Small businesses in Malaysia now have access to a debit card built around Shariah principles, following a launch by Bank Muamalat and Mastercard. The Bank Muamalat SME Debit Card-i offers up to 4% cashback for the first six months. This applies to spending on online travel agencies, e-commerce platforms such as Shopee and Lazada, and digital advertising on Google and Meta. Cardholders also receive two monthly waivers on international ATM withdrawal fees and access to Mastercard programmes like Easy Savings, Priceless Specials and merchant offers. The card is linked to a current account rather than a credit line, in line…
Author: Fintech News Malaysia
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Transactions under the Rahmah Basic Contribution (SARA) programme reached RM110 million nationwide within the first two days of implementation, according to the Ministry of Finance. More than 1.7 million recipients used their credits during the period. On the second day alone, over 900,000 Malaysians spent RM60 million using their SARA credits. MyKasih, which manages the system, said that it had expanded its capacity after the initial surge, enabling about 20 percent more transactions to be processed compared with the first day. Despite the upgrade, congestion continued at several outlets, particularly large hypermarkets in urban areas during peak hours. MyKasih staff…
Malaysia’s SARA programme sparked heavy use on launch day, pushing transactions past RM50 million as 850,000 recipients tapped into their RM100 credit as of 9.30 pm. The scheme, introduced for more than 22 million adult Malaysians, experienced a rush of activity on 31 August that caused a significant decline in performance on the MyKasih payment network at several locations. The Ministry of Finance (MOF) said that despite the disruptions, transactions were still accepted and processed. MOF is working with MyKasih to expand system capacity so the public can continue making purchases smoothly from 1 September. MyKasih will also carry out…
Malaysia’s Ministry of Finance has confirmed that income from crypto activities is taxable under the Income Tax Act 1967, The Edge reported. The clarification came in response to a question from Lim Guan Eng (PH-Bagan), who highlighted that LUNO Malaysia recorded RM254 million in revenue but only paid RM3.8 million in taxes between 2019 and 2024. The ministry explained that digital currencies are treated as commodities, and profits from trading, mining or exchange fall under business income. It added that this position is in line with international tax practices, and the Inland Revenue Board (IRB) has issued guidelines on how…
Bank Negara Malaysia (BNM) now allows motorists who are not at fault to make claims through their own insurer while retaining their No-Claim Discount (NCD), The Star reported. The Own Damage Knock-for-Knock (OD-KFK) facility is limited to comprehensive policies. It lets drivers repair their vehicles through their own insurer instead of waiting for the third party’s insurer to respond. A police report and supporting documents must be provided before the claim is processed. The option is not available in every case. Accidents involving taxis, buses or hire vehicles, as well as those resulting in injuries, still require claims to be…
MBSB Bank has introduced Global Easy Transfer (GET), a new international remittance service developed in partnership with Wise. With this launch, MBSB Bank becomes the first Malaysian bank to partner with Wise Platform, the company’s global infrastructure for financial institutions. The service allows customers to send money abroad directly through the Bank’s M Journey retail banking app in what it describes as a faster, more transparent and straightforward process. Global Easy Transfer aims to address common challenges faced by Malaysians when sending money internationally, including hidden fees, slow processing times, unclear exchange rates and limited visibility of transfers. At launch,…
Burnout is becoming the hidden cost of cybersecurity in Malaysia, with fresh data revealing that 90 percent of organisations are struggling to keep pace with rising threats. The Future of Cybersecurity in Asia Pacific and Japan 2025 report, commissioned by Sophos and conducted by Tech Research Asia (now part of Omdia), found that fatigue remains widespread due to increased threat activity, lack of resources, and unclear strategies. Sophos noted that burnout affects not just technology teams but also productivity, incident response, employee retention, and the likelihood of breaches. Among Malaysian respondents, the top frustrations were keeping up with the pace…
Doo Group reportedly confirmed that its office in Malaysia was among several business premises recently visited by local authorities during a nationwide campaign against illegal call centres, according to Finance Magnates. The company said the visit to its premises was among several inspections carried out at different business locations. In response, the fintech and brokerage firm attempted to reassure clients and partners that its operations remain in line with regulatory requirements. It said it has been cooperating with investigators by providing information requested and stressed that compliance and accountability are central to how the company is run. Doo Group added…
Malaysian police have reportedly dismantled a major online gambling and fraud syndicate in Kuala Lumpur, arresting more than a hundred people, according to a report by China Press. The raid took place in a commercial tower in Bangsar South, where authorities believe the call centre operations of the group were based. According to details cited in the report, police teams swept through at least five floors of the building. Large groups of men and women were detained, with seven police trucks dispatched to ferry suspects in stages to nearby stations for questioning. Reporters observed that the operation was still active…
Malaysians are proving to be among the world’s most enthusiastic cross-border shoppers, with a growing reliance on digital wallets and seamless checkout experiences when buying online, according to a new study by Airwallex and Statista. The survey found that 94 percent of Malaysians are confident purchasing from international merchants, higher than the global figure of 89 percent. About 72 percent shop across borders at least once a month, compared with 56 percent worldwide. Marketplaces such as Shopee, Lazada and Taobao remain popular, while social commerce is gaining traction. Influencer marketing also carries greater weight in Malaysia, with 76 percent of…
Hong Leong Bank said gains from artificial intelligence (AI) adoption in cost management contributed to improved efficiency, helping the lender post higher annual profit and declare a larger dividend. For the year ended June 30, 2025, operating profit before allowances rose 14.2% year-on-year to RM3.92 billion. Non-interest income climbed 33.4% to RM1.47 billion, lifting its contribution to 23% of total income. Overall income increased 10.9% to RM6.4 billion, with net interest income up 5.5% at RM4.93 billion. Operating expenses were contained at RM2.48 billion, lowering the cost-to-income ratio to 38.7%. Profit before tax stood at RM5.36 billion, while profit after…
Moomoo Securities Malaysia has announced the opening of its first physical experience store in Southeast Asia. The outlet, located in Kuala Lumpur, marks a step in the company’s expansion in Malaysia, aiming to complement its online platform with in-person support for investors. Situated in KL Eco City, the Moomoo Experience Store offers an interactive space where visitors can explore the platform’s functions. The centre features multi-screen trading stations, live demonstrations of the app, and consultations with financial specialists. It is open daily and provides access to real-time market data, analytics, and educational resources intended to help investors navigate both local…
The Philippines is the fastest-growing digital economy and home to one of Southeast Asia’s most valuable fintech unicorns. Yet for investors and fintech founders looking to expand, this hidden gem is not top of mind. Lito Villanueva, Chief Innovation and Inclusion Officer at RCBC and Chairman of Fintech Alliance.PH explains why you should be paying attention to the Philippines In this conversation, you’ll hear about: Why the Philippines is the next fintech hotspot Opportunities and gaps in Philippines’ fintech scene AI adoption in the Philippines
TNG eWallet is widening its role beyond payments with a new QR scanner that lets users pull up menus, forms and tickets directly in the app. The update removes the need for separate QR scanning applications. Beyond transactions, it can be used to check in at events, access product information when shopping, view boarding codes on public transport, and pay at overseas merchants that support local QR systems. The feature adds to TNG eWallet’s existing services, which include e-commerce, bill payments, investments, insurance and international remittances. To mark the rollout, the company is offering users a chance to win eWallet…
Cashku, a Malaysian digital financial planning platform, has raised RM10 million in a strategic investment round led by prominent investors. This includes Tunku Zain Al-‘Abidin Tuanku Muhriz, former Securities Commission chairman Datuk Ali Abdul Kadir, 1337 Ventures led by Bikesh Lakhmichand, and seasoned private equity professionals from the United Kingdom. The funding will support Cashku’s expansion across Malaysia, enabling it to scale its platform that combines financial planning and execution. Users can consolidate unit trust portfolios, managed funds, and a retirement plan in a single place, while also accessing goal-setting tools and advisory features. The company says it aims to…
Ryt Bank, Malaysia’s first fully AI-powered digital bank, is now here. The bank is backed by YTL Group in partnership with Singapore’s Sea Limited. At the centre of its services is Ryt AI, a banking assistant built on ILMU, Malaysia’s first homegrown large language model. It can carry out tasks such as bill payments, fund transfers, and spending insights through natural conversation in Bahasa Malaysia, English and Manglish. Mandarin support is expected to be added by September, but that is only for the app and not Ryt AI. Ryt AI also explains financial basics in simple terms, aiming to make…
StashAway, the digital investment platform, has introduced a Shariah Global Portfolio that combines Islamic finance principles with global diversification. The portfolio is built on certified shariah-compliant assets, screened to exclude interest-bearing instruments, excessive speculation, high-debt companies, and sectors such as alcohol, gambling, and tobacco. It combines equities, sukuk, and gold, each serving a distinct role across market cycles. Investors gain exposure to US, developed, and emerging market equities, global sukuk, and physical gold, with all holdings subject to ongoing compliance monitoring. The portfolio is managed using StashAway’s ERAA framework, which adjusts allocations in response to macroeconomic cycles while maintaining risk…
DuitNow QR payments are set to go global following a renewed agreement between Payments Network Malaysia (PayNet) and Ant International, a global digital payment, digitisation and financial technology provider. The partnership will allow Malaysians to use their e-wallets and banking apps at more than 100 million Alipay+ merchants worldwide. The Memorandum of Understanding (MoU) was signed at Malaysia’s flagship fintech event, MyFintech Week 2025 in Kuala Lumpur, and witnessed by Bank Negara Malaysia Governor Dato’ Sri Abdul Rasheed Ghaffour. The expanded collaboration covers four areas: driving tourism through cross-border digital payments, strengthening fraud defences with AI-powered security, talent development, and…
Razorpay Curlec has partnered with Visa to introduce credit card instalment options for Malaysian consumers through Visa Instalment Solutions (VIS). The partnership allows businesses on Razorpay Curlec’s platform to let customers spread the cost of big-ticket items into monthly payments using credit cards from major banks. The instalment plans carry no management fees and offer 0% interest, with flexible options available across categories such as home and living, electronics, jewellery and beauty services. Razorpay Curlec said the move reflects growing demand among Malaysians for flexible payment solutions. Visa’s 2024 Consumer Payment Attitudes study found that card payments remain especially prevalent…
AEON Bank, Malaysia’s first Islamic digital bank, has launched AEON Bank Biz, a Shariah-compliant business banking service anchored by its Business Current Account-i and cash management tools. The service is initially onboarding vendors, suppliers, partners, and selected stakeholders within the AEON ecosystem. The bank said this approach is meant to create an integrated value chain across retail and financial services before expanding to more businesses in Malaysia. The Business Current Account-i offers a profit rate of 1.5 percent per annum with no minimum balance. Merchants under AEON Credit Service Malaysia receive an additional one percent, subject to terms and conditions.…