Author: Fintech News Malaysia

Alibaba Cloud has unveiled its latest artificial intelligence offerings in Malaysia, including new AI models, infrastructure, and business solutions, at its inaugural AI Tech Day. The company aims to boost local AI innovation and skills development through these advancements and strategic collaborations. The event, attended by Deputy Minister of Digital, Datuk Wilson Ugak Anak Kumbong, highlighted Alibaba Cloud’s efforts to support Malaysia’s AI agenda. The company announced partnerships with YTL AI Labs, Permodalan Nasional Berhad (PNB), and HiSEVEN, demonstrating its role as a key technology partner in the region. Alibaba Cloud introduced its Qwen2.5 series of large language models, its…

Foodpanda has partnered with TNG Digital, the company behind TNG eWallet, to introduce ‘Pandacredit’. Pandacredit is an integrated e-wallet feature designed to enhance the payment experience for users, according to a SoyaCincau report. Unlike a standalone e-wallet, Pandacredit is built into Touch ‘n Go eWallet and is specifically meant for storing and using Foodpanda credits. Previously, customers could already pay for their Foodpanda orders using Touch ‘n Go eWallet, but Pandacredit introduces cashback rewards that can be used for future purchases. Foodpanda also highlights that the new feature enables faster refunds, making transactions more seamless for users. To activate Pandacredit,…

Axiata Group is in discussions with a prospective new shareholder for its fintech arm, Boost Holdings, as part of efforts to strengthen its funding capabilities, The Edge reports. The investment remains subject to regulatory approval, and details of the new shareholder have not been disclosed. Group CEO and Managing Director Vivek Sood stated during an earnings briefing that Axiata expects to finalise the deal by the second quarter of 2025. According to filings with the Companies Commission Malaysia (SSM), Axiata currently holds a 77.76% stake in Boost, while Great Eastern Holdings’ subsidiary, Great Eastern Digital, owns 19.89%, and Mitsui &…

Maybank said the immediate announcement with regard to the removal of its Group Chief Financial Officer (CFO), Khalijah Ismail, was necessary due to the market-sensitive nature of the information. The Edge reports that the bank’s decision followed an internal inquiry into non-compliance with internal requirements and processes. Maybank’s President and Group CEO, Datuk Khairussaleh Ramli, addressed concerns over the timing of the announcement, which came just before the bank’s quarterly earnings release. He explained that given the price-sensitive nature of the matter, the bank had to disclose it promptly. On 17 February, Maybank announced Khalijah’s departure with immediate effect, attributing…

Bank Islam Malaysia has expanded its agent banking services to four locations in East Malaysia to improve financial access for underserved communities. The new Ejen Bank Berdaftar (EBB) Bank Islam locations are at Ar-Rahnu YaPEIM outlets in Semporna, Sipitang, and Kota Belud in Sabah, as well as Lawas in Sarawak. These additions bring the total number of EBB agents nationwide to 37, with a target of 50 by the end of 2025, focusing on further expansion in Sabah and Sarawak. The initiative also includes partnerships with Kedai Mesra outlets under MESRA RETAIL & CAFÉ to extend banking access. The expansion…

Bank Negara Malaysia (BNM) Governor Abdul Rasheed Ghaffour highlighted the financial sector’s role in ASEAN’s economic integration and sustainable growth at the 2025 ASEAN Banking and Finance Summit. He pointed to significant funding gaps, particularly in infrastructure and SME financing, stressing the need for blended finance to mobilise private capital. ASEAN requires at least US$2.8 trillion in infrastructure investment by 2030, while MSMEs face an annual financing gap of over US$300 billion. Abdul Rasheed noted progress in regional financial integration, including capital flows, payment connectivity, and banking system integration under ABIF, but said intra-ASEAN investments remain untapped and regulatory coherence…

The Ministry of Investment, Trade and Industry (MITI) and the Securities Commission Malaysia (SC) have launched a RM131.5 million fund to provide financial support to SMEs and mid-tier companies (MTCs). The Strategic Co-Investment Fund (CoSIF), part of the New Industrial Master Plan 2030 (NIMP 2030), will distribute funds through Equity Crowdfunding (ECF) and Peer-to-Peer Financing (P2P) platforms. The initiative involves government co-investment at pre-determined ratios alongside private investors in businesses operating within NIMP 2030’s 21 designated sectors. This will include emerging growth sectors like Carbon Capture, Utilisation and Storage (CCUS), Electric Vehicles (EV), Renewable Energy (RE), and Advanced Materials. The…

CTOS Data Systems has partnered with Maybank Islamic to roll out a fresh approach to digital banking through a Banking-as-a-Service (BaaS) model. SME Asia reports that this initiative is designed to provide Shariah-compliant financial solutions to SMEs and retail consumers, aiming to simplify access to banking services tailored to their needs. This collaboration leverages CTOS’ expertise in credit assessment and risk management while integrating Maybank Islamic’s Shariah-compliant banking solutions. The objective is to empower businesses and individuals with improved financial literacy, enable digital financing adoption, and introduce exclusive incentives that encourage participation. Among the benefits offered to SMEs, the program…

AEON Bank has launched “Neko Missions,” a gamified loyalty programme within its digital banking app. This enables its users to collect virtual “Neko Paws” through transactions to enhance engagement and promote cashless payments. The programme integrates with AEON’s retail ecosystem, including ZUS Coffee and Tealive, and is supported by PayNet’s DuitNow QR programme. AEON Bank’s existing AEON Points programme rewards customers for shopping at AEON stores, and Neko Missions expands this by offering rewards through merchant partnerships. Until 31 March 2025, customers can earn one Neko Paw per DuitNow QR transaction of RM20 or more, up to two per day.…

RHB Banking Group has significantly increased its commitment to sustainable financing, raising its target to RM90 billion in Sustainable Financial Services (SFS) by 2027. This new goal replaces the previous RM50 billion target set for 2026 and underscores RHB’s dedication to achieving Net Zero by 2050. The bank aims to support Malaysia’s transition to a low-carbon economy and contribute to similar efforts across ASEAN. RHB is introducing several initiatives to facilitate this transition, including Malaysia’s first Low Carbon Transition Facility (LCTF) Portfolio Guarantee to improve access to green financing for businesses. A new RM1 billion Sustainable Trade Finance Programme/-i will…

Noor Azam bin Mohd Yusof has been appointed as the CEO of Sun Life Malaysia Takaful (SLMT), effective 3 February 2025. He takes over from Jeffry Azmi, who has retired. Azam Yusof brings over 25 years of experience in the insurance and takaful sectors, with expertise spanning sales and marketing, bancassurance, bancatakaful, agency management, business development, and strategic transformation. Before joining Sun Life Malaysia, he was the CEO of a leading family takaful operator since 2017. In his new role, he will oversee SLMT’s business operations, ensuring Syariah compliance and driving the company’s growth strategy in the Malaysian bancatakaful market.…

TOPPAN IDGATE, a major player in digital identity solutions, has rebranded as TOPPAN Security. This change aligns with the broader TOPPAN Security group’s efforts to unify its identity and streamline operations. The company, a subsidiary of TOPPAN Next, serves as the international development arm of the TOPPAN Group’s security division, focusing on identity verification and authentication solutions for the identity and payment industries. Founded in 1900, TOPPAN is a Japanese company recognised for its expertise in security and digital solutions. TOPPAN Security provides encryption, biometric authentication, and identity verification technologies, working with governments and businesses to enhance digital security while…

Tyme Group, a digital banking group operating in South Africa and Southeast Asia has raised US$250 million in a round led by ‪Nubank‬, the world’s largest digital bank. Now valued at US$1.5 billion co-founder Coen Jonker gives us an honest look at how to build a fintech unicorn

Bank Negara Malaysia (BNM) is not expected to take regulatory action following the dismissal of Khalijah Ismail, the former Group CFO at Maybank. The bank has confirmed that the central bank was informed of the matter, emphasising that the decision stemmed from internal non-compliance rather than regulatory concerns. Maybank announced on 17 February that Khalijah had departed following an internal inquiry. The bank did not disclose specific details in its Bursa Malaysia filing but stated that a search for her replacement is underway. In the meantime, Malique Firdauz Ahmad Sidique has been appointed as acting Group CFO. According to New…

AEON Bank, Malaysia’s first Islamic digital bank, has strengthened the security of its mobile banking app with new shielding technology. The Mobile Security Platform (MSP) continuously monitors for a range of potential threats, including malware, jailbreaking, rooting, library modification, runtime tampering, and unauthorised application modifications. If a device is detected as compromised, access to the app will be temporarily disabled. This measure aims to prevent data theft, security breaches, and the risk of unauthorised access. The MSP alerts users to detected threats and guides them through the resolution process. This may include adjusting device settings or resetting the device to…

Malaysia’s position as a global leader in Islamic finance is well established, but its advancements in digital Islamic banking are also increasingly gaining international attention. As proven in the recently published ICD-LSEG Islamic Finance Development Indicator (IFDI) Report 2023, Malaysia has retained its first place in the overall ranking for the 11th consecutive year. The country also ranked first in four sub-categories: financial performance, governance, awareness, and sustainability. The report highlights the growth prospects of the Islamic finance industry, with total assets reaching MYR 20.26 trillion in 2022 and expected to grow to MYR 30.17 trillion by 2027. With an…

Maybank has announced the departure of its Group Chief Financial Officer (CFO), Khalijah Ismail, citing an internal inquiry as the reason for her exit. The bank confirmed the leadership change in a Bursa Malaysia filing, stating that the process to appoint a new Group CFO is underway. Khalijah, who has spent over 33 years at Maybank, disputes the nature of her departure, claiming that she was terminated rather than stepping down voluntarily. According to The Edge, she has indicated plans to take legal action to contest the bank’s decision and safeguard her reputation. Maybank did not disclose specifics regarding the…

The Securities Commission Malaysia (SC) has introduced new guidelines for its regulatory sandbox, outlining eligibility criteria and participation requirements. The sandbox provides a controlled environment for testing innovative capital market products and services, enhancing policy effectiveness and ensuring regulatory frameworks remain relevant. Announced during last year’s SCxSC Fintech Summit, the initiative aims to support innovations that are new to Malaysia and do not yet fit within the SC’s existing regulatory frameworks. Applications will open from 15 April to 31 May 2025, with successful applicants notified within 30 days if they proceed to the evaluation stage. The evaluation process is expected…

The Financial Education Network (FEN) has published a discussion paper outlining the proposed features of Malaysia’s second National Strategy for Financial Literacy (NS2.0). This will guide financial literacy initiatives from 2026 to 2030. The strategy aims to build on the progress made under the first National Strategy (2019–2023) while addressing gaps and emerging challenges in the financial landscape. Since the launch of the first National Strategy, Malaysia’s Financial Literacy and Capability (MYFLIC) Index has improved, rising from 57.1 in 2018 to 59.1 in 2024. However, gaps persist, particularly among vulnerable groups such as youth, lower-income households, and gig workers. The…

Bank Islam and Mastercard have launched the Shariah-compliant Bank Islam Mastercard Debit Card-i. The card offers cardholders benefits including cashback on certain purchases. To mark the launch, and for a limited time, Bank Islam Mastercard Debit Card-i and Al-Awfar investment account holders will receive 1% cashback on eligible health and wellness purchases, valid until 31 August 2025. Al-Awfar account holders are also eligible for a yearly prize pool exceeding RM18 million, which includes cash, vehicles, and gold. The Al-Awfar programme is a Shariah-compliant investment account based on the Mudarabah profit-sharing concept, promoting ethical investing. The Bank Islam Mastercard Debit Card-i…