Author: Fintech News Malaysia

Malaysia plans to implement a data centre framework in October to coordinate policies in its fast-growing digital infrastructure industry, Reuters reported, citing a joint statement from the trade and digital ministries. The framework designates the Malaysian Investment Development Authority (MIDA) as the central authority responsible for reviewing and approving all new data centre projects as well as planned expansions. This move is intended to reduce overlapping regulations across agencies and streamline development processes. Malaysia has experienced a surge in data centre investment, with major global players such as Microsoft, Nvidia, Google, and ByteDance committing billions since early 2024. Currently, the…

Tech solutions provider Green Packet has appointed Datuk Wira Shahul Hameed bin Shaik Dawood as its new Managing Director and Group CEO, effective 21 July 2025. Shahul brings over three decades of experience across the public and private sectors, with a focus on business transformation, digitalisation, and human capital development. He previously served as CEO of the Human Resource Development Corporation (HRD Corp) under the Ministry of Human Resources from 2020 to 2025. During his tenure, he oversaw the organisation’s transformation efforts, including its rebranding from HRDF to HRD Corp, the expansion of the PSMB Act 2001, and a doubling…

CIMB Bank has signed a collaboration agreement with Pharmaniaga Logistics, a unit of Pharmaniaga Berhad, to improve access to supply chain financing and payment flexibility for SMEs in the healthcare sector. The partnership allows private clinics, independent pharmacies and other medical buyers to access extended credit terms of up to 50 days through the CIMB SME BusinessCard. Businesses can also receive a 0.5 percent cash rebate on purchases from Pharmaniaga when using the card. CIMB said the collaboration is intended to ease financial strain for healthcare SMEs through better cash flow and working capital solutions. The CIMB SME BusinessCard, launched…

Accenture has acquired Aristal, a Malaysian consulting and digital transformation firm focused on the financial services sector. The financial terms of the transaction were not disclosed This marks Accenture’s first banking-specific acquisition in the country. The move is aimed at boosting Accenture’s ability to support banks in Malaysia as they modernise core systems and manage complex changes, including mergers and system upgrades. Aristal, founded in 2006, has worked with major financial institutions across Malaysia, Indonesia, Singapore, and Thailand, delivering large-scale IT and business transformation projects. The firm’s 30-member team will join Accenture’s Financial Services practice in Malaysia. Accenture said the…

The Dewan Rakyat has passed the Consumer Credit Bill 2025, paving the way for enhanced regulation of non-bank credit and service providers in Malaysia, including buy-now-pay-later (BNPL) operators. According to The Star, the bill was passed via a voice vote in Parliament today (21 July). Its approval sets the groundwork for the formation of the Consumer Credit Commission (CCC), a statutory body under the Finance Ministry that will oversee credit entities not currently under formal supervision. The CCC will introduce a licensing and registration regime for these providers, along with mandatory financial assessments to determine a borrower’s ability to repay…

The Malaysia Co-Investment Fund (MyCIF) has surpassed RM1 billion in total co-investments, supporting more than 9,500 micro, small, and medium enterprises (MSMEs) since it was established under Budget 2019. In its Annual Performance Report 2024 released today, MyCIF said co-investments had reached RM1.19 billion as of end-2024, including RM264 million disbursed last year. The fund operates through equity crowdfunding (ECF) and peer-to-peer (P2P) financing platforms. MyCIF has attracted RM4.10 in private sector funding for every RM1 invested by the government, translating to a 21.4% rise in private investment. The RM1.19 billion in total co-investments is equivalent to 4.6 times the…

The Malaysia International Islamic Financial Centre (MIFC) Global Impact Challenge 2025 has opened its call for applications, seeking financial solutions that address social resilience and climate-related issues. The initiative is aimed at encouraging innovation in Islamic finance and attracting investment in fintech and impact-focused startups. Jointly organised by Bank Negara Malaysia and the MIFC Leadership Council, the challenge is supported by international partners such as the Hong Kong Trade Development Council, Islamic Finance Council UK, Islamic Development Bank, and the World Bank Group’s Inclusive Growth & Sustainable Finance Hub in Malaysia. The Asia School of Business serves as the knowledge…

Boost has announced key leadership appointments aimed at supporting its ongoing growth and strengthening its digital financial services ecosystem. Ungku Norliza Syazwan Ungku Halmie has been appointed Deputy Chief Executive Officer of Boost Bank. Previously the CEO of Boost Life, Ungku Norliza was instrumental in scaling the Boost eWallet into a rapidly growing platform. Recognised as ‘Female Leader of the Year’ in 2023, she will now work alongside Boost Bank CEO Fozia Amanulla to drive the bank’s expansion and innovation plans. In addition, Gin Wong has been appointed Head of Consumer Business, taking over leadership of Boost Life. In her…

Takaful Ikhlas Family Berhad and Takaful Ikhlas General Berhad have announced the appointment of Dato’ Sulaiman Mohd Tahir as the new Non Independent and Non Executive Chairman of both entities, effective July 16. Dato’ Sulaiman currently serves in a similar capacity as Chairman of MNRB Holdings Berhad, Bank Pembangunan and Malaysian Reinsurance Berhad. His new appointment follows the retirement of Datuk Johar Che Mat, who stepped down on July 15 after completing his term as Chairman of the two Takaful entities. The Board of Directors of MNRB Group expressed its appreciation to Datuk Johar for his contributions during his tenure,…

HSBC Malaysia has extended its first asset-based lending (ABL) facility worth US$15 million to CARSOME Certified Sdn Bhd to support the purchase of refurbished vehicles for retail sale. CARSOME Certified, an operating entity of the CARSOME group, runs Southeast Asia’s largest vehicle refurbishment facility in Klang, where it reconditions up to 2,000 cars each month. The financing is expected to help expand its operations in Malaysia. The ABL facility is structured around the value of assets such as receivables and inventory. The loan-to-value ratio is tied to business performance and updated regularly in line with asset growth. Eric Cheng, Co-founder,…

TNG Digital has partnered with HR solutions provider Kakitangan.com to enable salary payments directly into employees’ TNG eWallet accounts. This offers an alternative for workers without access to traditional bank accounts. The integration allows employers using Kakitangan.com to disburse salaries in bulk through the DuitNow Bulk Transfer system. Each TNG eWallet user is assigned a DuitNow account number, enabling them to receive payments from any bank or eWallet provider in Malaysia. The solution is especially relevant for migrant workers and others who face barriers to opening bank accounts. Recognised by the Jabatan Tenaga Kerja Semenanjung Malaysia (JTKSM) as a compliant…

Despite spending over $200 billion globally on compliance, financial crime continues to surge. AI, deepfakes, and scam networks are evolving faster than traditional defenses. In this panel we discuss: How AI is changing the scam game Real-life deepfake attacks on Malaysian banks The impact of Malaysia’s National Fraud Portal Featuring insights from: Rohit Mittal, Director Market Planning, Financial Crime Compliance, LexisNexis® Risk Solutions Azhar Bin Awang Kechil Chief Retail Banking Officer, al rajhi Bank Malaysia Ken Yon, Senior Director, Risk & Compliance, Payments Network Malaysia (PayNet) Vincent Fong, Chief Editor, Fintech News Network

Malaysian crypto exchange Hata has introduced Solana (SOL) staking on its platform, allowing users to earn returns of up to 5.95% per annum. The feature allows users to stake SOL without the need for external wallets, nodes, or delegation. Staking can begin from as little as 0.1 SOL, with rewards automatically credited to user wallets on a daily basis. Staking is supported by Hata’s trusted validator infrastructure. Hata is now the second regulated crypto exchange in Malaysia to offer staking. The company, which has over 160,000 users, said the new feature is designed to provide long-term value through lower fees…

Digital takaful operator OUCH! has introduced what it says is Malaysia’s first self-initiated employee Takaful plan, aimed at making basic protection more accessible to workers in small and medium enterprises (SMEs). The plan allows employees to sign up directly through a mobile app, with optional contributions from employers. The fully digital process removes the need for agents or paperwork, reducing costs and administrative burden for SMEs. Takaful coverage remains low in Malaysia, especially among SMEs. A 2023 PwC report found that only 15% of SMEs offer insurance or Takaful benefits, with micro-SMEs making up a large part of the uninsured…

AEON Credit Service is expanding into the middle-income segment (M40) through AEON Bank, its 50 percent-owned digital bank launched in May 2024. The bank is one of five licensed digital banks in Malaysia and plays a central role in AEON Credit’s effort to reduce reliance on the lower-income B40 group, where repayment challenges have been mounting. As of February 2025, AEON Bank had built up RM336 million in deposits and is gradually rolling out business banking, working capital loans and cash management services for micro, small and medium enterprises. AEON Credit is also leveraging its strong foothold in motorcycle financing,…

MyFintech Week 2025 will return from 4 to 7 August in Kuala Lumpur, coinciding with Malaysia’s ASEAN Chairmanship and a broader push for regional collaboration in financial innovation. This year’s event will examine how technology, regulatory developments and evolving social needs are shaping the future of finance. The MyFintech Week 2025 is jointly organised by Bank Negara Malaysia, the Securities Commission Malaysia, the Asian Institute of Chartered Bankers (AICB), the Fintech Association of Malaysia (FAOM), and Malaysia Digital Economy Corporation (MDEC). Fintech News Malaysia is organising the Fintech Frontiers 50 Awards as an official event of MyFintech Week. https://www.tiktok.com/@fintechnewsnetwork/video/7499033938568940818 Themed…

Moomoo Securities Malaysia has surpassed one million registered users, a milestone reached just over a year after entering the local market. The company initially reached 100,000 users within six weeks of launch and has since expanded tenfold. Moomoo offers Malaysian investors real-time market data and trading access across the US, Hong Kong, China A-shares, Singapore, and Malaysia. Users can invest in equities, REITs, warrants, and US options, and tap features like fractional-share investing, Cash Plus, and automated savings plans to diversify their portfolios. Moomoo recently introduced moomoo AI, an artificial intelligence tool designed to help users analyse stocks and uncover…

Ria Money Transfer and Xe, both business segments of Euronet Worldwide, have partnered with Google to make cross-border money transfers easier to find and conduct. The collaboration aims to improve access to payment services for Google users by integrating Ria and Xe’s digital offerings into the platform. Ria and Xe currently support transfers to 3.2 billion mobile wallet accounts, 4 billion bank accounts, 4 billion Visa cards and 624,000 locations in nearly 200 countries and territories. The global digital remittance market was valued at US$23.4 billion in 2024 and is expected to grow to US$83.2 billion by 2034, driven in…

Paydibs has been officially onboarded as a Third-Party Acquirer (TPA) for the Financial Process Exchange (FPX) by Payments Network Malaysia (PayNet), allowing the payment solutions provider to process FPX transactions directly. With this move, Paydibs becomes one of ten non-bank acquirers connected to PayNet’s FPX infrastructure. The direct connection removes intermediaries in the payment flow, enabling greater control over transaction processing, settlement and cost efficiency. The onboarding also strengthens Paydibs’ technical infrastructure and its ability to offer merchant-first solutions across online platforms. The onboarding represents a key step in Paydibs’ ongoing expansion. It follows the company’s rollout of Paydibs NEO,…

At Money20/20 Asia, we sat down with Jaykie Tan, Head of Business Development APAC at Mambu, and Cecilia Tan, Regional VP at Thredd, to unpack one of fintech’s biggest questions: Are e-wallets or digital banks better positioned for profitability, innovation, and financial inclusion in Southeast Asia?