Author: Fintech News Malaysia

AEON Bank, Malaysia’s first digital Islamic bank, has partnered with MADCash to launch the ‘GrowthStart’ iTEKAD programme. The programme aims to empower 100 female microentrepreneurs from B40 communities. The programme, aligned with Bank Negara Malaysia’s iTEKAD initiative, will provide coaching, mentorship, and digital skills training to help these women grow their businesses. ‘GrowthStart’, a joint effort by AEON Bank and MADCash, a fintech company focused on female empowerment, will run from February 2025 to August 2026. Participants will be selected from Selangor, Kedah, Negeri Sembilan, and Johor in three batches. The first batch of 50 entrepreneurs, representing various sectors like…

TNG Digital has partnered with UNHCR to provide refugees in Malaysia with greater access to financial services through the TNG eWallet. The initiative follows a Memorandum of Understanding signed on World Refugee Day 2024 and is aimed at addressing barriers refugees face in accessing financial tools. Refugees registered with UNHCR can access a wide range of essential financial services via the TNG eWallet, including payments, fund transfers, e-wallet top-ups, and ATM withdrawals via the Touch ‘n Go eWallet Visa card. The initiative also includes security features such as a Money-Back Guarantee policy and access to GOrewards points. Malaysia hosts more…

CGC Digital, Funding Societies | Modalku, and FarmByte have signed a Memorandum of Understanding (MoU) to improve access to financing for MSMEs in Malaysia’s agriculture sector. The collaboration aims to address the financing gap hindering the growth of these businesses, which is crucial for the nation’s food security and economic stability. Many agricultural MSMEs struggle to secure traditional loans due to a lack of collateral and financial literacy, while financial institutions often view the sector as high-risk due to climate change and market volatility. This partnership seeks to overcome these challenges by leveraging the expertise of each organization. CGC Digital…

Malaysian digital bank GXBank has officially launched its GX FlexiCredit offering to all Malaysians after a successful pilot phase. The product, designed as a flexible line of credit, allows customers to access funds within their approved limit, offering a convenient financial solution for unexpected expenses or planned purchases. FlexiCredit provides instant access to funds, with a quick application process that reportedly takes five minutes. Approved customers can receive a credit limit of up to RM150,000, with disbursements processed in seconds. The product offers flexible repayment terms of up to 60 months, with no early settlement or processing fees. Interest rates…

Payd, a Malaysian fintech company specialising in Earned Wage Access (EWA) solutions, has announced a US$ 400,000 (approximately RM1.8 million) seed extension funding round. The investment comes from A2D Ventures, Orbit Startups, and AngelSpark and will support Payd’s expansion across Southeast Asia. Payd’s platform allows employees to access a portion of their earned wages before their regular payday, helping them manage expenses and avoid high-interest loans while reducing financial stress. The company reported that it has onboarded over 100,000 employees. Payd has partnered with major employers in Malaysia, including McDonald’s, Starbucks, KyoChon, Banyan Tree, and Valiram. In Thailand, Payd has…

Payments Network Malaysia (PayNet) and the Federal Agricultural Marketing Authority (FAMA) have launched the country’s first grocery vending machine. The machine offers fresh fruits and grocery staples like soy sauce, garlic, and canned goods, providing a 24/7, cashless, and contactless shopping option. This initiative reflects the growing prevalence of vending machines in Malaysia, now commonly found in high-traffic areas like malls, airports, and hospitals, and increasingly offering diverse products beyond traditional snacks and drinks—including health supplements and skincare items. The machine accepts DuitNow QR and other digital payment methods. FAMA will use this pilot project to study consumer behavior and…

Payments giant Visa has appointed Previn Pillay as its new Country Manager for Malaysia. Pillay brings 18 years of experience in leadership roles across Asia Pacific and CEMEA to the position. He most recently served as Head of Merchant Sales & Acquiring for Asia Pacific, leading regional and local market teams managing Visa’s merchant and acquiring partnerships. Prior to that, he headed Digital Solutions for the region, collaborating with financial institutions, fintechs, and merchants on digital deployments like tokenisation, contactless payments, and urban mobility solutions. His experience also includes client management roles in Australia and Sub-Saharan Africa. Previn Pillay, Visa…

Japan Consumer Credit Service (JACCS), a member of Mitsubishi UFJ Financial Group (MUFG), is acquiring a 49% stake in CARSOME Capital, the financing arm of CARSOME Group. CARSOME will retain a majority 51% stake in the company. The partnership aims to enhance auto financing solutions in Malaysia, particularly for underserved segments. JACCS will leverage its international resources and expertise to improve risk assessment, credit governance, and financial sustainability within CARSOME Capital’s ecosystem. The collaboration will also facilitate knowledge transfer to strengthen financial sustainability and optimise risk assessments. CARSOME Capital, established in 2018, offers auto financing solutions such as retail financing,…

BIMB Holdings Sdn Bhd, a subsidiary of Bank Islam, has formed a joint venture with RELDYN to create FINODYN, a Technology Financial (techfin) entity aimed at enhancing the Shariah-compliant digital finance sector. Under this agreement, BIMB Holdings holds 40% equity, while RELDYN holds 60%. FINODYN will adopt a business-to-business model, concentrating on providing financial and banking platforms that deliver Shariah-compliant financial solutions, along with consulting, maintenance, and support services for various businesses and organisations. The collaboration aims to leverage the expertise and innovation of both entities to develop platforms that are fully aligned with Islamic finance principles, ensuring ethical financial…

Generali Malaysia has announced the appointments of Soo Wai Har as the new Chief Executive Officer of Generali Life Insurance Malaysia Berhad and Lee Chee Fooi as Chief Distribution Officer of Generali Insurance Malaysia Berhad. Before joining Generali Life Insurance Malaysia Berhad, Soo Wai Har held the position of Chief Commercial Lines Officer at Generali Insurance Malaysia Berhad, bringing with her over 20 years of experience in the insurance industry. With extensive industry experience, she has contributed to innovation and operational improvements across various areas, including finance, sales and marketing, distribution, and operations. She is also a strong supporter of…

RHB Banking Group has introduced RHB PayLater, Malaysia’s first ‘Buy Now, Pay Later’ (BNPL) solution linked directly to debit cards, allowing customers to enjoy interest-free instalment plans with greater ease and flexibility. By using customers’ transactional behaviour analysis as an eligibility criterion, RHB PayLater promises more inclusive access to financial services, encouraging more prudent spending. This initiative targets over 500,000 RHB current and savings account holders who have been pre-qualified based on their account activity, including deposits, transactions, and saving patterns. Through this approach, customers do not need to submit additional applications to access the facility. Furthermore, those who actively…

Bank Negara Malaysia (BNM) has imposed penalties totaling up to RM 2.5 million on several financial institutions for non-compliance with reporting and regulatory requirements On 11 July 2024, BNM issued Administrative Monetary Penalties (AMPs) to four financial institutions for failing to comply with sections 143(3)(b) and 143(4) of the Financial Services Act 2013 (FSA) and/or sections 155(3)(b) and 155(4) of the Islamic Financial Services Act 2013 (IFSA). These violations relate to the submission of financial and statistical data under BNM’s policy documents, including: STATsmart Reporting – Financial, Compliance and Industry-Specific Data (STATsmart PD) External Sector Statistics (ESS) System – Submission…

Exchange-traded Funds (ETFs) have become an essential tool used by traders to record positive returns, diversify portfolios, and gain greater control of their trading career. ETFs have been around for years but grew in popularity among non-traders during the build-up to the launch of the first Bitcoin ETFs. Many people are familiar with the term and concept but need help understanding the inner workings of this asset class. If you’re interested in trading ETFs, you’ve come to the right place because this piece has all the relevant information you need to kick-start your strategy. Dissecting ETFs ETFs are exactly what…

The fintech industry is about a decade old in Malaysia now, is it finally ready to shine? We are joined by Wilson Beh, President of Fintech Association of Malaysia and co-founder of ‪Policystreet‬ to deep dive into Malaysia’s fintech scene.

Bank Simpanan Nasional (BSN) has introduced Bella, its latest innovation powered by GenAI. Available now on the BSN official website, Bella is a 24/7 AI chatbot designed to provide customers with seamless access to banking information at any time, from anywhere. Bella’s advanced capabilities allow users to resolve basic banking inquiries independently, enhancing efficiency and ensuring a smooth, hassle-free experience. With Bella, customers can expect accurate and consistent responses to their queries, making banking more convenient and accessible. “We’re thrilled to bring Bella to our customers, furthering our commitment to innovation and customer satisfaction. “Bella is not just a tool;…

In a step towards strengthening Malaysia’s position in the blockchain space, MIMOS and Masverse officially joined forces by signing a Memorandum of Understanding (MoU) today to advance Malaysia’s national blockchain ecosystem, focusing on MasChain, a Layer 1 blockchain infrastructure. The collaboration highlights the transformative potential of blockchain technology to foster efficiency, transparency, and accountability in Malaysia. According to their press release, MasChain, as a locally developed Layer 1 blockchain network, is poised to address industry needs with secure and scalable solutions, including fintech advancements, supply chain traceability, Web3 platforms, and blockchain-based certification systems. Recognising the growing importance of blockchain in…

TNG Digital has launched SOS Balance, a free feature via TNG eWallet for uninterrupted toll payments despite insufficient balance. Starting January 23, this feature will be introduced to selected TNG eWallet users, providing a 24-hour grace period to reload their eWallet and settle outstanding toll charges. Users must settle payments within this window to continue accessing full eWallet features. Alan Ni, Chief Executive Officer of TNG Digital, stated, “The introduction of SOS Balance reflects our commitment to delivering user-centric innovations that simplify and enhance the daily lives of Malaysians. By addressing common challenges faced at toll booths, this feature ensures…

StashAway, a Malaysian digital investment platform, has announced the addition of Bitcoin (BTC) and Ethereum (ETH) ETFs to its platform. This move allows Malaysians to invest in the two largest cryptocurrencies through a regulated and trusted platform. StashAway will be adding the Fidelity Wise Origin Bitcoin Fund and the Fidelity Ethereum Fund to its platform. The launch comes at a time of growing institutional adoption of crypto, as the price of BTC surpasses US$100,000. With the new US Presidential administration signaling support for crypto-friendly regulations, investors have shown renewed interest in this emerging asset class. StashAway’s addition of BTC and…

HSBC has opened its flagship Wealth Centre in Menara IQ at the Tun Razak Exchange (TRX). The centre is designed for HSBC Premier Elite and high-net-worth clients, offering a private space to consult with Senior Relationship Managers and access tailored wealth solutions. The launch reflects Malaysia’s growing wealth market, as the nation moves towards high-income status. In 2024, high-net-worth individuals in Malaysia held liquid assets worth US$176.62 billion, with an expected annual growth rate of 6.1% until 2028. With Malaysia chairing ASEAN in 2025, the Wealth Centre supports the region’s importance as a hub for wealth creation and investment. YB…

Vilja, a Swedish core banking provider, has been recognised as a Functionality Standout in Celent’s latest report, “Retail Banking Core Systems: Next-Generation Core Banking, 2024.” The report evaluated 13 vendors globally and identified Vilja as the only Nordic company featured. Celent categorised next-generation core banking vendors into three segments; Product Cores, Broad Cores, and BaaS Platforms. Vilja was classified as a Broad Core, a segment designed to support digital direct banks with features like product capabilities, digital onboarding, and card payments. The report highlighted the growing prominence of next-generation core banking systems over the past five years, noting their shift…