Vircle, a Malaysian neo-banking platform designed to improve financial literacy among children, has secured an investment from 1337 Ventures. The sum was not disclosed. The company offers a child-safe financial management and pocket money platform, enabling parents to oversee their children’s financial learning and spending habits. The platform includes a prepaid Visa card with parental controls and child-safe protection, designed to help children learn responsible budgeting and saving. Vircle aims to reach one million children in Malaysia and three million across Southeast Asia within five years. The neobank partners with major private and international schools to provide cashless payment solutions…
Author: Fintech News Malaysia
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Gen Digital has announced plans to acquire MoneyLion, a financial services marketplace, in a US$1 billion deal. The acquisition price includes US$82 per share in cash, with an additional contingent value right (CVR) offering shareholders up to US$23 per share in Gen common stock if specific performance conditions are met. The acquisition will expand Gen’s offerings by integrating MoneyLion’s financial management tools with its identity and credit protection services. MoneyLion’s platform, which includes credit-building features, will enhance Gen’s financial wellness solutions. The deal also brings MoneyLion’s white-labeled AI recommendation platform, which Gen plans to enhance for its global consumer base.…
TNG Digital, the company behind TNG eWallet, has introduced a new feature called “Near Me” to make it easier for users to find nearby dining options. Leveraging geolocation technology, the tool provides access to over 8,000 restaurants with details such as operating hours, location, and contact information. The feature includes a review system built on feedback from TNG eWallet users, incorporating insights from verified transactions. This approach aims to help users make informed dining decisions based on genuine experiences shared by others in the community. During the launch, users can benefit from up to 20% cashback at selected restaurants. Initially…
Luno has become the first regulated digital asset exchange to offer Ethereum (ETH) staking certified as Shariah-compliant. The certification, conducted by Amanie Advisors, a registered Shariah advisory firm with the Securities Commission Malaysia, ensures the service aligns with Islamic principles. Malaysia is the first market where Luno’s Shariah-compliant Ethereum staking is available. Luno’s platform allows investors to stake Ethereum with minimal financial barriers, starting at 0.00001 ETH or RM1, offering potential rewards of up to 3% annually, distributed weekly. These rewards are given in Ethereum and may vary depending on network conditions. While Luno doesn’t charge a fee to stake…
Snowdrop Solutions is expanding its partnership with BigPay to Thailand to provide local users with clearer insights into their spending habits. The partnership aims to transform the way Thai users manage their finances through BigPay’s app. This collaboration introduces Snowdrop’s MRS API, which enriches transaction data with accurate merchant names and logos, addressing key challenges such as unclear or generic transaction details often faced by Thai consumers with traditional banking systems. Following a successful partnership in Malaysia, this expansion marks a significant milestone for Snowdrop Solutions in the Asia Pacific region. By simplifying money management and providing detailed, personalised financial…
Digital asset exchange Hata has announced that it has surpassed RM100 million in trading volume since its launch. The milestone coincides with Bitcoin’s price exceeding US$100,000, reflecting increased activity in the cryptocurrency market. Hata’s trading volume highlights its ability to handle growing demand, supported by its infrastructure and market liquidity. The platform caters to both retail and institutional investors, offering a regulated environment for digital asset trading. Bitcoin’s recent rally, driven by increased institutional participation and rising retail interest, has fueled optimism across the global and Malaysian crypto markets. The surge reflects broader market dynamics that have positioned cryptocurrencies as…
In the last two years, some large banks have been hit with very public, lengthy – over 10 hours – disruption of their digital banking services. And that’s just the incidents we are aware of. Cases like these highlight the fears bankers may have in moving away from legacy systems in the name of innovation. Such unreliability erodes customer trust, impacts revenue, and perhaps most importantly, raises the ire of regulators. This fear factor also makes it harder for traditional banks to embrace going digital to fight neobanks and other digital-first financial institutions. Thus, many bankers and C-suites take a…
SeaMoney has launched SFinancing-i, a new Shariah-compliant financing service available through its Shopee app. This move was made possible through its partnership with Sedania As Salam Capital and Masyref Advisory. This service offers users access to financing within 24 hours of activation, with disbursement limits of up to RM20,000 and payment periods ranging from 3 to 24 months. Individual user limits and tenure availability are determined based on internal risk and credit assessments. SFinancing-i was developed with the expertise of Sedania As Salam Capital as the digital commodity platform provider and Masyref Advisory as the Shariah advisor. The service utilises…
CIMB has announced a new initiative to support children with cerebral palsy through the launch of a special Visa debit card. For every new debit card issued, CIMB will donate RM2 to Gabungan Anak-Anak Palsi Serebrum (GAPS), a non-profit organisation that empowers children with cerebral palsy through rehabilitation equipment and enrichment programmes. This initiative aims to provide GAPS with a sustainable source of funding to continue their important work. The card itself is also CIMB’s first to be made from recycled PVC. The launch event was attended by Youth and Sports Minister Hannah Yeoh, CIMB CEO of Group Consumer and…
Tune Protect Malaysia has introduced a new feature enabling instant claims payouts upon approval for its travel insurance via DuitNow. Available on the Tune Protect mobile app, the “Travel Easy Instant Travel Claims Payout” feature aims to simplify the claims process for travellers with a fully digital experience. The Travel Easy policy, which provides coverage for flights across all airlines, now includes this new feature. It offers expedited claims for delays between three and nine hours without requiring documentation like itineraries or delay confirmations. For delays exceeding nine hours, minimal supporting documents may be needed. Claims are processed on the…
The National Union of Bank Employees (Nube) has renewed its call to eliminate the RM1 fee for interbank ATM withdrawals, highlighting the financial strain it places on economically vulnerable groups, reports the Malay Mail. The union pointed out that the fee, which was briefly removed during the Covid-19 pandemic, has since been reinstated, creating additional challenges for families still navigating post-pandemic economic recovery. Many rely on interbank ATMs for access to cash, and the recurring fee, they argue, disproportionately affects those already struggling with limited resources. Nube previously urged Payments Network Malaysia (PayNet) and its stakeholders, including Bank Negara Malaysia…
AEON Bank is rewarding customers with a new campaign called “Thursday is Better than Friday.” The initiative encourages customers to use the AEON Bank x Visa Debit Card-i at selected AEON outlets, offering them the chance to earn AEON Points for their purchases. Running from 7 November to 26 December 2024, the campaign includes participating outlets such as AEON Supermarkets, AEON Department Stores, AEON MaxValu Prime, AEON BiG Hypermarkets, AEON Wellness, and Daiso by AEON. Customers earn triple AEON Points for every RM1 spent on Thursdays at these outlets, while spending on other days of the week earns double AEON…
World ID Credential, a digital identity tool developed by World, has launched in Malaysia. This initiative is part of World’s plan to create an inclusive financial public utility and identity system. World, formerly Worldcoin and co-founded by OpenAI’s Sam Altman, aims to provide digital identity solutions globally. The World ID Credential enables users to link identification documents, starting with passports, to their World ID, eliminating the need for physical verification at an Orb. This feature is also being introduced in Chile, Colombia, and South Korea. Upon verification, users receive 26 WLD tokens, in addition to any tokens earned through Orb…
TNG Digital, the operator of TNG eWallet, and the Korea Tourism Organization (KTO) have partnered to provide Malaysian travelers with a seamless and convenient payment solution in Korea. This partnership makes TNG eWallet the first Malaysian e-wallet endorsed by KTO, granting users access to 1.9 million ZeroPay merchants across major cities and tourist hotspots and over 3 million Visa merchants across the country. Through its partnership with Alipay+, Malaysian travelers using TNG eWallet can make cashless payments at these ZeroPay merchants by simply scanning QR codes. TNG eWallet eliminates the need for currency exchange and allows for easy payments at…
Bank Negara Malaysia (BNM) has responded to concerns regarding the planned repricing of medical and health insurance and takaful (MHIT) products, with reports indicating potential premium increases of 40% to 70% for some policyholders. The central bank said that it would ensure continued public access to affordable and suitable coverage while urging insurers and takaful operators (ITOs) to adopt more equitable pricing strategies. In its latest announcement, BNM instructed ITOs to explicitly consider the financial impact on policyholders and takaful participants when reviewing their repricing strategies. Operators are required to manage premium and contribution increases gradually and provide meaningful options…
Technology-driven advancements have revolutionised the financial landscape in Malaysia in recent years. Recognising the potential of digital banks to address financial inclusion gaps, Bank Negara Malaysia (BNM) developed a comprehensive framework aimed at increasing access to financial services, particularly for underserved communities. As part of this initiative, BNM issued five digital banking licenses in 2022, marking a milestone in the country’s financial sector transformation. Among the recipients of these coveted licenses, Boost emerged as a homegrown success story, evolving from a popular e-wallet service into a fully-fledged digital bank. With the strong backing of Axiata Group, Boost has seamlessly leveraged…
Raja Teh Maimunah, the CEO of Malaysia’s first digital islamic bank, AEON Bank is among one of the country’s most iconic leaders in the banking space. With a career spanning over 3 decades, Raja Teh says AEON Bank may be her final stint in banking. In this interview she talks to us about her leadership journey, and the legacy she wants to leave behind 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:…
MyData Informatica (MISB) and One Future Solutions (OFS) are now officially the latest credit reporting agencies approved by the Ministry of Finance (MOF), according to The Edge. This licensing, granted under Section 14 of the Credit Reporting Agencies Act 2010 (Act 710), expands the number of active agencies in the country to ten. This move brings MISB and OFS into a market already served by established players such as CTOS Data Systems, a subsidiary of publicly traded CTOS Digital, in addition to Experian Malaysia and Credit Bureau Malaysia. The MOF has indicated that both MISB and OFS are expected to…
TNG Digital has collaborated with Principal Asset Management to launch the Principal Private Retirement Schemes (PRS) on the TNG eWallet platform. The initiative aims to simplify retirement planning for Malaysians, providing a secure and streamlined way to enhance their savings. The Principal PRS Target Date Funds, introduced in 2022, are designed to complement mandatory retirement savings with an investment strategy tailored to individual timelines. The funds follow an asset allocation glide path, shifting from aggressive, growth-focused investments during younger years to more moderate, conservative strategies as users near retirement. This approach aligns with users’ changing risk tolerance over time, eliminating…
TikTok Shop has introduced TikTok PayLater, a new payment feature that allows customers to split their purchases into monthly installments over up to 12 months. The feature has been available in Malaysia since 28 October 2024. With TikTok PayLater, eligible customers can apply for a credit limit of up to RM 10,000, which can be used for purchases on TikTok Shop. This credit-based payment method lets users shop without paying upfront, offering a “shop now, pay later” option. Eligibility is determined based on details provided during the application process, such as occupation and monthly income. Applicants must also have valid…