RHB Banking Group is offering financial and insurance relief to individuals and businesses affected by the recent gas pipeline fire in Putra Heights. The bank has introduced a Financial Relief Assistance Programme for affected customers, with applications open until 30 May 2025. Eligible individuals may defer payments for up to six months—from June to November 2025—on mortgages, ASB financing, personal loans, and hire purchase facilities. Late payment charges and interest or management fees on affected credit cards will be waived up to RM500. Replacement fees for ATM, debit, and credit cards will also be waived. SMEs not currently undergoing restructuring…
Author: Fintech News Malaysia
Author
Ryt Bank has begun rolling out access to its app and is now accepting users on its waiting list, according to SoyaCincau. Developed by YTL Digital Bank Berhad with backing from Sea Group, Ryt Bank describes itself as Malaysia’s first AI-powered digital bank. While the full service has yet to officially launch, the app is already available on both the Apple App Store and Google Play Store. The digital-only bank is promising a quick and seamless onboarding experience, with account sign-up said to take as little as two minutes. To join the waiting list, users must download the app and…
Despite ongoing efforts from regulators and financial institutions, financial crime in Malaysia continues to escalate, with fraudsters exploiting loopholes to siphon billions from victims. According to the latest Financial Crime Landscape Report by regtech firm Tookitaki, Malaysia has suffered a staggering RM54.02 billion in losses due to scams, underscoring the urgent need for stronger fraud prevention measures. The Rising Threat of Financial Crime in Malaysia The financial crime landscape in Malaysia is becoming increasingly complex, with mule accounts playing a major role in fraudulent activities. Authorities have identified 208,000 mule account holders, many of whom are university students recruited by…
The Ministry of Investment, Trade and Industry (MITI) has selected seven equity crowdfunding and peer-to-peer financing platforms to participate in the New Industrial Master Plan (NIMP) 2030 Strategic Co-Investment Fund (CoSIF). An initial allocation of RM131.5 million will be distributed through these platforms to support domestic SMEs and mid-tier companies (MTCs) engaging in high-tech activities or high-impact projects in strategic sectors identified under NIMP 2030, which may require a large pool of capital. The equity crowdfunding platforms selected are pitchIN, Mystartr, Leet Capital, and Crowdo. The peer-to-peer financing platforms are Funding Societies Malaysia, CapBay, and B2B Finpal. All are registered…
RHB Bank invested RM51 million into Boost Bank to retain its strategic 40% ownership in the digital banking arm, according to a regulatory filing on 27 March 2025. The transaction involved subscribing to 51 million new shares at RM1 per share, funded entirely through RHB’s internal reserves. The Additional Subscription aims to support Boost Bank’s growth and operations while ensuring compliance with Bank Negara Malaysia’s minimum capital requirements. As RHB Bank invested RM51 million, it acquired the additional shares between 17 May 17 2024 and 27 March 2025. As of 21 March 2025, the Employees Provident Fund Board (EPF) owns…
Malaysia’s first digital bank, GXBank, has signed a MoU with the Malaysia Digital Economy Corporation (MDEC) to support the digital transformation of MSMEs in Malaysia. Hildah Hamzah, Chief of Staff at GXBank, said the initiative is in line with the bank’s mission to build a financially resilient nation through technology and innovation. The digital bank, which has welcomed more than one million Malaysian customers to its platform, is now turning its attention to MSMEs—described by Hamzah as the next key demographic. She noted that these businesses often face challenges with traditional banking due to rigid credit assessment requirements and cumbersome…
PolicyStreet, a Malaysian insurtech company, has partnered with Ashley Furniture HomeStore to launch a new Furniture Protection Plan (FPP). The FPP functions as a microinsurance plan, offering coverage for accidental damages, fire, and floods. It is exclusively available at Ashley Furniture HomeStores and Galleries across Malaysia. The plan provides protection for up to one year and is priced from RM99 per annum. It includes complimentary warranty checks, pre-claim inspections, and delivery vouchers. Customers can begin the claims process by contacting Ashley Furniture HomeStore for a personalised assessment. A digital portal, set to launch on 14 May 2025, will allow eligible…
Grab Malaysia has signed a Memorandum of Understanding (MoU) with the Malaysia Digital Economy Corporation (MDEC) to support the digitalisation of micro, small, and medium enterprises (MSMEs) in the country. The partnership falls under MDEC’s Business Digitalisation Initiative, which aims to drive inclusive economic growth through greater technology adoption. The collaboration reflects Grab’s commitment to helping MSMEs grow by leveraging digital tools. The company said that over 500,000 newly registered MSMEs across Southeast Asia gained access to consumers through its platform in 2023. In Malaysia, Grab’s merchant-partners contributed RM4.2 billion to the country’s GDP last year, according to a study…
MongoDB, a database for modern applications, has expanded the availability of its multi-cloud platform, MongoDB Atlas, to Amazon Web Services (AWS) Regions in Malaysia and Thailand. The move is aimed at meeting rising demand for cloud-native applications and improving data performance and latency for local users. The expansion comes as MongoDB experiences strong growth across Southeast Asia, with regional headcount increasing by more than 200% over the past two years. Its Asia Pacific operations have generated over US$220 million in annual revenue. With the addition of Malaysia and Thailand, MongoDB Atlas is now available on AWS across Asia-Pacific markets including…
Losing a sale at checkout isn’t just frustrating. When a payment fails, customers don’t just abandon their purchase, they lose trust in the brand. A smooth payment experience is no longer optional. It is what keeps customers coming back. Digital payments are growing rapidly. A 2024 Ipsos poll shows e-wallet adoption increased by 14% in just one year. Bank Negara Malaysia reported RM11.5 billion in cashless transactions in 2023, proving that customers prefer faster, safer, and more convenient payment methods. Businesses that don’t keep up risk losing both sales and loyalty. A seamless and secure payment system ensures better conversions, stronger…
Bank Islam Malaysia and Syarikat Takaful Malaysia Keluarga have renewed their strategic partnership, signing a five-year Bancatakaful service agreement. The agreement aims to provide Bank Islam customers with enhanced financial security through access to Takaful Malaysia’s takaful products, including Takaful mySmart Wealth Plus, Takaful myPrime Cover, and Takaful mySmart Legacy. Dato‘ Mohd Muazzam Mohamed, Group CEO of Bank Islam, said, ‘’Bank Islam customers can now obtain takaful products offered by Takaful Malaysia through all sales channels at Bank Islam branches nationwide.’’ Takaful Malaysia Group CEO, Nor Azman Zainal said‚ ‘‘Takaful Malaysia will continuously strengthen its strategic cooperation with Bank Islam…
senangPay, a Malaysian payment gateway owned by Indoneisa’s DOKU, has partnered with Pine Labs to introduce an integrated Instalment Payment Plan (IPP) for local businesses. This collaboration aims to simplify the process of offering instalment options to customers. The partnership enables merchants using senangPay’s platform to provide customers with payment plans spanning 3 to 24 months, through a single integration that connects to multiple major banks. This eliminates the need for merchants to manage separate integrations with each bank. Pine Labs, known for its online and in-store digital payment solutions, affordability options, embedded finance, and credit processing platforms, is expanding…
U Mobile’s e-wallet service GoPayz will cease its operations, with the final day of service set for 31 March 2025. Users are advised to withdraw any remaining balance and complete any necessary transactions as soon as possible. Withdrawals may take up to seven business days to process. GoPayz will automatically close any remaining accounts after the deadline if users have not already done so. Customers will receive a notification once their accounts are closed. Launched in 2019 by U Mobile, GoPayz offered both virtual and physical cards with access to Mastercard, UnionPay, and Visa networks. Beyond payments, the e-wallet provided…
GXBank has emerged as the frontrunner in Malaysia’s digital banking sector, commanding the largest share of customer deposits with RM2.16 billion as of September 2024. The Edge, citing a recent RAM Ratings report, noted that GXBank also leads in total assets among the country’s three operational digital banks, reaching RM2.4 billion over the same period. In comparison, AEON Bank reported RM711 million in assets and RM339 million in deposits as of November 2024, while Boost Bank’s assets stood at RM399 million with deposits of RM204 million as of end-September 2024. Despite these figures, RAM Ratings highlighted that the combined assets…
Maybank and TikTok Shop Malaysia are set to launch the ASEAN SME Upskilling and Digitalisation Programme, aiming to enhance digital adoption among SMEs across the region, according to Bernama. The pilot programme, set to roll out in Malaysia next month, will provide SMEs with access to webinars, workshops, and a six-month accelerator plan to strengthen their digital capabilities. Maybank’s Group Chief Executive Officer of Community Financial Services, Syed Ahmad Taufik Albar, stated that the initiative will equip entrepreneurs with practical experience in adopting digital solutions, leveraging content-driven e-commerce, and optimising account management techniques. He added that these elements are crucial…
Payments Network Malaysia (PayNet) and Swipey Digital Services have formed a partnership to increase the use of digital payments among SMEs in Malaysia. The collaboration aims to integrate DuitNow QR into Swipey’s financial platform, providing a cashless payment option for businesses. With over 2.5 million DuitNow QR touchpoints nationwide, the initiative supports Malaysia’s digitalisation efforts by streamlining financial management for SMEs. It aligns with the MyDigital Blueprint, which targets a 30% increase in productivity across all business sectors through digital adoption. By adopting Swipey’s platform, businesses can improve cash flow management, automate reconciliation processes, and reduce inefficiencies associated with outdated…
ShopeePay has launched a new app within the Shopee ecosystem, providing a lighter, more accessible financial hub for users. The ShopeePay app offers a smoother and more direct experience for managing finances, including Buy Now Pay Later (BNPL) via SPayLater, bill and utility payments, insurance policies, and takaful protection. Existing ShopeePay users can log in with their Shopee credentials, while new users can sign up using their mobile numbers. The app introduces enhanced security with two-factor authentication (2FA) and Tap Secure. Users can access DuitNow QR transfers, including Transfer by ID Type, which is now exclusively available on the ShopeePay…
Boost Bank, Malaysia’s first homegrown digital bank, and CGC Digital have partnered to expand financing access for MSMEs in Malaysia, allocating RM130 million for business loans. The collaboration aims to support underserved businesses through Boost Bank’s Term Loan and Revolving Credit facilities, backed by CGC Digital’s guarantee coverage. Boost Bank offers financing solutions with a simplified application process requiring minimal documentation, making it easier for MSMEs to access capital. The Term Loan facility provides loan amounts starting from RM50,000 with a tenure of up to 36 months and no early settlement fees. The Revolving Credit facility allows businesses to access…
Versa, a Malaysian wealth management platform, has raised RM30 million in a Series A funding round led by AHAM Asset Management Berhad. Other investors in this round include Tengku Fahad Mua’adzam Shah ibni Almarhum Sultan Haji Ahmad Shah and Versa’s CEO, Teoh Wei-Xiang. The funding will be used to accelerate user acquisition and expand Versa’s product roadmap, supporting its goal of enabling one million young Malaysians to invest by 2027. Versa, which began as a cash management tool in 2021, has since expanded to offer access to nearly 20 investment funds, both conventional and Shariah-compliant. The platform reports approximately 300,000…
Halogen Capital, a licensed digital asset fund manager in Malaysia, has partnered with Affin Bank to introduce a Shariah-compliant Bitcoin fund designed for high-net-worth individuals and institutional investors. The Halogen Shariah Defensive Bitcoin Fund integrates a capital preservation strategy, combining Islamic deposits with Bitcoin to offer a lower-risk entry into the digital asset market. The fund follows a buy-and-hold approach, balancing the stability of Islamic deposits with Bitcoin’s growth potential. This structure ensures the portfolio value is safeguarded from significant market volatility while providing exposure to digital assets. Affin Bank will distribute the fund, positioning it as an alternative investment…