Author: Fintech News Malaysia

Malaysia’s redesigned MyKad is facing early compatibility issues with eKYC systems used by digital banks and e-wallets. SoyaCincau found that the new identity card was rejected during verification on Touch ‘n Go eWallet, Ryt Bank, AEON Bank and GXBank. First-time MyDigital ID users are affected as well. Those registering with the new MyKad cannot currently complete the standard online process and must use a physical kiosk instead. Online registration using the new card is expected to become available from 1 October 2026. Malaysia began issuing the new MyKad on 17 September. It carries 53 security features, up from 23 on…

Capital A is moving to reshape its holdings in BigPay and Tune Protect under a broader restructuring. The exercise centres on Move Digital Sdn Bhd, which owns 99.56% of BigPay and a 13.6% stake in Tune Protect Group Berhad. Under the proposed plan, Move Digital may sell its BigPay stake through a market-driven process. It also plans an orderly distribution of its Tune Protect shares. The company is also looking to recover about RM32.2 million in receivables. Proceeds from these assets are expected to go to creditors, mainly Capital A and related companies. As part of the process, Move Digital…

Citi has appointed Yik Ping Chong to lead its commercial banking business in Malaysia. The appointment takes effect immediately, The Star reported, citing a statement from the bank. Her banking career spans 26 years across consumer and commercial roles. She most recently led Citi Commercial Bank Malaysia’s digital, technology and communications segment, where she helped grow its business across semiconductors, technology and digital startups. She also collaborated with Citi’s investment bankers on clients’ capital-raising needs. In her new role, Chong will oversee the commercial bank’s growth strategy in Malaysia, including efforts to expand its mid-sized corporate client base. Her responsibilities…

Labuan IBFC and TRX City (TRXC) are joining forces to strengthen links between Malaysia’s two international financial centres. The organisations signed a MoU in Kuala Lumpur as part of the “1 Ecosystem, 2 IFCs” approach. The agreement will see both parties explore joint market development, research, knowledge-sharing, promotional activities and investment facilitation. The partnership is intended to improve access between the two financial centres for businesses and investors operating across the region. Labuan IBFC supports cross-border activities including wealth management, financing and investment structures, insurance, Islamic finance and digital financial services. Around 5,000 operating companies are based in the centre.…

International Finance Corporation (IFC) is providing Affin Bank with a US$400 million long-term financing package to widen access to financing for MSMEs across Malaysia. The financing will prioritise women-owned businesses and enterprises in regions where access to funding remains limited. Under the partnership, Affin Bank will channel the funds to eligible MSMEs to support business investment and growth. Allen Forlemu, IFC Regional Industry Director for the Financial Institutions Group in Asia Pacific, said, “We estimate that this partnership could create at least 42,000 jobs across Malaysia over the next five years, while expanding access to finance for women entrepreneurs and…

Malaysia will give companies an additional year to prepare for mandatory sustainability assurance. Group 1 entities must obtain reasonable assurance for their Scope 1 and Scope 2 emissions disclosures for reporting periods starting from 1 January 2028, a year later than planned. The Advisory Committee on Sustainability Reporting (ACSR), chaired by the Securities Commission Malaysia, has also moved the deadlines for Group 2 and Group 3 entities to 2029 and 2030 respectively. The decision follows a review of the first 91 Group 1 listed issuers reporting under the IFRS Sustainability Disclosure Standards. Conducted by the Minority Shareholders Watch Group and…

RHB Bank has partnered with renovation firm The Makeover Guys to offer financing that covers both a property purchase and renovation costs. The Makeover Flexi Loan provides eligible customers with financing of up to 120% of the property’s value. This comprises up to 90% for the home purchase and an additional 30% for renovation work, mortgage insurance or takaful, legal costs and documentation fees. Borrowers can repay the loan over a maximum of 35 years or until they reach the age of 70, whichever comes first. Its Full Flexi features allow them to make additional repayments and redraw funds when…

Bank Islam has appointed former Ryt Bank CEO Melvin Ooi to lead the execution of its group-wide technology and transformation agenda. He brings more than 24 years of experience across digital banking, fintech, payments, customer loyalty and financial services in Asia and Australia. Prior to joining Bank Islam, Ooi served as CEO of Ryt Bank and helped establish the Malaysian digital bank. He previously held senior positions at BonusKad Loyalty, Alipay, American Express and Maybank. YM Raja Datin Paduka Teh Maimunah Raja Abdul Aziz, Group CEO of Bank Islam, said, “Technology transformation is not an end in itself. It must…

GXBank has secured a guarantee from the International Finance Corporation (IFC) to support an MSME loan portfolio of up to US$110 million. IFC, the World Bank Group’s private-sector development arm, will provide up to US$4.95 million in unfunded first-loss coverage. This means IFC will cover eligible initial losses if borrowers default, reducing some of the risk GXBank faces when extending loans. GXBank is said to be the first digital bank in the region to receive an IFC first-loss guarantee. The arrangement is designed to help GXBank expand financing for businesses with limited credit histories or physical collateral. The guarantee is…

Ouch! is working with mmob founder Arsalaan “Oz” Ahmed as it develops an AI-supported family takaful business in Malaysia. The collaboration is part of a wider partnership between the aspiring Malaysian digital takaful operator, UK fintech infrastructure provider mmob and SENNI. Oz will work directly with Ouch!’s leadership team on the development of the business and its positioning within Islamic finance. Through mmob, Ouch! plans to make family takaful products available within digital platforms that consumers already use. It is also working with SENNI to build a governance system that records decisions supported by AI and the reasons behind them.…

Financial institutions have invested heavily in securing digital onboarding and account opening journeys. Identity verification, document checks, and fraud screening have become standard practice across banking, fintech, and digital financial services. Yet despite these investments, fraudsters are increasingly shifting their focus beyond onboarding and targeting trusted customer accounts that have already been established. This evolution is creating new challenges for organisations that must protect customers without introducing friction that negatively impacts the digital experience. Entrust’s webinar explores how account takeover attacks are evolving, why traditional controls are being challenged, and what financial institutions can do to strengthen account protection across…

Eight Malaysian banks made Forbes’ inaugural ranking of the world’s top-performing banks in 2026. Public Bank ranked fifth in Tier 2, the highest position among Malaysia’s three entries in the category. Maybank placed 14th while CIMB Group Holdings ranked 35th. Tier 2 covers banks with assets from US$100 billion to US$500 billion. Hong Leong Financial Group ranked ninth in Tier 3 while RHB Bank placed 37th. The category covers banks with assets from US$50 billion to US$100 billion. Bank Rakyat placed 32nd in Tier 4 while AmBank Group ranked 68th. Tier 4 covers banks with assets from US$20 billion to…

CIMB will pause online and in-store debit card purchases on three days in September. Most of the disruption will take place during the early morning hours. The scheduled maintenance will affect purchases made through MyDebit, Visa and Mastercard. Services will be unavailable from midnight to 6.00am on 19 September. Two further maintenance periods will run from midnight to 7.30am on 22 September and from midnight to 5.00am on 23 September. CIMB Bank and CIMB Islamic Bank advised cardholders to plan their payments ahead of the maintenance periods. Featured image: Edited by Fintech News Malaysia, based on image by…

DBS has rejected a lawsuit in which the claimants have estimated damages at S$1.298 billion. The case is linked to the 1Malaysia Development Berhad scandal and related recovery efforts, according to Reuters. The claim was brought by Affinity Equity International Partners, Blackrock Commodities (Global), Platinum Global Luxury Services and TKIL Global Investments, all of which are in liquidation. Jason Aleksander Kardachi and Karnjote Singh s/o Jarmal Singh, in their capacity as liquidators of the four companies, are also named as claimants. After consulting its legal advisers, DBS said it “categorically rejects and will vigorously resist the claim.” The bank did…

Maybank is moving ahead with its RM4.83 billion Ageas deal after securing Bank Negara Malaysia’s approval. The bank signed an unconditional agreement on 8 September to acquire Ageas Insurance International’s remaining 30.95% stake in Maybank Ageas Holdings. Maybank will carry out the acquisition through its wholly owned subsidiary Etiqa International Holdings, which currently owns 69.05% of the company. The deal will give the bank full control of Etiqa’s insurance and takaful businesses in Malaysia and Singapore. BNM granted the required approvals on 1 September. The Monetary Authority of Singapore had approved the transaction in March. Maybank will fund the purchase…

HSBC has launched an AI platform for its relationship managers in Malaysia to analyse and summarise investment data, following a bank-commissioned survey showing that 85% of affluent Malaysian investors use AI for finance. However, 58% still prefer a combination of AI and human expertise when making financial decisions. Commissioned by HSBC and conducted by Ipsos, the survey covered around 10,000 affluent and high-net-worth individuals across 10 markets. Malaysia ranked among the top three markets for AI adoption in finance at 85%, level with mainland China and trailing India at 86%. Despite high AI usage, financial professionals and institutions remain the…

Maybank customers can now invest in a Shariah-compliant money market fund through the MAE app from RM10. The new Savings+ feature provides access to the fund, which is managed by Maybank Asset Management. It aims to maintain liquidity by investing in relatively short-term and liquid assets. Potential returns stood at up to 3.32% per annum as of 30 June 2026. Returns are calculated daily and credited monthly. They are not guaranteed and may vary depending on market conditions and fund performance. Users can complete the required onboarding and suitability assessment, monitor their investment performance and set up automatic monthly investments…

NTT DATA is expanding the deployment of its AI-powered platform to manage complex enterprise infrastructure worldwide. The platform combines real-time monitoring, predictive analytics and intelligent automation to support IT and cloud infrastructure, SAP Basis systems and network operations. The deployment aims to improve operational resilience, efficiency and visibility across global enterprise environments. Its operating model combines on-site expertise with offshore execution. Daimler Truck is among the companies using NTT DATA’s platform for its global IT infrastructure operations. “Our AI-powered platform significantly increases transparency and automation, providing the foundation for greater stability, faster response times and a future-ready IT architecture. Our…

RHB Banking Group has completed all 27 initiatives under its five-year Organisational Anti-Corruption Plan. The plan ran from 2022 to 2026 and focused on strengthening governance, managing corruption risks and improving accountability across the group. Achievements under the plan included the first phase of the Corporate Integrity System Malaysia Assessment. During Integrity Week 2026, RHB also held anti-corruption training and promoted the reporting of potential misconduct. Tan Sri Ahmad Badri Mohd Zahir, Chairman of RHB Banking Group, said, “The successful completion of our Organisational Anti-Corruption Plan is an important milestone, but it is only one step in our broader journey…

Fortefi Capital has launched a digital treasury platform that helps Malaysian SMEs put idle operating cash to work while retaining access to funds for daily expenses. The company is licensed by the Securities Commission Malaysia as a Digital Investment Manager. “SMEs have spent years digitising how they collect and move money. We believe the next step is to improve what happens to that cash while it is waiting to be used. Businesses have traditionally thought about investing only when they have excess cash. We want to challenge that. Operating cash can work too. The objective is not to invest every…