Author: Fintech News Malaysia

Telco infrastructure company EDOTCO Malaysia has announced strategic partnerships with the Malaysia Digital Economy Corporation (MDEC) and homegrown e-wallet Boost to bolster the country’s digital economy through enhanced infrastructure and financial inclusion initiatives. In collaboration with MDEC, EDOTCO will offer advisory services and preferential rates for next-generation digital infrastructure to Malaysia Digital (MD) status companies. This partnership aims to strengthen the digital ecosystem by providing reliable and future-ready connectivity, including 4G and 5G in-building solutions, as well as alternative technologies such as low-orbit satellites and smart city solutions. EDOTCO’s Network Planning and Analytics (NaPA) will further support the tech ecosystem…

Zurich General Insurance Malaysia has launched two new motorcycle insurance plans, the Z-Rider (EW) and Z-Rider (Plus), aimed at providing Malaysian motorcyclists with enhanced protection. With over 16 million motorcycles in the country, Zurich has introduced these plans to address the specific needs of riders. The Z-Rider (EW) plan offers a complimentary extended warranty for new motorcycles up to 200cc (excluding electric bikes) that come with a two-year manufacturer’s warranty. The plan also includes breakdown towing service up to 60 km and personal accident coverage of RM5,500 per policyholder. The Z-Rider (Plus) plan, designed for motorcycles under 250cc, offers similar…

Banks in Malaysia are rolling out malware shielding technology in their mobile banking apps as a new measure to protect customers from financial scams. Member banks of the Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) have begun implementing this technology to safeguard against malware-related threats. The malware shielding technology is embedded within the banks’ native mobile apps and is designed to detect high-risk malware, including malicious APK files and suspicious remote monitoring access on customers’ devices. Acting as a digital guard, the technology alerts or prevents users from conducting transactions…

Hata, a licensed digital asset exchange in Malaysia, has introduced three new digital assets to its platform: Worldcoin (WLD), Cosmos (ATOM), and Polkadot (DOT). With this move, Hata joins MX Global as one of the few Malaysian exchanges offering Worldcoin, providing users the ability to trade, send, and receive WLD. Worldcoin, developed by Tools for Humanity and co-founded by Sam Altman, the creator of ChatGPT, is a digital identification platform that helps verify human identity, distinguishing it from bots and AI. The platform employs cryptographic and blockchain tools for its digital passport system, making it a unique addition to the…

Moomoo Malaysia, an investment platform and subsidiary of Hong Kong’s Futu Holdings, announced that local investors can now trade stocks, ETFs, REITs, Structured Warrants, and DLCs from the Singapore Exchange (SGX) directly through its app. This move is part of Moomoo Malaysia’s effort to provide access to global markets, offering Malaysian investors a broader range of investment opportunities on one of Asia’s key stock exchanges. The platform also provides educational resources to help users understand international markets and make informed investment decisions. This initiative aims to enable users to diversify their portfolios with stocks from Singapore’s market. Additionally, this expansion…

CHIP IN, a fintech startup focused on digitising business processes for micro, small, and medium enterprises (MSME) in Malaysia, has been officially approved by Bank Negara Malaysia (BNM) as a Non-Bank Merchant Acquirer. This enhances CHIP’s ability to offer secure and innovative payment solutions to MSMEs across the country. Since its incorporation in March 2022, CHIP has worked with over 2,000 MSMEs, processing nearly RM 1 billion in transactions. The company offers comprehensive solutions, including payment processing, expense management, and compliance tools. CHIP plans to expand its product offerings to include e-invoicing and Know Your Business (KYB) platform solutions, aiming…

In a landmark event that promises to reshape Malaysia’s digital business landscape, the Malaysia Digital Economy Corporation (MDEC) recently hosted its inaugural National e-Invoicing Open Day & Accreditation Ceremony. MDEC, a government agency under the purview of the Ministry of Digital, introduced the Malaysia Digital (MD) national strategic initiative. This initiative aims to encourage and attract companies, talents, and investment, empowering Malaysian businesses and citizens to play a leading role in the global digital economy. With a new and enhanced framework, MD seeks to transform the nation’s digital capabilities, fostering the growth of local tech companies and driving digital adoption.…

Maybank has announced the appointment of Mohamed Rezwan Abdullah Ismail as its Group Chief Risk Officer, effective 8 August 2024. Mohamed Rezwan will lead the bank’s enterprise-wide risk management framework, ensuring the identification, management, and mitigation of risks in line with Maybank Group’s strategic and business objectives. He will report directly to the President and Group Chief Executive Officer and will be a member of the Group Executive Committee. Mohamed Rezwan will take over from Datuk Hamzah Bachee, who is retiring after nearly 36 years with Maybank. With a banking career spanning over 25 years, including his current role as…

Malaysia Debt Ventures Berhad (MDV) has announced the appointment of Rizal Fauzi as its new CEO, effective 1 August 2024. Rizal takes over from Nizam Mohamed Nadzri, who completed his term in February 2024 after serving as CEO since 2018. With over 27 years of corporate experience, Rizal has been with MDV for 22 years, holding various senior roles. He previously served as Acting CEO and has been instrumental in shaping the company’s direction. His tenure at MDV includes overseeing business and project monitoring during its expansion phase and leading the Risk Management Division. As Chief Risk, Integrity & Governance…

Bank Pembangunan Malaysia Berhad (BPMB) has formed a strategic partnership with Funding Societies, a Southeast Asian SME digital finance platform. The collaboration, facilitated by BPMB’s subsidiary Ecologitec, aims to improve financing options for small and medium-sized enterprises (SMEs) in Malaysia through the SME Digital Partnership. The SME Digital Partnership is designed to help SMEs that face difficulties in securing traditional funding. BPMB is committing RM10 million to Funding Societies to support businesses in sectors like technology, infrastructure, and manufacturing. This initiative complements BPMB’s services provided through Pembangunan Leasing Corporation. Funding Societies operates in several Southeast Asian markets, including Singapore, Indonesia,…

Employers can now deposit salaries directly into their unbanked workers’ TNG eWallet accounts, providing secure and convenient access to their earnings. This development comes as TNG Digital, the operator of TNG eWallet, received approval from the Department of Labour Peninsular Malaysia (JTKSM) to serve as an alternative salary payment platform for these unbanked workers. This includes blue-collar migrant workers who often face significant challenges in accessing traditional banking services. Each TNG eWallet account comes with a DuitNow account number, allowing users to transfer money to and from any bank in Malaysia. This initiative aims to enhance the adoption of digital…

Merchantrade Asia, a Malaysian money services company, has been officially approved by the Department of Labour Peninsular Malaysia (JTKSM) for digital wage payments. This means workers can now receive their wages directly into their Merchantrade Money e-wallet instead of using cash or cheques. This approval aims to simplify the payroll process for employers, especially those who find it challenging to open traditional bank accounts for migrant workers and unbanked segments. This will benefit various industries, including plantation, manufacturing, construction, service, and domestic work. The Merchantrade Money e-wallet, with a capacity of up to RM20,000, includes features like remittances, mobile top-ups,…

Prime Minister Dato’ Seri Anwar Ibrahim inaugurated GXBank’s new initiative, GX Untuk Semua, marking the bank’s RM1.5 billion commitment to advancing Malaysia’s digital finance industry and supporting the government’s KL20 vision. GXBank aims to transform digital banking and finance in Malaysia through this initiative. The GX Untuk Semua initiative focuses on developing local tech talent, fostering industry best practices, and providing innovative financial solutions. It aims to enhance financial access for the underserved through AI-based risk and fraud management solutions and personal and MSME lending options. Additionally, the initiative will support tech entrepreneurship and the exploration of tech-based solutions for…

Chinese tech giant announced that WeChat Pay Malaysia has ceased new e-wallet user registrations starting 1 August 2024, and discontinue payment services from 1 September 2024, due to “business strategy adjustment”. Existing users will be able to withdraw their e-wallet balances through the e-wallet portal until 31 December 2024. A special withdrawal arrangement will be available from 1 January 2025. To facilitate withdrawals, users should log in to their WeChat accounts, go to “Me,” select “Pay and Services,” then “Balance,” and choose “Withdraw” and follow the on-screen instructions to complete the process. Other WeChat services, including messaging and Weixin Pay,…

Bank Negara Malaysia (BNM) is doubling down on its efforts to crack down on illegal operators in the money services business (MSB) industry. This follows the enactment of the Money Services Business (Amendment) Act 2024 (MSBA 2024) on 1 August 2024. The amendments bolster BNM’s enforcement capabilities, including mandatory imprisonment of up to 10 years and a minimum fine of RM50,000 for illegal operators. They also provide clearer guidelines on the offence of abetting illegal operators, a more precise definition of remittance business, and a broader scope of evidence for prosecuting illegal activities. Additionally, the act enables authorities to confiscate…

RHB Banking Group has announced several key leadership appointments, effective 1 August 2024. Mohamed Bin Rastam Shahrom has been appointed Group Chief Financial Officer. He brings significant experience from roles such as Acting Group CEO and Group CFO at Malaysia Airports Holding Berhad and CFO at UEM Sunrise. His expertise spans across various domains including finance, strategy, change management, business development, and stakeholder management. Meanwhile, Phuah Shok Cheng will take on the role of Regional Chief Financial Officer and Head of Capital Strategy. Phuah, who has been with RHB since January 2024 as Acting Group CFO, will now focus on…

Halogen Capital, a licensed digital asset fund manager in Malaysia, has launched what it describes as the world’s first Shariah-compliant cryptocurrency funds. These funds aim to provide sophisticated investors, including high-net-worth individuals and institutional investors, with access to the growing digital asset market through a unit trust structure. Since 2023, Halogen Capital has held a Capital Markets Services License (CMSL) for fund management from the Securities Commission Malaysia (SC). The firm provides digital asset investments, including Bitcoin and Ethereum, using a structure akin to unit trusts, offering benefits such as tax clarity, enhanced security, and streamlined investment management. Client assets…

The banking industry is undergoing a rapid transformation, driven by technological advancements and changing customer expectations. While many banks have embarked on digital transformation journeys, a common misconception persists: that transformation is a one-time event with a clear endpoint. The reality is far more complex. The competitive landscape, marked by the rise of neobanks and fintech disruptors, necessitates continuous innovation and adaptation. Continuous Transformation is a Necessity, Not a Choice However, challenges such as customer acquisition, trust, and legacy system dependencies hinder progress for many traditional banks. Mambu’s insightful new report, titled “The End of Transformation,” highlights this ongoing challenge.…

Luno, a regulated digital asset exchange in Malaysia, has announced the launch of Solana (SOL) staking, providing customers with a new way to earn rewards and grow their cryptocurrency investments. This feature, available alongside its other two staking options Ethereum and Cardano, allows users to earn up to 5% per year in SOL, depending on network demand and the number of active validators. The rewards are paid every two days, enabling Luno users to compound their earnings. Staking involves holding cryptocurrency in a wallet to support the network’s operations, using a proof-of-stake consensus mechanism. This method is more energy-efficient than…

The Joint Committee on Climate Change (JC3) announced new measures to reduce climate data reporting burdens on companies for information provided to financial institutions. This initiative includes the use of standardised templates for collecting climate-related information and arrangements allowing companies to consent to sharing this information across financial institutions. These measures were discussed during JC3’s thirteenth meeting. Chaired by Bank Negara Malaysia, the JC3 is a regulator-industry platform working collaboratively to build climate resilience within the Malaysian financial sector. The committee also plans to support the development of national emissions factors for key industrial sectors, highlighting the importance of collaboration…