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…
Author: Fintech News Malaysia
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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…
Webull Malaysia has appointed Farah Jaafar as an Independent Non-Executive Director. Farah brings extensive business and fintech experience, having spent 30 years in various leadership roles in capital markets and financial services organisations. She is currently the Vice President of the FinTech Association of Malaysia. Farah previously served as the Chief Executive Officer of the Labuan International Business and Financial Centre. “We are pleased to welcome Farah to the Webull Malaysia board. Her expertise and insights will be invaluable as we aim to enhance our investment services. With our learning, sharing and investing philosophy at our core, Webull Malaysia is…
pitchIN, Malaysia’s digital fundraising and investment hub, announced the launch of its inaugural Token Crowdfunding (TCF) deal with BidNow. This RM10 million primary offering of utility tokens by BidNow, an online auction platform, marks a significant development in Malaysia’s digital asset landscape. Token Crowdfunding, or Initial Exchange Offering (IEO) in Malaysia, provides a new method for businesses to raise capital through digital token issuance. The BidNow token ($BID) will be used as the primary medium of exchange on the BidNow platform, applicable for services such as loyalty rewards, membership registration, and transactions in the BidNow NFT Marketplace. $BID holders will…
Sumsub, a global verification provider, has announced strategic partnerships with several resellers in Southeast Asia including Nexus Technologies in the Philippines, PT Secure Pasifik Teknologi in Indonesia, and Spectrum Edge in Malaysia. These partnerships aim to enhance fraud prevention efforts and strengthen the business environment in the region. As Southeast Asia’s digital economy continues to grow, so do opportunities for fraudsters. Sumsub reports significant increases in fraud, particularly in deepfakes, across the Philippines, Indonesia, and Malaysia. Governments in these countries have responded by tightening regulations in the KYC (know-your-customer) and AML (anti-money laundering) sectors. By partnering with local resellers, Sumsub…
The Securities Commission Malaysia (SC) has opened applications for the second cohort of its FIKRA ACE Accelerator programme. Launched in 2023, FIKRA ACE is a three-year initiative designed to enhance the Islamic Capital Market (ICM) through innovative Islamic fintech solutions. Following the success of its first cohort last year, the SC is inviting applications for the 2024 cohort. The eight-week structured programme includes workshops, mentorship, networking activities, and funding facilitation, helping startups develop solutions from ideation to minimum viable product. The programme is set to begin in August and is open to individuals or companies with less than three years…
AFFIN Group announced a partnership with ACI Worldwide, a global provider of real-time electronic payment and banking solutions, to enhance its real-time payment capabilities. The collaboration aims to unify AFFIN’s payment systems into a single centralised platform. The new enterprise payments platform will streamline payment processes for enterprises, consolidating all payment instructions from various channels. It will integrate high-value and low-value payments, including Affin Delivery System (ADS), AffinAlways Retail Internet Banking and Mobile Internet Banking, AFFINMAX (Corporate Internet Banking platform), and ATMs. This modernisation is expected to boost efficiency by 75% through process automation, reducing errors, and enabling the bank…
Asia Pacific’s regulators have been experimenting with digital banking licenses in the past decade, paving the way for a new breed of banks but has it panned out and what does the future hold for it? Special thanks to the following thought leaders for sharing their views: Jessica Lam, Group Chief Strategy Officer, WeLab Simon Beitz, Managing Director and Chief Executive Officer, Alex Bank Nick Woodruff, Chief of Staff, Trust Bank Sheyantha Abeykoon, Group CEO, Boost Manu Panda, COO, Maya Bank
Bank Negara Malaysia (BNM) has released the Policy Document on Licensing and Regulatory Framework for Digital Insurers and Takaful Operators (DITOs) today. This initiative aligns with the Financial Sector Blueprint 2022–2026, which aims to enhance the digitalisation of the financial sector. The new policy outlines requirements for the entry of DITOs that can provide significant value through inclusion, competition, and efficiency. After considering feedback from stakeholders, BNM has refined the entry requirements with feedback from various stakeholders DITOs will undergo a foundational phase of three to seven years to prove their viability and operational soundness. During this period, they will…
TNG Digital has launched GOfinance, a new financial hub within its TNG eWallet with the aim to provide users with a wide array of financial services, including investment, insurance, credit score management, and expense tracking, all in one place. GOfinance seeks to make financial services more accessible by offering competitive options from various providers. Users can now manage their finances digitally and conveniently, lowering the barriers to entry for high-quality financial services. The TNG eWallet, which has 21 million verified users, now features GOfinance to enhance financial literacy and adoption of financial products. Users can now manage insurance, monitor investment…
RHB Banking Group has plans to increase its sustainable finance target to RM50 billion by 2026, more than doubling its previous target of RM20 billion, according to The Sun. Announcing the new target at the RHB Sustainability Media Day, Group Managing Director and CEO Mohd Rashid Mohamad highlighted the wide-ranging potential for sustainable financing, including international projects. He emphasised that the financial sector plays a crucial role in directing investments toward eco-friendly and low-carbon initiatives. As of the end of FY2023, RHB had already achieved RM23.8 billion in sustainable financial services, exceeding its original goal for 2026. This includes RM11.3…
Raiz Invest Limited announced its decision to exit Malaysia after four years, ending its joint venture with Jewel Digital Venture Sdn Bhd (JDV) and Raiz Invest Australia Limited. Following a strategic review, the partners have agreed to close the business. Formerly Acorns, Raiz is an Australian financial technology company listed on the Australian Securities Exchange (ASX). The company allows customers to micro-invest the remaining round-up of everyday purchases in exchange-traded funds. The Malaysian entity, which was launched in July 2020, claims to have sufficient capital to cover closure expenses, with JDV committing an additional RM3 million to ensure a structured…
The Securities Commission Malaysia (SC) has issued a warning to the public about investment scams that lure investors with pre-Initial Public Offering (IPO) shares of companies aiming to list on Bursa Malaysia. These scams often involve private placement offerings and are typically timed with upcoming IPO listings announced on Bursa Malaysia’s website. Scammers posing as ‘agents’ create public WhatsApp groups to promote these pre-IPO investments, adding potential victims to the groups unsolicited. The schemes may feature fake testimonials from supposed investors to appear credible. Payments for the ‘subscriptions’ are directed to bank accounts not affiliated with the IPO, often suspected…
CIMB Group announced that it has become the first Malaysian bank to set its 2030 decarbonisation targets for high-emitting sectors, advancing its commitment to net zero emissions by 2050. The bank aims to reduce the emissions intensity of its oil and gas and real estate portfolios by 16% and 34%, respectively. CIMB’s updated whitepaper outlines sector-specific pathways and immediate strategies for its key sectors, which constitute 60% of its financing portfolio emissions as of 2023. The bank supports oil and gas clients in transitioning to renewable and low-carbon alternatives, targeting a 16% reduction in Financed Emissions Lending Intensity (FELI) for…
pitchIN, Malaysia’s digital fundraising and investment hub, has launched PSTX, the country’s first equity crowdfunding (ECF) secondary market. This new platform allows investors to trade shares in businesses that raise funds on pitchIN, similar to international platforms like Seedrs in the UK and StartEngine in the US. PSTX offers ECF investors the ability to manage their portfolios more flexibly, providing opportunities to either invest further or exit their investments easily. It also allows investors who missed out on initial ECF deals another chance to invest in growing companies. PSTX will open for trading at 10 am on 10 July 2024…
TNG Digital, in partnership with CIMB Bank, has introduced e-Mas, a digital gold investment product that allows TNG eWallet users to invest in gold from RM10. e-Mas aims to provide a straightforward entry into gold investment, complementing TNG eWallet’s existing financial services. Users can monitor live gold prices and manage their investments entirely through the e-wallet, enhancing their overall investment experience. Since its soft launch, e-Mas has reportedly seen significant interest, with 100,000 registrations and 40,000 active investors. TNG Digital aims to become the largest gold investment platform in Malaysia, targeting at least half a million customers by the end…
The Bank for International Settlements (BIS) and its partners, including central banks and instant payment system operators from Malaysia, the Philippines, Singapore, Thailand, and now the Reserve Bank of India, have announced the completion of the comprehensive blueprint for phase three of Project Nexus. It is the first BIS Innovation Hub project in the payments area to move towards live implementation. BIS will play an advisory role as Project Nexus sets up the operational scheme and is open to potential new participants across the globe. This development will enable participants to progress towards seamlessly connecting their instant payment systems. The…
Bursa Malaysia has announced the appointment of Raja Teh Maimunah as Public Interest Director and Independent Non-Executive Director, effective 1 July 2024. This appointment is made by the Minister of Finance under Section 10(1)(a) of the Capital Markets and Services Act 2007. Raja Teh has over 30 years of experience in financial services, covering investment, wholesale, Islamic, and digital banking. She is currently the CEO of AEON Bank, Malaysia’s first Islamic digital bank, and serves on the board of Kumpulan Wang Persaraan (Diperbadankan) (KWAP) and as a Trustee of Amanah Warisan Negara. Her previous roles include CEO of AmInvestment Bank,…
Jirnexu Sdn Bhd, the parent company of RinggitPlus, announced today a strategic transaction to acquire CompareHero, the Malaysian arm of NASDAQ-listed MoneyHero. The acquisition is expected to close in early July 2024. According to their media release this move is expected to solidify Jirnexu’s leadership in Malaysia’s fintech space enabling consumers to access financial products and services conveniently. As part of the agreement, MoneyHero Group will retain an equity stake in Jirnexu, transitioning from an operator to an investor and maximising the value of its interests in Malaysia through Jirnexu’s growth. MoneyHero Group said it will reallocate resources to growth…