Bank Rakyat has partnered with Mastercard to introduce the Touch Card, a payment card designed to help visually impaired users differentiate between debit, credit, and prepaid cards. The move makes Bank Rakyat the first Islamic bank in Malaysia to adopt this design. The Touch Card features notches cut into the short edge—rounded for debit, squared for credit, and triangular for prepaid—allowing users to distinguish and correctly position their cards by touch. This tactile system addresses the growing challenge of flat card designs without embossed details, which can make it harder for visually impaired users to tell cards apart. Since April…

Boost Bank, Malaysia’s first homegrown digital bank, has disbursed close to RM150 million in financing to hundreds of SMEs in Malaysia. The average loan size of around RM300,000 reflects growing demand for accessible business funding. The financing has been extended through the bank’s Term Loan and Revolving Credit facilities, which are designed to offer simplified application processes, quicker approvals, and flexible repayment terms. The financing has helped SMEs meet operational needs, manage cash flow, and scale their businesses with greater ease. SMEs across various industries—including wholesale, manufacturing, retail, construction, and food and beverage—have benefited from the bank’s support, particularly those…

The Securities Commission Malaysia (SC) has launched a public consultation on a proposed framework for tokenised capital market products. A consultation paper released today outlines potential rules for the digital representation of assets such as shares, bonds, and funds using distributed ledger technology (DLT). The SC clarified that the framework applies to tokenised versions of capital market products using DLT, and does not cover cryptocurrencies or utility tokens like Bitcoin or $BID, which are already regulated under existing rules introduced in 2019. The move follows increased interest from market participants seeking to explore tokenisation in capital markets. The proposed rules…

Payments Network Malaysia (PayNet), the national payments network operator, has launched the country’s first fintech-focused community and accelerator, the PayNet Fintech Hub. The hub aims to support the development of fintech startups in Malaysia through access to capital, industry connections, and essential support services. Developed in collaboration with more than 45 strategic partners, the hub offers selected fintechs access to funding opportunities, strategic business matching with banks and technology firms, and over 450 hours of hands-on mentorship from experienced founders and domain experts. It also provides access to a pool of fintech investors who can mentor, evaluate, and invest in…

NTT DATA Payment Services has unveiled ADAPTIS, a suite of integrated payment solutions introduced at an exclusive brand launch event in Kuala Lumpur. The new platform aims to meet the evolving digital and operational needs of businesses in Southeast Asia. The launch follows the company’s rebranding in November 2024, which came after the acquisition of GHL Systems Berhad by NTT DATA Japan. The acquisition made it a wholly owned subsidiary of one of the world’s top ten IT service providers. ADAPTIS combines in-store and online payment tools, business financing, enterprise-scale payment infrastructure, and value-added services into a single ecosystem. It…

Maybank has appointed Shafiq Abdul Jabbar as its new Group Chief Financial Officer (CFO), effective 7 July 2025. He will also become a member of the bank’s Group Executive Committee. Shafiq will work closely with Maybank’s President and Group CEO to support strategic decision-making and drive value creation. He is also expected to lead transformation efforts within Group Finance, focusing on building more forward-looking capabilities through the use of technology and data. With over 25 years of experience across banking, media, and professional services, Shafiq has held senior roles at CIMB, Astro Malaysia, and most recently AmBank, where he served…

Bank Negara Malaysia (BNM) has fined Merchantrade Asia and JAGS Money for failing to comply with sanctions screening requirements under the Money Services Business Act 2011 and related anti-money laundering policies. Merchantrade was penalised RM29,000 on 6 March 2025 for oversight in sanctions screening procedures and delays in updating its sanctions database following the publication of the Domestic List. Under subsection 74(3) of the Act and the AML/CFT policy document, reporting institutions must screen customers against the Domestic List, issued by the Ministry of Home Affairs, and the United Nations Security Council Resolutions (UNSCR) List. They are also required to…

In this exclusive interview at Money20/20 Asia, Vincent Fong, Chief Editor of Fintech News Network, sits down with Bank Negara Malaysia’s Deputy Governor Adnan Zaylani for an in-depth look into Malaysia’s fintech policy and regulatory landscape. We cover everything you need to know, including: Bank Negara’s long-term vision for fintech and digital finance How Malaysia is advancing cross-border real-time payments across ASEAN The evolution and future of Malaysia’s Fintech Sandbox The launch of the new Digital Insurer and Takaful Operator (DITO) licensing framework Progress and next milestones for Malaysia’s digital banks How Malaysia is championing value-based finance and Islamic finance…

Bank Negara Malaysia (BNM) has appointed Prof. Dr. Amir Shaharuddin and Prof. Dr. Abdul Rahim Abdul Rahman as new members to its Shariah Advisory Council (SAC). Their appointments are effective from 1 May 2025 until 30 April 2027. Following these additions, the SAC will consist of nine members with expertise across Shariah, Islamic finance, accounting, and law. The members are Dato’ Prof. Dr. Ashraf Md Hashim (Chairman), Prof. Dr. Engku Rabiah Adawiah Engku Ali (Deputy Chair), Datuk Prof. Dr. Mohamad Akram Laldin, Burhanuddin Lukman, Sahibus Samahah Dato’ Setia Prof. Madya Dr. Haji Anhar Haji Opir, Dr. Marjan Muhammad, Dr. Ahmad…

In this in-depth discussion moderated by Vincent Fong (Fintech News Network), top leaders from KAF Digital Bank, Bank Islam, AWS, and Audax explore how Malaysia is shaping the future of Islamic digital banking — and where the gaps and opportunities lie. Malaysia’s global leadership in Islamic finance Why the future of Islamic finance lies in wealth creation, not just credit How the next chapter of Islamic finance needs a complete reimagining Speakers: • Rafiza Ghazali, CEO, KAF Digital Bank • Farilla Abdullah, Group Chief Digital Officer, Bank Islam • Taruni Ramamurthi, Head of FSI : Indonesia, Malaysia & Philippines, AWS

Bursa Malaysia stated that losses stemming from unauthorised trading activities executed on 24 April have now been quantified and contained. In consultation with the Securities Commission Malaysia (SC), the exchange confirmed the incidents were limited to online client trading accounts at a small number of brokerage firms. Steps have been taken to prevent further issues. The unauthorised trades specifically involved shares of Bina Puri Holdings Bhd and Bina Puri’s Warrant-B last Thursday afternoon, with no subsequent incidents reported. Bursa Malaysia issued a directive on Sunday evening requiring the relevant brokers to retain the affected securities and any related proceeds for…

ShopeePay has launched Tap Secure, a new security feature that requires users to personally approve each transaction before it is completed. The feature, available starting 28 April 2025, aims to provide an extra layer of protection for ShopeePay users. Once activated, Tap Secure sends real-time notifications whenever a transaction is attempted, allowing users to either approve or reject it. To enable the feature, users must link their ShopeePay account to their current device and complete a personal verification process under the “Me” page. Push notifications must also be turned on to receive transaction alerts. Tap Secure is available exclusively on…

Kevin Lee has been named the new Country Head and CEO of Curlec by Razorpay Malaysia, a Malaysian payment solutions company owned by India-based Razorpay. Lee confirmed his appointment this week, marking a new chapter after his recent departure from GHL Systems. He previously served as the CEO for GHL Systems Malaysia from June 2009 until recently, a tenure spanning nearly 16 years. His departure from GHL follows the acquisition of a majority stake in the company by Japanese IT firm NTT DATA. With over 18 years of experience in the payments and fintech sector, Kevin brings industry expertise and…

KAF Digital Bank has begun onboarding a select group of public customers as part of its PERINTIS phase, which marks an important step in the development of Islamic digital banking in Malaysia. Starting from April 25, early adopters will have the opportunity to explore the bank’s Shariah-compliant digital banking platform before its full public launch. The PERINTIS phase will serve as a testing period, allowing users to provide feedback and help refine the platform. Rafiza Ghazali, CEO of KAF Digital Bank, commented, “This PERINTIS launch represents a major milestone in our journey towards revolutionising digital banking in Malaysia. We are…

PayNet has launched a new phase of its national talent development initiative, Program Akar, with a focus on AI and data science. The initiative aims to support the development of digitally skilled talent for Malaysia’s financial services industry through practical training, leadership development, and industry exposure. This phase introduces a curriculum centred around three core areas. The first is values-based development, which emphasises leadership, integrity, and a forward-thinking mindset. The second covers digital payments, offering students an understanding of the history of money, banking systems, digital transactions, and security. The third focuses on AI and data science, combining theoretical foundations…

Luno has expanded its range of digital assets in Malaysia with the addition of two new cryptocurrencies, Algorand (ALGO) and NEAR Protocol (NEAR). This development marks the first batch of digital assets approved by the Securities Commission Malaysia (SC) in 2025, both for Luno and the country. With these additions, Luno now offers 20 digital assets on its platform, providing Malaysian investors with broader access to the cryptocurrency ecosystem and more opportunities for portfolio diversification. Algorand is a blockchain platform that supports fast, low-cost transactions and is designed for scalability and security. It focuses on environmental sustainability and aims to…

Fintech News Network’s Vincent Fong sits down with Simon Loong, Founder and Group CEO of WeLab Group, one of Asia’s most successful fintech scale-ups. From a Hong Kong-based startup to a multi-market digital bank serving 70 million users and managing over US$15 billion in loans, Simon shares the real strategy behind WeLab Bank’s breakeven milestone, their ambitious plan to reach 500 million users by 2032, and why he believes AI agents will transform banking as we know it. We go deep into: How WeLab became the 3rd largest personal lender in Hong Kong Why most digital banks never turn a…

Bank Rakyat has introduced a new Islamic gold investment solution, the eGold Account-i, which enables Malaysians to invest in gold digitally while adhering to Shariah principles, according to The Edge. The eGold Account-i allows customers to purchase gold with a purity of 999.9, certified by the London Bullion Market Association (LBMA), starting from RM10. Unlike traditional gold investments, this platform provides real-time access to market prices for both buying and selling, with the added benefit of converting digital gold holdings into physical gold bars. Physical redemption is available in a range of denominations, from 0.5 grams to 100 grams, including…

The Securities Commission Malaysia (SC) has launched the third cohort of its Shariah Mentorship Programme (SMP). This is part of ongoing efforts to develop a sustainable pipeline of Shariah professionals for the Islamic capital market. The launch coincided with a graduation ceremony for 15 participants from the programme’s second cohort. Introduced in 2023 and funded by the Capital Market Development Fund (CMDF), the initiative is delivered by ISRA Consulting, a subsidiary of INCEIF University. Structured over eight months, the programme includes three months of classroom learning followed by five months of industry placement. Participants gain practical experience in Shariah advisory…

Instapay Technologies is teaming up with Mastercard to expand its cross-border money transfer services for Malaysia’s migrant workers, using Mastercard Move. The partnership aims to simplify and speed up remittance processes for over three million migrants residing in the country. Mastercard Move is a suite of money movement capabilities supporting transfers to more than 180 countries in over 150 currencies. With this integration of Mastercard Move, Instapay users will be able to send money in near real-time to bank accounts, digital wallets, or cash pickup points. The service will initially roll out in the second quarter of 2025, covering key…