The digital economy is widely seen as a critical driver for global growth as many countries have long realised how digital technologies and services have been significant drivers of their economic development. For Malaysia, its digital economy has become a key contributor to the national gross domestic product (GDP), with 2023 recording a 23.5% contribution and estimated projections being set at 25.5% by 2025. Malaysia managed this feat due to the vibrancy of its digital technologies landscape and highly supportive policies that it put in place to foster and accelerate innovation within the digital economy. This high level of support…
Author: Fintech News Malaysia
MYTHEO, a robo-advisor operated by GAX MD, has launched the MYTHEO Target Return Portfolio, designed specifically for clients of VKA Wealth Planners. The portfolio balances potential returns with effective risk management over the medium to long term, focusing on financial goals such as retirement, education funding, and wealth creation. Leveraging MYTHEO’s access to a wide range of exchange-traded funds (ETFs) in developed and emerging markets, the portfolio combines growth, income, and inflation-hedging assets. It also utilises Artificial Intelligence (AI) and data-driven strategies to help clients navigate market volatility and make more objective investment decisions. VKA Wealth Planners, established in 2003,…
Tune Protect and bolttech have partnered to offer AirAsia Travel Insurance for Hong Kong customers on AirAsia flights. The insurance is available for purchase on the AirAsia and Tune Protect AirAsia websites as well as the AirAsia Move mobile app, covering passengers flying out of Hong Kong on all AirAsia flights. AirAsia acts as the licensed corporate agent of bolttech Insurance for this offering, while Tune Protect is the insurance programme manager for AirAsia. The insurance offers two plans, Lite Comprehensive and Plus Comprehensive, which include coverage for personal accidents, trip cancellations, baggage loss, flight delays, and 24-hour Worldwide Travel…
Hata, a licensed digital asset exchange in Malaysia, has raised US$4.2 million in seed funding to expand its product offerings and acquire more users across Asia. The funding round was led by U.S.-based institutional investors Castle Island Ventures and Cadenza Ventures, both of whom will join Hata’s Board of Directors. Other investors include Bybit, AP Capital, Plug and Play Tech Center, and Alliance DAO. Founded by Darien Ng, KK Chong, and David Low, Hata holds licenses from both the Securities Commission Malaysia and the Labuan Financial Services Authority. The exchange aims to serve retail and institutional users who prefer to trade…
Experts and officials from around the world will gather in Kuala Lumpur for the E-Invoicing Exchange Summit Asia Pacific, scheduled from 25 to 27 November 2024. The summit will focus on the practicalities of implementing e-invoicing, exploring how it can streamline accounts receivable (AR) and accounts payable (AP) processes. Attendees will gain insights into the key challenges businesses face during e-invoicing adoption, along with strategies to overcome these challenges. The event will also delve into how e-invoicing can drive business digitalisation and tax compliance across the Asia-Pacific region. One of the key speakers, Anuar Fariz Fadzil, the newly appointed CEO…
JCB card acceptance will soon be available at GHL merchants in Malaysia, Thailand, and the Philippines. This collaboration between GHL Systems and Japan’s JCB International aims to enhance payment convenience for both merchants and shoppers in these rapidly growing Southeast Asian markets. With GHL’s extensive network of over 480,000 payment touchpoints, this partnership is expected to significantly boost JCB card accessibility across the region. The integration will be supported by the JCB Payment Gateway powered by Malaysian fintech Soft Space. The rollout will begin in Malaysia during the third quarter of 2024, followed by Thailand and the Philippines. Sean Hesh,…
Bank Negara Malaysia (BNM) continues to support MSMEs with affordable financing, aligning with the broader measures announced during the Belanjawan 2025 by Prime Minister and Minister of Finance, Dato’ Seri Anwar Ibrahim. This includes RM3.8 billion dedicated to fostering digitalisation, sustainable practices, and agrofood production. The funds will be allocated through specific facilities, including the SME Automation and Digitalisation Facility, the Low Carbon Transition Facility, and the Agrofood Facility, each designed to meet the needs of MSMEs in key sectors. In addition to this, more than RM7 billion is currently available under BNM’s Fund for SMEs, offering continued support to…
The Securities Commission Malaysia (SC) and Khazanah Nasional have joined forces to facilitate access to capital market funding for Malaysian mid-tier companies (MTCs). The partnership, facilitated through Khazanah’s Dana Impak Fund, aims to catalyse MTC growth and expansion with an initial funding commitment of RM500 million. The RM500 million fund will be directed to high-potential MTCs through private equity or private credit funds, providing them with the capital needed for growth. The collaboration will focus on initiatives to support MTCs, including capacity-building programmes and fundraising incubation for 60 to 100 companies. These efforts aim to enhance MTCs’ competitiveness, innovative capacity,…
In today’s fast-paced technological landscape, sticking with legacy systems can leave financial institutions lagging behind. With the rapid evolution of payment methods and regulations, banks must stay ahead of the curve or risk being left out of the game. The necessity for modernisation is driven by several key factors, including the migration to ISO 20022, the rise of Open Banking and the introduction of Central Bank Digital Currencies (CBDCs). Additionally, financial institutions must adapt and differentiate in a crowded market by designing and delivering a superior customer experience. Keeping pace with changing market dynamics and accelerating time to market for…
The Securities Commission Malaysia (SC) and the World Bank have released a report assessing ESG reporting practices among Malaysian listed companies and institutional investors. The report, titled ESG Disclosure Assessment of Malaysia’s Listed Companies and Recommendations for Policy Development, provides a baseline for ESG reporting practices in the country. Based on an analysis conducted between August and December 2023, the report reviewed the ESG disclosures of 90 companies listed on Bursa Malaysia and several large asset owners. It found that while Malaysian companies generally display strong corporate disclosures and governance practices, there is room for improvement in environmental reporting, particularly in…
Sovereign wealth fund Khazanah Nasional is set to revitalise Malaysia’s venture capital landscape with the launch of two new initiatives— the Emerging Fund Managers’ Programme (EMP) and the Regional Fund Managers’ Initiative (RMI). These programmes, operating under the National Fund-of-Funds (NFOF), follow Khazanah’s recent acquisition of Malaysia Venture Capital Management (MAVCAP) and Penjana Kapital. The EMP aims to strengthen the local venture capital sector by supporting emerging Malaysian fund managers both locally and overseas in their fundraising efforts. By providing capital commitments, the NFOF seeks to attract further investment from private and other sources, fostering the growth of innovation-driven startups…
TERAJU, the Unit Peneraju Agenda Bumiputera, has reportedly awarded the largest portion of its RM100 million fund to P2P financing platform microLEAP. This allocation is part of the Islamic-Working Capital Project Financing Programme (i-WCPF), aimed at supporting Bumiputera businesses with Shariah-compliant financing. The i-WCPF programme provides Islamic financing based on the Commodity Murabahah via Tawarruq principle. It is designed to help Bumiputera enterprises in sectors such as renewable energy, technology, agriculture, electrical & electronics, agro-based, and rare earth industries. With operations across Malaysia, including in Sabah, Sarawak, Johor, Penang, and Perak, microLEAP aims to make financing more accessible to Bumiputera…
More than half of Malaysians believe their savings are insufficient for retirement, with only 16% confident their funds will last over 20 years after retiring, according to a recent study by the Securities Commission Malaysia (SC). Alarmingly, 18% of respondents said their savings would only sustain them for five years or less. These findings were revealed as the SC kicked off its annual InvestSmart Fest 2024, which focuses on retirement planning and safeguarding investors from scams. Investor protection remains a significant concern, with the SC receiving 3,380 scam-related complaints by the third quarter of this year, marking a 28% increase…
While the benefits of a digital world are to be lauded, these have also given rise to many scams and fraud cases. Interestingly, it is not only the elderly – often perceived to be less familiar with technology – who fall victim to such issues. Citing a 2023 Deloitte report, Time magazine said while younger, digital savvy individuals may be more familiar with the Internet, the Gen Zs—born between 1995 and 2012—are more than three times as likely to fall for online scams compared to their older counterparts. Part of the reason for this is the large amount of time…
Intuit QuickBooks, a cloud-based accounting software platform, is gearing up to host an Accounting Leaders e-Invoicing Forum on 15 October 2024, at the M Resort in Kuala Lumpur. This conference is tailored specifically for accounting professionals and will unveil QuickBooks’ upcoming Peppol-accredited e-invoicing solution, coming soon to Malaysia. The one-day conference will bring together accounting and compliance industry experts, panelists, and keynote speakers to explore and discuss the latest e-invoicing compliance mandates in Malaysia and beyond. Attendees will delve into the dynamic landscape of digital disruption and transformation within the accounting profession. Additionally, QuickBooks will showcase its latest product launches…
Principal Southeast Asia is preparing to launch a US$250 million fund aimed at tapping into direct lending opportunities across the ASEAN region, according to a report from DealStreetAsia. The company is a joint venture between the U.S.-listed Principal Financial Group (PFG) and CIMB Group Holdings. This fund is expected to materialise within the next year as part of the firm’s broader focus on expanding its presence in private credit markets. Munirah Khairuddin, CEO of Malaysia & Global Shariah at Principal, explained that the company is shifting its business model towards managing direct lending operations, rather than acting as a limited…
Malaysian digital takaful operator Ouch! has raised RM5 million in a recent funding round led by PPB Ventures. Other key investors who had joined the fundraise include OSK Ventures, RHL, and Vynn Capital. This follows a one-year extension granted by Bank Negara Malaysia (BNM) to continue Ouch!’s participation in the Regulatory Sandbox, enabling the company to further develop its digital takaful solutions. The new funding will be used to expand Ouch!’s market presence, enhance its technology infrastructure, and support the development of proprietary systems. A key focus for Ouch! is transitioning from its reliance on a third-party core system to…
The Islamic financial landscape in Malaysia has seen much advancement in recent years with digital technology at the core of such developments. Like conventional banking, Islamic finance has evolved to include innovative online banking platforms which provide customers with fast and easy access to banking products, services and information. Needless to say, competition among Islamic lenders has also increased in tandem, and banks now find themselves having to constantly innovate to cater to increasingly discerning customers. Compared to conventional banks, Islamic banks have the added task of ensuring that the technology they implement is in line with the Islamic principles…
Truely, a provider of eSIM services for international travelers, has raised US$3.5 million in a funding round led by 1982 Ventures. Beenext and Kopital Ventures also participated, along with angel investors including former Airbnb executives JJ Chai and Kum Hong Siew, as well as Tranglo Founder Sia Hui Yong, Mohammad Gharaybeh, Qin En Looi, Eric Dadoun, and Gilbert Relou. Launched in July 2023, Truely offers eSIM data plans in over 200 destinations and regions, eliminating the need for travelers to swap physical SIM cards. The company aims to simplify global connectivity by providing affordable data packages and 24/7 support. Truely’s…
GoBarakah, a Shariah-compliant e-voucher platform, has emerged as the winner of the Securities Commission Malaysia’s (SC) FIKRA ACE Accelerator. The accelerator is part of a three-year initiative aimed at advancing the Islamic Capital Market (ICM) through innovative fintech solutions. The GoBarakah platform streamlines the distribution of donations, corporate social responsibility (CSR) funds, and zakat to verified beneficiaries, ensuring 100% of the funds reach those in need. As the winner, GoBarakah received a cash prize of RM50,000 at the SCxSC Fintech Summit 2024. Producst2U and Koha Digital secured second and third places, winning RM30,000 and RM20,000, respectively. The FIKRA ACE Accelerator…