited by…

The Ministry of Investment, Trade and Industry (MITI) has selected seven equity crowdfunding and peer-to-peer financing platforms to participate in the New Industrial Master Plan (NIMP) 2030 Strategic Co-Investment Fund (CoSIF). An initial allocation of RM131.5 million will be distributed through these platforms to support domestic SMEs and mid-tier companies (MTCs) engaging in high-tech activities or high-impact projects in strategic sectors identified under NIMP 2030, which may require a large pool of capital. The equity crowdfunding platforms selected are pitchIN, Mystartr, Leet Capital, and Crowdo. The peer-to-peer financing platforms are Funding Societies Malaysia, CapBay, and B2B Finpal. All are registered…

RHB Bank invested RM51 million into Boost Bank to retain its strategic 40% ownership in the digital banking arm, according to a regulatory filing on 27 March 2025. The transaction involved subscribing to 51 million new shares at RM1 per share, funded entirely through RHB’s internal reserves. The Additional Subscription aims to support Boost Bank’s growth and operations while ensuring compliance with Bank Negara Malaysia’s minimum capital requirements. As RHB Bank invested RM51 million, it acquired the additional shares between 17 May 17 2024 and 27 March 2025. As of 21 March 2025, the Employees Provident Fund Board (EPF) owns…

Malaysia’s first digital bank, GXBank, has signed a MoU with the Malaysia Digital Economy Corporation (MDEC) to support the digital transformation of MSMEs in Malaysia. Hildah Hamzah, Chief of Staff at GXBank, said the initiative is in line with the bank’s mission to build a financially resilient nation through technology and innovation. The digital bank, which has welcomed more than one million Malaysian customers to its platform, is now turning its attention to MSMEs—described by Hamzah as the next key demographic. She noted that these businesses often face challenges with traditional banking due to rigid credit assessment requirements and cumbersome…

PolicyStreet, a Malaysian insurtech company, has partnered with Ashley Furniture HomeStore to launch a new Furniture Protection Plan (FPP). The FPP functions as a microinsurance plan, offering coverage for accidental damages, fire, and floods. It is exclusively available at Ashley Furniture HomeStores and Galleries across Malaysia. The plan provides protection for up to one year and is priced from RM99 per annum. It includes complimentary warranty checks, pre-claim inspections, and delivery vouchers. Customers can begin the claims process by contacting Ashley Furniture HomeStore for a personalised assessment. A digital portal, set to launch on 14 May 2025, will allow eligible…

Grab Malaysia has signed a Memorandum of Understanding (MoU) with the Malaysia Digital Economy Corporation (MDEC) to support the digitalisation of micro, small, and medium enterprises (MSMEs) in the country. The partnership falls under MDEC’s Business Digitalisation Initiative, which aims to drive inclusive economic growth through greater technology adoption. The collaboration reflects Grab’s commitment to helping MSMEs grow by leveraging digital tools. The company said that over 500,000 newly registered MSMEs across Southeast Asia gained access to consumers through its platform in 2023. In Malaysia, Grab’s merchant-partners contributed RM4.2 billion to the country’s GDP last year, according to a study…

MongoDB, a database for modern applications, has expanded the availability of its multi-cloud platform, MongoDB Atlas, to Amazon Web Services (AWS) Regions in Malaysia and Thailand. The move is aimed at meeting rising demand for cloud-native applications and improving data performance and latency for local users. The expansion comes as MongoDB experiences strong growth across Southeast Asia, with regional headcount increasing by more than 200% over the past two years. Its Asia Pacific operations have generated over US$220 million in annual revenue. With the addition of Malaysia and Thailand, MongoDB Atlas is now available on AWS across Asia-Pacific markets including…

Losing a sale at checkout isn’t just frustrating. When a payment fails, customers don’t just abandon their purchase, they lose trust in the brand. A smooth payment experience is no longer optional. It is what keeps customers coming back. Digital payments are growing rapidly. A 2024 Ipsos poll shows e-wallet adoption increased by 14% in just one year. Bank Negara Malaysia reported RM11.5 billion in cashless transactions in 2023, proving that customers prefer faster, safer, and more convenient payment methods. Businesses that don’t keep up risk losing both sales and loyalty. A seamless and secure payment system ensures better conversions, stronger…

Bank Islam Malaysia and Syarikat Takaful Malaysia Keluarga have renewed their strategic partnership, signing a five-year Bancatakaful service agreement. The agreement aims to provide Bank Islam customers with enhanced financial security through access to Takaful Malaysia’s takaful products, including Takaful mySmart Wealth Plus, Takaful myPrime Cover, and Takaful mySmart Legacy. Dato‘ Mohd Muazzam Mohamed, Group CEO of Bank Islam, said, ‘’Bank Islam customers can now obtain takaful products offered by Takaful Malaysia through all sales channels at Bank Islam branches nationwide.’’ Takaful Malaysia Group CEO, Nor Azman Zainal said‚ ‘‘Takaful Malaysia will continuously strengthen its strategic cooperation with Bank Islam…