Author: Fintech News Malaysia

Soft Space has announced that Serene Teh Wan Lee will be temporarily stepping aside from her role as Chief Financial Officer. According to a press release, the decision was reached through mutual agreement between Serene and the company’s leadership team, in light of long-standing personal matters. Serene has been navigating a prolonged and challenging marital situation, which has affected her personal well-being and focus. Her decision to step aside was made in consultation with the leadership team and board of directors, in order to prioritise her well-being and ensure sustained leadership focus and stability within the company. “Serene has our…

In today’s rapidly evolving financial ecosystem, the future of deposits is undergoing a dramatic transformation. The latest report from cloud banking platform Mambu and Findexable, The Future of Deposits 2025: Reshaping for Change, offers valuable insights into how the forces of economic change, technological innovation, and shifting consumer expectations are reshaping the deposit landscape. How Digital Forces Are Reshaping Bank Deposits As banks face the pressures of competition from fintechs, global neobanks, and digital-first platforms, it’s clear that traditional deposit models are no longer sufficient. Here’s a brief look at the pivotal themes from the report: Rising Competition from Digital-first…

Kenanga Investors has launched the Kenanga Alternative Series: Global Real Assets Fund, the latest addition to its alternative investment lineup. The open-ended retail fund offers exposure to global real estate, precious metals, and commodities through exchange-traded funds and aims to deliver steady asset growth and stable income. Managed by GAX MD, the fund uses proprietary algorithms and quantitative models to guide its investment approach. GAX MD, known for launching the MYTHEO digital investment platform in Malaysia, applies a data-driven screening process to select ETFs based on factors such as liquidity, expense ratios, and tracking efficiency. The fund is available in…

Banking institutions across Asia Pacific are under increasing pressure to modernise. Whether in current or emerging markets, banks are riding the tide of a rapidly shifting landscape defined by digital technologies, adapting to regulatory requirements, rising customer expectations, and stiff competition from nimble fintech startups. Yet, legacy systems remain a primary reason why banks cannot keep up with the market and innovate fast enough. Despite the advances in digital transformation, according to a news report by The Asian Banker, approximately 95% of banks in Asia are still using second and third generation banking technology. These old-school platforms were never designed…

Bank Muamalat has launched ATLAS, an Islamic digital bank developed in collaboration with global banking technology provider Backbase. The platform is designed to deliver a seamless digital experience that aligns with customers’ faith and modern lifestyles. ATLAS offers digital onboarding, DuitNow integration, and Shariah-compliant financing, and has shown promising results since its pilot phase, including faster rollout of new products and more efficient customer onboarding. In the coming months, Bank Muamalat plans to introduce digital debit and credit cards, flexible personal financing, and a Shariah-compliant gold investment account. A rewards program tied to lifestyle offers through selected brand partners will…

The Alibaba Cloud Global AI Hackathon held its first Malaysian edition in 2025, following the series’ kickoff in Singapore. Co-hosted with local technology firm AGMO, the event brought together 250 developers, university students, and entrepreneurs to build AI-driven solutions for real-world challenges sourced directly from Malaysian industries. Over an intense 48-hour sprint, 75 teams tackled issues including insurance claim inefficiencies, SME financing gaps, and tax compliance. Participants used Alibaba Cloud’s AI platforms, such as Model Studio, Quick BI, Lingma, and PAI, to develop solutions tailored to local needs. Teams from the University of Malaya claimed the top three awards with…

TerraPay has received a Class B license from Bank Negara Malaysia to offer cross-border payment services. The approval allows it to partner directly with local banks, licensed payment providers, and businesses to support remittances, B2B transactions, and wallet payouts. Its API-driven, interoperable platform supports real-time payments and is designed to help partners scale efficiently while meeting regulatory requirements. The company said its technology-first approach ensures fast integration and supports broader digital financial inclusion goals by improving access for underserved communities. With this approval, TerraPay reaffirmed its commitment to regulatory compliance, customer protection, and innovation. It added that the license marks…

CIMB Group Holdings is poised to appoint Datuk Syed Zaid Albar, the former head of Malaysia’s Securities Commission, as its next chairman, Bloomberg reported, citing sources familiar with the matter. Datuk Syed is expected to succeed current chairman Nasir Ahmad, who is set to retire after nearly a decade on the board and having served as chairman since 2018. The appointment is still pending regulatory approval, according to the sources, who requested anonymity due to the confidential nature of the discussions. Datuk Syed served as executive chairman of the Securities Commission from 2018 until 2022 and was previously the founding…

In this episode of Fintech Fireside Asia, I sit down with Tessa Wijaya, Co-founder and COO of Xendit, one of Southeast Asia’s leading fintech unicorns. Known by many as the “Stripe of Southeast Asia,” Xendit has raised over $500 million and powers billions in annual payments across Indonesia, the Philippines, and beyond. But behind the billion-dollar valuation lies a much grittier story. Tessa opens up about: Knowing when to let go of a failing idea What it really took to build payment infrastructure in Southeast Asia The system crash that nearly broke Xendit

KAF Digital Bank has gone live on Temenos’ Software-as-a-Service (SaaS) platform as it prepares to launch its Islamic digital banking services in Malaysia. The implementation includes core and digital banking systems, payments, analytics, and data capabilities hosted on Microsoft Azure. With the system now operational, KAF Digital Bank has begun onboarding early adopters as part of the Perintis (or pioneer) phase, ahead of a full public launch. KAF Digital Bank is one of five recipients of Malaysia’s digital banking licences awarded in 2022. By leveraging Temenos SaaS, the bank aims to streamline operations while offering Shariah-compliant financial services tailored to…

PingPong Payments, a China-headquartered provider of cross-border payment solutions for enterprises, has expanded into Malaysia and the United Arab Emirates (UAE) after receiving regulatory approvals from both countries. The license from Bank Negara Malaysia adds to PingPong’s operations across Southeast Asia, which already include Indonesia, Vietnam, Thailand, Singapore, and the Philippines. In the UAE, the company has received in-principle approval from the central bank. PingPong now holds more than 60 licenses globally. The company’s platform connects directly to SEPA in Europe, the UK’s Faster Payments Service, and the global SWIFT network. These integrations are intended to reduce reliance on intermediary…

UnionPay International has signed a MoU with CIMB Bank to expand access to its payment solutions across Malaysia, particularly among the bank’s merchant base. The partnership aims to improve the payment experience for UnionPay cardholders in key sectors such as retail, transportation, medical care, and e-commerce. It will also provide CIMB merchants with access to UnionPay’s security authentication service to support safer digital transactions. The agreement follows a bilateral commitment made in April 2025 by China and Malaysia to deepen strategic cooperation and enhance cross-border connectivity, including visa exemptions and economic collaboration. The payments firm noted that over 90% of…

Bank Negara Malaysia (BNM) has imposed financial penalties and fines amounting to almost RM 5 million on four lending institutions for breaches of financial services regulations. The announcement was made on Wednesday, confirming that the fines were settled by the institutions between March and April of this year. HSBC Bank Malaysia Berhad and its Islamic subsidiary, HSBC Amanah Malaysia Berhad, collectively incurred a penalty of RM 3.26 million. Maybank Islamic Berhad, a unit of Malayan Banking Berhad, was fined RM 1.2 million. Bank Pembangunan Malaysia Berhad received a penalty of RM 493,500. The central bank identified weaknesses in how HSBC…

Microsoft has launched its first cloud region in Malaysia, known as Malaysia West, aiming to support the country’s growing demand for digital and artificial intelligence (AI) capabilities. Located in Greater Kuala Lumpur, the new cloud region features three availability zones and provides local data residency, security, and lower latency. The infrastructure will support services such as Microsoft Azure and Microsoft 365, with business applications to follow. Several organisations are already using the cloud region, including PETRONAS, which is serving as a key partner in Malaysia West and working with Microsoft to enhance its digital and AI transformation. Other users include…

Malaysia’s public sector pension fund, KWAP, is in advanced discussions to invest between US$12 million and US$15 million in Fasset, a Dubai-based Islamic digital bank, Malay Mail has learned. The move comes as Malaysia seeks to strengthen its role in Shariah-compliant digital finance. As part of the proposed partnership, Fasset plans to move its Asia-Pacific headquarters to Kuala Lumpur and establish a Centre of Excellence for Islamic digital assets focused on blockchain tokenisation and inclusive financial systems. The potential investment aligns with KWAP’s strategy to diversify into private markets and support Shariah-compliant innovation platforms with regional impact. Fasset is among…

GXBank has opened applications for the second cycle of its Impian Gigih Biasiswa, a scholarship programme aimed at supporting financially disadvantaged students pursuing undergraduate studies in Malaysia. The scholarship covers tuition fees, living allowances, accommodation, and other education-related costs. It also includes opportunities for personal development, such as overseas immersion, skill-building courses, and internships with GXBank. In its first year, eight students from various parts of Malaysia were awarded the scholarship to study in key academic fields. GXBank said the programme reflects its ongoing efforts to promote financial inclusion and social mobility through education. Applicants must be Malaysian citizens aged…

MY E.G. Services Berhad (MYEG) and Singapore’s SGTraDex have signed a MoU to develop secure and interoperable digital trade flows between Malaysia and Singapore. The agreement, signed during the ASEAN-GCC-China CEO Roundtable, will see MYEG’s Zetrix platform work with SGTraDex to enable cross-border exchange of trade-related data and support the shift from paper-based to digital processes to enhance transparency and efficiency across regional supply chains. The partnership will explore both business-to-business (B2B) and business-to-government (B2B2G) use cases, with a focus on platform integration, trade document verification, and regulatory coordination. Both parties will work on technical integration using blockchain and other…

Bursa Malaysia has partnered with BoardRoom Group to expand the adoption of its Centralised Sustainability Intelligence (CSI) solution among public listed companies in Malaysia. The collaboration aims to support improved sustainability disclosures across the corporate sector. Developed by Bursa Malaysia, the CSI Solution helps listed and non-listed companies manage sustainability reporting in line with global standards. It was named the exchange’s official sustainability reporting channel in March 2025 and aligns with the International Sustainability Standards Board’s IFRS S1 and S2 under the National Sustainability Reporting Framework. Since its launch in June 2024, around 180 public listed companies have joined the…

World, the company behind the World ID digital identity system, has announced new global partnerships with Visa, Match Group, and Razer to strengthen online protections against bots, scams, and deepfake impersonations. The updates were shared at the company’s “At Last” event in San Francisco, where World outlined plans to integrate its World ID technology into financial services, dating platforms, and gaming ecosystems. The World Visa Card, directly linked to the World App, will allow users to spend WLD and other digital assets at any merchant that accepts Visa. Match Group, which owns Tinder, will begin integrating World ID into its…

The Living History Project (TLHP), a non-profit digital museum focused on documenting Malaysia’s cultural heritage, has launched a blockchain-based fundraising campaign in partnership with crowdfunding platform pitchIN. The campaign introduces the Sejarah Token, a utility token built on an eco-friendly public blockchain, enabling the public to own, contribute to, and interact with heritage content in new ways. Tokens are priced at RM0.10 with a minimum investment of RM200 and are offered under the Securities Commission Malaysia’s Initial Exchange Offering (IEO) framework via pitchIN’s regulated platform. The campaign aims to raise between RM1 million and RM5 million. Funds will be used…