Author: Fintech News Malaysia

Malaysian fintech firm DCAP Holdings has raised funding from venture capital firm Gobi Partners to support financial inclusion for underserved communities. The investment was made through the Gobi Dana Impak Ventures (GDIV) fund, backed by Khazanah Nasional Berhad. Founded in 2020 by Sonia Ng and Wilson Kok, DCAP provides a Lending-as-a-Service (LaaS) model, enabling traditional financial institutions to improve their processes and expand services to underserved consumers. Using AI, machine learning, and data analytics, DCAP’s platform offers financial services tailored for lower-income groups, who make up 92% of its clientele. More than 55% of DCAP’s customers are reportedly based outside…

Malaysia’s sovereign wealth fund, Khazanah Nasional, has launched Jelawang Capital, a national fund-of-funds designed to accelerate the growth of Malaysia’s venture capital sector. This initiative follows the merger of Malaysia Venture Capital Management and Penjana Kapital in July and aligns with the Prime Minister’s MADANI Budget 2025 announcement. Jelawang Capital will be led by Bryan Lim, Khazanah’s Head of Dana Impak, which aims to strengthen Malaysia’s startup ecosystem by providing capital to fund managers, who will then invest in promising startups. To achieve this, Jelawang Capital is focusing on two key programs: the Emerging Fund Managers’ Programme (EMP) and the…

Intuit QuickBooks, a cloud-based accounting software platform, hosted a successful Accounting Leaders e-Invoicing Forum in Kuala Lumpur on 15 October 2024. The conference brought together over 450 accountants and bookkeepers, compliance industry experts and keynote speakers to discuss e-invoicing compliance mandates, the latest QuickBooks innovations and navigating through the evolving digital accounting landscape. Quickbooks’ Peppol-Accredited E-invoicing Solution Coming Soon to Malaysia One of the highlights of the forum was the introduction of QuickBooks’ upcoming e-invoicing solution, powered by SOVOS, a Peppol-accredited compliance solutions provider. Tanveer Ahmad, APAC VP of Sales at SOVOS, and Kayur Desai (KD), the Global Markets Sales…

Zurich Life Insurance Malaysia has announced the appointment of Pauline Teoh as its new CEO, effective 1 November 2024. With over 25 years of experience in the insurance industry, Pauline has held various senior leadership positions across the Asia-Pacific region with prominent financial institutions. Pauline is recognised for her expertise in driving business growth, digital transformation, partnership management, sales, and financial risk management. She holds a Bachelor’s degree in Mathematics, Actuarial Science, and Economics from the University of Waterloo in Canada and is a Fellow of the Society of Actuaries. Pauline Teoh said, “I am honoured to lead ZLIMB and…

Malaysia’s Transport Minister Anthony Loke Siew Fook has announced plans to integrate the My50 monthly pass with the TNG eWallet, according to a report by Business Today. The My50 pass allows users unlimited travel on various public transport services for a fixed monthly fee, aiming to make commuting more affordable. The integration with the TNG eWallet is intended to simplify the renewal process, allowing users to bypass queues at LRT station counters. This is anticipated to be completed in the coming months and could lead to a more seamless public transport experience in Malaysia. Loke highlighted the My50 pass as…

The National Fraud Portal (NFP) has significantly reduced the time required to trace stolen funds, slashing it by 75% to just 30 minutes, as shared by Deputy Finance Minister Lim Hui Ying. Since its launch in April 2024, the portal has also contributed to a 28% rise in the amount of frozen illicit funds, according to a report by The Sun. Developed through a partnership between Bank Negara Malaysia (BNM) and PayNet, the NFP was launched in August as part of efforts to tackle the increasing threat of financial fraud in the country. The system enables financial institutions and the…

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…

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…