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…
Author: Fintech News Malaysia
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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.…
MBSB Bank has formalised Islamic financing facilities worth RM1.3 billion for Cypark Resources Berhad, making the bank its principal banking partner and supporting Malaysia’s clean energy transition. The financing package, which combines refinancing and working capital facilities, is aimed at strengthening Cypark’s capital structure, optimising cash flow and supporting growth. As part of the agreement, Cypark will also place funds into MBSB Bank’s first Sustainable Term Deposit-i, which channels capital directly into environmentally and socially responsible projects. Cypark, an integrated renewable energy and environmental solutions provider, is involved in solar, biogas and waste-to-energy projects, including Malaysia’s first SMART Waste-to-Energy facility.…
Shoppers and customers of AEON may soon see a single membership program spanning the group’s retail, financial and digital businesses, following a new joint venture between AEON CO. (M) BHD. and AEON Credit Service (M) Berhad. The new entity will manage membership and data integration across the AEON Group in Malaysia. It will also serve as a data and marketing exchange hub for merchants and partners, supporting cross-platform engagement with AEON’s customer base. AEON Credit will hold a 51 percent stake in the venture, with AEON owning the remaining 49 percent. The joint venture will begin with an initial paid-up…
Funding Societies will phase out its mobile app in Malaysia next month as it shifts investor access fully to its web platform. The peer-to-peer financing platform said all account features, portfolios, and services will remain unchanged, but users will need to log in via the website instead of the app. The company added that the web platform is designed for mobile browsers and provides a responsive experience on any device, although this remains the firm’s own claim. Funding Societies explained that consolidating services into one platform will allow it to release new features more quickly, provide a consistent experience across…
CoinGecko has announced a series of leadership changes as the crypto data provider looks to expand its operations and product capabilities. Co-founder Bobby Ong has been appointed CEO, co-founder and former CEO TM Lee will take on the role of President, and Cedric Chan has been named Chief Technology Officer. Ong, who previously served as Chief Operating Officer for more than a decade, helped shape CoinGecko’s business strategy, scale its operations, and expand its global presence. The platform is now used daily by millions of users, with its crypto data API powering exchanges, wallets, and financial institutions across both web3…
Bank Negara Malaysia (BNM) says interim measures remain effective in cushioning policyholders from rising medical costs, as broader reforms to the country’s healthcare financing system continue, Bernama reports. Governor Datuk Seri Abdul Rasheed Ghaffour said the government is pursuing a three-year reform programme built on five thrusts and 11 recommendations aimed at improving service delivery and easing medical insurance inflation. These reforms fall under the RESET framework, which focuses on revamping health insurance, enhancing implementation, strengthening digital health, expanding cost-effective care, and transforming payment systems. A central element of RESET is the revamp of the medical and health insurance/takaful (MHIT)…
iFAST Pay Malaysia has received approval-in-principle from Bank Negara Malaysia to operate as an Electronic Money Issuer and to hold a Money Services Business Class A license. In Malaysia, the company will initially focus on expanding and enhancing its multi-currency e-wallet services, prepaid cards linked to the e-wallet, and cross-border payment capabilities. The group also intends to strengthen the integration between its wealth management platform and digital payment services, allowing customers to move seamlessly between investing and transacting. As outlined in its three-year plan from 2025 to 2027, iFAST aims to develop innovative fintech services that complement its digital banking…
Alibaba Cloud has been officially recognised as one of the Cloud Service Providers (CSP) under the newly launched Selangor Multi Cloud Services (SMC), a state initiative aimed at accelerating AI adoption and advancing digital transformation across Selangor. The SMC, led by Menteri Besar Selangor (Pemerbadanan) or MBI Selangor through its wholly owned subsidiary Smartsel Sdn Bhd (SMARTSEL), was introduced during MBI Digital Innovation Day by Selangor Chief Minister YAB Dato’ Seri Amirudin Shari. It is a key component in achieving the state’s Smart Selangor objectives outlined in the Rancangan Selangor Pertama (RS-1) and the forthcoming RS-2. Through its local partner…
There was a time when Boost lived in the small moments: helping people pay for bubble tea or a mamak bill without fumbling for cash and change. Fast-forward to today, and Boost has become one of the key players driving Malaysia’s cashless ambitions. Backed by Axiata Group, as one of Malaysia’s pioneering e-wallet providers, Boost has since grown into a regional fintech leader, and launched Boost Bank, the country’s first homegrown digital bank a year ago. Boost is now staring down at its biggest goal yet: can a homegrown player from KL stand toe-to-toe with Southeast Asia’s heavyweights? In the…
Ryt Bank has announced a partnership with Episode Six, a US-based provider of enterprise-grade card issuing and ledger infrastructure. Led by YTL Digital Capital Sdn Bhd, with Sea Limited as a shareholder, Ryt Bank is built with a digital-first approach. The bank aims to rethink financial services by combining innovation, simplicity and trust. Using Episode Six’s infrastructure, Ryt Bank can provide instant card issuance, real-time authorisations and personalised spend controls within a single platform. Episode Six’s technology allows full customisation of card features without relying on legacy systems. This enables Ryt Bank to scale operations while maintaining high standards of…
Perodua and Maybank Islamic have rolled out the Perodua Flexiplan, the country’s first Shariah-compliant agility financing option, powered by Maybank Islamic’s myimpact Drive Financing-i. The plan is available for the Myvi, Axia (excluding the Axia E), Ativa and Aruz. It offers Murabahah Vehicle Term Financing over an initial five-year term, aimed at providing more affordable monthly payments. At the end of this period, customers can trade in their vehicle for a new Perodua model at a secured residual value, which will be used to offset the down payment, or retain their current car by settling the balance or extending the…
HSBC Malaysia has updated its Premier banking service for affluent and high-net-worth customers, expanding benefits in wealth management, health, travel, and international banking. Introduced 25 years ago, Premier has recently added Premier Elite in 2024, a flagship Wealth Centre at Tun Razak Exchange, and the HSBC Wealth Academy. The new proposition offers over 350 investment options across unit trusts, bonds, sukuk, structured products, and insurance and takaful protection plans, along with legacy and protection solutions. Customers can open investment accounts, complete risk profiling, invest in unit trusts, access wealth insights, buy travel insurance, and perform foreign exchange transactions online with…
Ashish Sharma has seen AI fads come and go, but what he’s seeing now in Malaysia’s banking scene feels different. Not because the technology itself has reached some mythical maturity, but because the questions are starting to shift. “Banks aren’t just asking what AI can do,” he observes. “They’re asking what it should do, and how to make it stick.” As Country Sales Director for Malaysia at Backbase, Ashish works closely with traditional banks seeking to modernise in a fast-changing digital environment. He sees signs of maturity as banks move beyond the hype cycle — but most are still stuck…
Global payment and treasury management platform SUNRATE has received in-principal approval from Bank Negara Malaysia for a Money Services Business license. The approval will allow the company to offer its full suite of global B2B payment services to Malaysian businesses, including cross-border transactions. SUNRATE said Malaysia will be the key location for its new global operations hub and that the move is part of its strategic expansion, which includes growing its local team across key functions. The company, which is already licensed in Singapore, Indonesia, Hong Kong SAR, the UK, and Mainland China, said the approval supports its aim to…
The Asia-Pacific fintech landscape is thriving, fueled by the rapid adoption of digital payments, online banking and alternative lending solutions. With over a billion users projected to access digital financial services by 2026, the region is ripe with opportunity — and equally vulnerable to escalating fraud threats. The region faces a wave of sophisticated attacks: payment fraud losses are forecast to surpass US$362 billion between 2023-2028, and identity fraud is rising sharply, exacerbated by data breaches and advanced AI-driven tactics. As digital finance accelerates, fraudsters are evolving faster than ever, pushing fintechs and payment providers to rethink their approach to…