Author: Fintech News Malaysia

The Shah Alam High Court has overturned a previous ruling by the Petaling Jaya Sessions Court in the case of Yew See Tak v Luno, ruling in favour of Luno, a major digital assets exchange in Malaysia. The court determined that Luno had fulfilled its security obligations and that the transactions in question were authorised. The case stemmed from allegations by Yew See Tak, who claimed that Luno failed to safeguard the cryptocurrencies in his account, resulting in a loss of nearly RM600,000. Yew was awarded nearly RM700,000 in November last year after suing Luno for negligence, following the allegedly…

Bank Islam Malaysia has unveiled the “Be U Term Deposit-i TDT Extra Campaign,” offering attractive profit rates for deposits made through the Be U app. In July 2022, Bank Islam had launched the Be U app, a fully cloud-native digital banking proposition. Running from 11 July 2024, to 31 December 2024, this campaign targets new and existing individual customers aged 18 and above. To participate in the campaign, eligible customers must open a Be U TD-i via the Be U app and make a single deposit placement during the campaign period. The minimum deposit amount is RM500 for tenures of…

SME Bank has announced that its Group President and CEO, Datuk Wira Aria Putera Ismail, will step down at the end of his tenure to pursue new opportunities. Datuk Dr. Mohammad Hardee Ibrahim, the current Group Chief Corporate Strategy Officer, will take over from 3 September 2024. Aria has led SME Bank for the past six years, focusing on redefining the bank’s vision and mission and introducing new core values. Notably, in 2019, he spearheaded the Two-Year Accelerated Programme, a strategic initiative aimed at improving the bank’s business model, which resulted in a profit before tax of RM213.9 million. Under…

Invest Hong Kong (InvestHK) has opened applications for the 7th edition of its fintech programme Global Fast Track (GFT) 2024, accepting submissions until 20 September. The programme invites fintech companies from both local and international markets to pitch their ideas on global platforms, offering mentorship and business matchmaking to help unlock their potential. The global finalists of the GFT’s pitching competition will compete in the grand finale at Hong Kong Fintech Week (HKFW). This year’s programme includes new features aimed at strengthening Hong Kong’s position as the premier international fintech hub. King Leung, Global Head of Financial Services, Fintech and…

The financial sector is on the edge of a major transformation powered by continuous technological advancements. At the recent Huawei HiFS Frontier Forum 2024 in Shenzhen, industry leaders discussed how cloud, network, storage, and computing infrastructures can strengthen financial systems’ resilience. The forum’s theme, “Boost Resilience, Reshaping Smarter Finance Together,” encapsulates the industry’s collective ambition to navigate the challenges of an uncertain future through technological excellence and collaborative innovation. This gathering comes at a pivotal moment. Traditional banking boundaries are dissolving, and the definition of financial services is evolving unprecedentedly. The imperative for digital transformation As we hurtle towards 2030,…

GHL Systems Berhad will suspend trading of its securities from 9:00 a.m. on Wednesday, 31 July 2024, following a recent acquisition by NTT DATA Japan Corporation. This move comes after NTT DATA increased its shareholding in GHL to 98.80%. NTT DATA, a Japanese multinational IT service and consulting firm, began the acquisition with a deal valued at RM724.08 million for 58.7% of GHL’s shares The shares were acquired from major shareholders including Actis Stark (Mauritius) Limited, APIS Growth 14 Ltd, Loh Wee Hian, and Tobikiri Capital Ltd. The acquisition offer was set at RM1.08 per share. This acquisition is part…

Maybank has addressed recent claims of a potential data breach involving its Maybank2u online banking platform. The bank reassured customers that its systems remain secure and that all customer information is fully protected. Maybank said in a Facebook post, “Nevertheless, we take these security concerns very seriously and continue to monitor and ensure our data is protected at all times.” The bank highlighted the use of measures like Secure2U for transaction authentication and a cooling-off period for high-risk transactions to protect online activities. Maybank also urged customers to remain vigilant about their online security. They advised keeping user IDs, passwords,…

TNG Digital, the operator of TNG eWallet, has been granted Malaysia Digital status by the Malaysia Digital Economy Corporation (MDEC). The Malaysia Digital status initiative aims to lead digital transformations and empower Malaysian businesses in the global digital economy. With this recognition, TNG Digital is committed to strengthening Malaysia’s digital economy through various government initiatives promoting a cashless society, with the most recent one being the eMADANI programme, benefiting over 10 million Malaysians. The recent eMADANI programme, which benefits over 10 million Malaysians, is part of this effort, offering e-wallet credits, vouchers, cashbacks, discounts, and reward points to encourage cashless…

Telecommunications company U Mobile has introduced the Digital School initiative to enhance digital adoption within educational institutions. The first phase of this initiative, Projek Rintis: Cashless Ecosystems for Public Schools, aims to promote digital inclusion and improve financial literacy through a digital payment platform powered by U Mobile’s technology partner Vircle, a Malaysian neobanking service provider for kids. Projek Rintis involves collaboration with four selected Malaysian government schools, enabling students to perform cashless transactions for meals and school supplies. This system will allow students to pay for meals at the canteen or purchase items at the school co-op shop and…

Funding Societies, a SME digital finance platform in Southeast Asia, has disbursed RM300 million in Islamic business financing to over 2,500 Malaysian MSMEs since launching its Islamic products in June 2023. The company is focused on supporting underserved SMEs across Southeast Asia with a range of short-term financing solutions. Funding Societies plans to forge new industry partnerships to extend its reach to underserved yet creditworthy SMEs, emphasising collaborations with financial institutions, fintechs, and corporates to advance the Malaysian economy. It has partnered with organisations like Credit Guarantee Corporation Malaysia (CGC) on the Islamic SME Portfolio Guarantee (SME PG-i) Scheme, Malaysia…

The Securities Commission Malaysia (SC) cautioned the public about investment scam tactics using deepfakes created through artificial intelligence (AI) to mimic prominent people and the names of reputable companies. The SC has recently discovered several deepfake videos on Facebook. Perpetrators of these scams typically start by posting deepfake videos on social media platforms, which can then be disseminated across messaging apps. These videos “feature” certain public figures or companies, in an apparent bid to lend credibility to their work. Through the use of AI technology, the video is manipulated to closely resemble the voices of these public figures, including lip-syncing,…

Payments Network Malaysia (PayNet) has introduced Programme Akar, a new initiative aimed at enhancing digital skills in Malaysia’s financial services industry. The programme, powered by AWS re/Start and facilitated by World Education Placement Services Sdn. Bhd. (WEPS), will offer free training on AWS Cloud services. With a high demand for digitally skilled workers, Programme Akar seeks to bridge the talent gap in Malaysia. Research by Gallup and AWS indicates that 78% of Malaysian employers will need digitally skilled workers in the next five years, yet many Malaysians lack access to affordable training. The programme will help address this by providing…

Global trading platform Webull has launched a 24-hour stock trading feature for its customers in Malaysia. This development follows Webull’s recent entry into the Malaysian market in May 2024, aiming to enhance access to US markets for Malaysian investors. The company had also appointed the Vice President of the Fintech Association of Malaysia Farah Jaafar as an Independent Non-Executive Director. Previously, Malaysian retail investors using Webull could trade US stocks and ETFs only during regular and extended trading hours. The new 24-hour trading feature allows trading at any time, including a newly introduced US overnight trading session, making trading available…

The Securities Commission Malaysia (SC) has updated its guidance on providing investment advice, specifically targeting the growing influence of financial influencers, or “finfluencers,” on social media. The updated Guidance Note on the Provision of Investment Advice aims to clarify the SC’s regulatory expectations for finfluencers who share financial insights and recommendations online. The SC stresses that providing investment advice is a regulated activity under securities laws, and the same rules apply to finfluencers. Notably, the updated guidance note specifies that promoting capital market products on social media may require a license from the SC in certain situations. For instance, sharing…

BigPay, the digital financial services arm of Capital A Bhd, has announced its expansion to Thailand. The e-wallet provides services ranging from saving for trips to making seamless payments worldwide, and real-time currency exchange at competitive rates. The expansion was marked by an event featuring Tony Fernandes, CEO of Capital A and Executive Chairman of MOVE Digital, Zubin Rada Krishnan, Group CEO of BigPay, Apirudee Prachyaset, Country Head of BigPay Thailand, and Nadia Omer, CEO of AirAsia MOVE. BigPay offers a Visa Virtual card and a Physical Visa Platinum Prepaid card, enabling users to sign up digitally and make payments…

Wise AI, Malaysian artificial intelligence company specialising in eKYC and digital identities, has raised its Series A funding round. The sum was not disclosed. Led by Malaysia Technology Development Corporation (MTDC), VentureTech SBI Sdn Bhd (VT-SBI), and Sunway Group’s Sunway iLabs Ventures, the funding will enable Wise AI to advance its goal of creating digital identities in Southeast Asia. Wise AI’s AI technologies verify the authenticity of government-issued IDs, compare them against facial biometrics, and detect deepfakes. This technology supports various sectors, including government, banking, insurance, finance, fintech, telecommunications, and e-commerce, in securely onboarding customers remotely. Since 2020, Wise AI…

Malaysia’s newest regulated digital asset exchange Hata has officially launched after securing the full approval from the Securities Commission of Malaysia (SC). As the country’s 5th regulated digital asset exchange, Hata is the first to receive full approval from the SC since license applications were reopened in November 2022. To mark its launch, Hata has introduced an affiliate programme offering users a 30% share of the trading fees from those they refer to the platform. According to Hata, its exchange features the lowest fees among digital asset exchanges in Malaysia. Users providing liquidity can trade for free as market makers,…

Bank Negara Malaysia’s (BNM) recent move to implement co-payment requirements for medical and health insurance and Takaful (MHIT) products is expected to expand consumer options and enhance financial protection, according to the Fintech Association of Malaysia (FAOM). BNM has issued a clarification regarding misleading social media posts by some registered agents urging customers to purchase medical reimbursement products without co-payment features before September 2024. The regulator clarified that insurers/takaful operators (ITOs) are required to offer medical reimbursement products with co-payment features (i.e., deductible, co-insurance/co-takaful) as an option at the point of sale or renewal of existing MHIT policies/certificates effective 1…

Maybank will introduce a 12-hour cooling-off period for requests to increase transfer limits on the Maybank2u website starting 31 July 2024. Users can make the change by going under the settings menu, by selecting Pay & Transfer and then Transfer Limit. This measure will affect third-party transfers within Maybank, interbank transfers including DuitNow, DuitNow-Transfer, and GIRO as well as FPX & DuitNow online banking or wallet transactions. The cooling-off period aims to prevent online banking fraud by providing customers time to take action against unauthorised transactions. Customers can contact Maybank’s Customer Care hotline at 1300-88-6688 or activate the Kill Switch…

The YTL-Sea Digital Bank project, one of the last two digital banks in Malaysia yet to launch, shared that its plans to go live by the end of 2024 “remains unchanged”. This statement was in response to recent articles suggesting poor planning on the consortiums’ information technology end being the cause of the delay for the bank to go live. Sea Capital Services Berhad has clarified that the launch timeline is progressing according to the schedule approved by the Minister of Finance. This announcement follows the successful launches of Malaysia’s other digital banks, including Grab’s GXBank, Boost Bank by the…