Author: Fintech News Malaysia

Insurtech company PolicyStreet has introduced a free road tax initiative for selected Proton and Perodua models to help Malaysians cope with rising insurance premiums. The promotion, available until 28 February, offers free road tax for owners of Perodua Axia, Bezza, Proton Saga, and Iriz who renew their car insurance through PolicyStreet’s platform. Other car owners can benefit from discounts of up to 70% on road tax. PolicyStreet’s platform allows users to compare quotes from up to 12 insurers or choose from five trusted providers to find the most suitable coverage. Eligible Proton and Perodua owners will see the cost of…

Boost Bank has become the first digital bank in Malaysia to offer contactless payments through Google Wallet. This functionality allows Boost Bank Mastercard debit cardholders to add their cards to Google Wallet and make seamless payments with Android devices at any location that accepts Google Pay. To use this feature, customers need an Android device with Near Field Communication (NFC) and must be in a region where Google Wallet is supported. Major retail banks such as CIMB, Maybank, HSBC, Public Bank, and RHB already support Google Wallet. However, GXBank and AEON Bank, the other operational digital banks in Malaysia, have…

Maybank has introduced a new security feature called “Money Lock” to its MAE App, aimed at protecting customers from online scams. This feature allows users to lock away a portion of their savings or current account funds, preventing digital access and safeguarding them from unauthorised transactions. Customers can lock any amount, starting from RM10 up to their total account balance, providing flexibility and control over their financial security. The “Money Lock” feature is free to use and can be activated an unlimited number of times directly through the MAE App. Customers will continue to earn the same interest or profit…

In this episode we sit down with Gan Pai Li, Group Chief Consumer Officer at Alliance Bank, to discuss her remarkable 28-year journey from investment to consumer banking. She gave us insights on how their recently launched of the virtual credit cards led to the revival of their credit card business. This episode of Banking After Hours is brought to you by AWS and is part of a series highlighting Malaysia’s top women leaders in banking. This interview is also available on Spotify: Listen Here Apple Podcast: Listen Here

QuickFest, the virtual conference tailored for accounting professionals, bookkeepers, and consultants, will return on 14-15 January 2025. Organised by Intuit, the two-day event brings together global participants to explore advancements in accounting practices and technologies. After drawing over 15,000 attendees from more than 200 countries in 2024, QuickFest 2025 aims to provide actionable strategies for navigating the rapidly evolving accounting landscape. The programme will feature expert-led sessions on topics such as artificial intelligence, social media marketing, practice automation, and tools for managing mid-sized, multi-entity clients. Key sessions include: AI in Practice: Integrating artificial intelligence to streamline workflows and enhance client…

The Malaysian government, insurance and takaful operators, and private hospitals will contribute RM60 million to fast-track health reforms, according to the central bank. The funding will support the implementation of a Diagnosis-Related Group payment model, the publication of costs for common medical procedures to enhance transparency, and the development of a base Medical and Health Insurance/Takaful (MHIT) product covering essential healthcare needs. Insurers and takaful operators that do not currently offer appropriate alternative MHIT products must make them available by the end of 2025. Healthcare costs in Malaysia have surged by 15% in 2024, driven by advancements in medical technology…

Santan, the inflight food and beverage provider for AirAsia, has collaborated with Soft Space to upgrade its inflight retail system, Fasspos. The enhancements aim to streamline transactions and improve the passenger experience onboard. Santan introduced contactless payment technology on AirAsia flights in 2020. The Fasspos system integrates inventory tracking, ordering, and payment processing into a single device, simplifying operations for cabin crew. The latest upgrade incorporates Zebra Technologies’ ET45 tablets, which feature larger displays and advanced NFC technology. These improvements reduce transaction times by over 50%, allowing cabin crew to focus on customer service. With over 20 million inflight food…

CIMB Bank has partnered with Payments Network Malaysia (PayNet) to launch Malaysia’s first payment terminal equipped with automated e-invoice capabilities. The new terminal aims to streamline invoicing processes and help businesses, particularly small and medium enterprises (SMEs), comply with the Inland Revenue Board’s (LHDN) e-invoice mandate. The service is currently being piloted with selected merchants, with a full rollout expected by the second quarter of 2025. Integrated into CIMB’s payment terminals for merchants, the system fully automates the invoicing process – from creation to the instant delivery of e-invoices to customers. This significantly reduces administrative tasks and minimises the risk…

Cross-border payment hub Tranglo has expanded its services to 10 additional African countries. This now includes Benin, Cameroon, the Democratic Republic of the Congo, Gambia, Guinea, Guinea-Bissau, Ivory Coast, Malawi, Rwanda, and Tanzania. This move brings the total number of African countries served by Tranglo to 25. The expansion will facilitate individual-to-individual e-wallet transactions in local currencies, providing faster and more convenient payment options. With remittances playing a vital role in supporting families and economies across Africa, Tranglo’s services aim to enhance financial accessibility, particularly in underserved communities. World Bank data indicates that remittances to Sub-Saharan Africa reached US$ 54…

Swipey, a Malaysian fintech startup specialising in financial management solutions for SMEs, has secured funding from 1337 Ventures. The sum was not disclosed. The investment is part of Swipey’s broader funding plan as it works towards scaling its offerings and advancing its finance operating platform designed to streamline business finances. The platform integrates tools such as spend management dashboards, corporate Visa cards, and automated accounts payable features, enabling businesses to manage expenses more efficiently. Swipey claims that its solutions help businesses close their financial books five times faster. The company’s services are utilised by over 2,000 businesses, including Zus, Maxis,…

While European, American and Chinese markets have largely found their digital banking champions in Revolut, Chime, and WeBank, competition in Southeast Asia’s digital banking remains fierce as regulators continue to roll out digital banking licenses to both neobanks and traditional countinghouses. The pandemic proved to be a boon for e-wallet growth, and since then some of the region’s largest super apps and e-wallets have taken the leap into becoming licensed digital banks, including GXBank, Bank Jago, and SeaBank, with more to follow across the region. However, while e-wallets thrived in the contactless era, the post-pandemic shift back to tactile and…

Sweden-based fintech company Vilja will establish a new development center in Kuala Lumpur, Malaysia, set to launch in 2025. The move is part of Vilja’s strategy to expand its global presence, focusing on driving digital innovation in areas like artificial intelligence (AI) and cybersecurity. The company plans to invest an initial RM50 million over the first five years. The announcement was made during Sweden-Malaysian Digital Day in Stockholm, in a ceremony attended by Vilja CEO Fredrik Ulvenholm and MDEC Head of Foreign Direct Investment (FDI) Kamelinder Singh. This development follows Vilja’s earlier announcement of its ASEAN headquarters in Kuala Lumpur,…

Funding Societies, a digital finance platform for MSMEs in Southeast Asia, has strengthened its collaboration with CGC Digital, a subsidiary of Credit Guarantee Corporation Malaysia. The partnership builds on CGC Digital’s investment in Funding Societies earlier this year. This expanded partnership introduces two new financing products: Digital Term Financing and Micro Credit Line. The move follows the success of their earlier Proof of Concept programme on digital supply chain financing (DSCF). The enhanced offerings aim to improve financing options for Malaysian MSMEs, which form over 97% of the country’s businesses. The new products provide broader access to capital and profit…

TNG Digital is urging all TNG eWallet users to verify their accounts if they have not done so in order to enhance security and protect their accounts. The TNG eWallet platform currently has over 28 million registered users, with more than 22 million accounts already verified. The verification process, powered by electronic Know-Your-Customer (eKYC) technology, aims to reduce risks such as fraud, unauthorised access, and mule accounts while ensuring a secure digital ecosystem. Starting 20 December, new users registering for a TNG eWallet account will be required to verify their accounts immediately. Existing non-verified users will be prompted to complete…

Malaysia is driven by digital domination. The country’s technological evolution encompasses everything from robotics and cloud technology to artificial intelligence (AI), the Internet of Things (IoT), and blockchain technology. Considering these digital advancements, Malaysia has excelled on a hyper-scale. However, the rapid digitization of schools, banks, hospitals, supply chains, commerce, and government has exposed the Malaysian economy to a highly sophisticated threat. Cybercrime has been spreading at a breakneck pace, impacting millions of individuals and businesses across the world. Malaysia’s digital revolution has brought a new threat to the shoreline. Cyber professionals have witnessed how cyber-related crime and fraud have…

Malaysia has officially launched its National AI Office (NAIO) to step up AI innovation and regulation. Prime Minister Datuk Seri Anwar Ibrahim announced the initiative at the Malaysia International Trade and Exhibition Centre (MITEC), coinciding with the Digital Ministry’s first anniversary. The office is designed to act as a centralised agency for AI, tasked with developing policies, overseeing regulatory frameworks, and driving strategic planning. As reported by Reuters, NAIO’s first-year objectives include creating an AI code of ethics, establishing a regulatory framework, and drafting a five-year action plan through 2030. At the launch, Anwar described the initiative as a pivotal…

RHB Bank has introduced a RM1 billion Sustainable Trade Finance Programme (STFP/-i) to support corporate, commercial, and SME customers in adopting low-carbon practices. This initiative aims to advance Malaysia’s goal of achieving net-zero emissions by 2050 while helping businesses navigate the transition to a sustainable economy. The STFP/-i provides short-term, multi-tenured financing to businesses engaging in environmentally sustainable activities, including renewable energy production, energy-efficient solutions, and other low-carbon ventures. By offering tailored financial support, the programme addresses working capital needs while enabling the incremental integration of sustainability practices to mitigate transition-related risks. This initiative builds on RHB’s Sustainability Financing Programme,…

The Securities Commission Malaysia (SC) has signed a MoU with Credit Guarantee Corporation Malaysia (CGC Group) and CGC Digital. The MoU aims to enhance access to capital market financing for Malaysian MSMEs as well as mid-tier companies (MTCs). The three-year partnership aligns with the SC’s 5-Year Roadmap for 2024–2028, which aims to broaden capital market opportunities for MSMEs and MTCs. The collaboration leverages CGC Group’s expertise in financing guarantees and its established network within the MSME sector to address key financing barriers. The initiative will focus on expanding the reach of CGC’s imSME platform, which connects MSMEs and MTCs to…

Malaysian digital bank GXBank has launched a new Rewards feature within its app, offering customers a range of perks, including exclusive deals, badges, and incentives. The Rewards tab allows users to track their earnings, collect badges, and participate in challenges with friends. GXBank plans to introduce a “Total Earnings” feature soon, enabling users to view their rewards and waivers in one place. One of the first campaigns under this programme, running from 1 December 2024, to 31 January 2025, offers customers a RM5 cashback reward. To qualify, users must make five DuitNow QR payments of at least RM30 each within…

Microsoft has launched “AI for Malaysia’s Future” (AIForMYFuture), aiming to provide AI skills to 800,000 Malaysians by 2025. Announced at the Microsoft Cloud and AI Summit Malaysia, this initiative supports the Malaysian government’s goal of creating a skilled AI workforce, as outlined in the National AI Roadmap 2021-2025. It also builds on Microsoft’s broader investment in Malaysia’s digital economy, including a US$2.2 billion commitment announced in May 2024. AIForMYFuture will collaborate with the soon-to-be-launched National AI Office (NAIO) and other stakeholders like Biji-biji Initiative, HRD Corp, TalentCorp, IWFCIM, MyDIGITAL Corporation, MTVET Secretariat, and Jobstreet by SEEK. The aim is to…