Author: Fintech News Malaysia

MYDIN, a local wholesaler and retailer, has unveiled MYDINPay, its latest digital initiative aimed at facilitating convenient cashless transactions for customers, according to The Star. The launch event, held yesterday (25 June), introduced attractive incentives for early adopters of the e-wallet. The first 1,000 registrants will receive a RM5 voucher upon signing up, while the first 3,000 customers spending RM150 or more in any MYDIN outlets will qualify for a 5% cashback on their transactions. Managing Director Datuk Ameer Ali Mydin underscored the strategic significance of MYDINPay, emphasising Mydin’s commitment to staying competitive and agile in the digital age. He…

Malaysia’s first digital bank, GXBank, announced that it has reached over 500,000 users since its inception in November last year. Pei-Si Lai, Chief Executive Officer, GXBank said in a LinkedIn post, “On behalf of all the staff & management of the Bank, we want to thank our users for trusting and believing in us. In over 200 days since we launched, the reception that we’ve received from our fellow Malaysians has been truly humbling and nothing short of extraordinary! Fellow GXBank staff and partners, this 500K users milestone belongs to all of you. We would not have been able…

Bursa Malaysia has introduced the Centralised Sustainability Intelligence (CSI) solution, aiming to enhance the integration of Environmental, Social, and Governance (ESG) practices among Malaysian companies to improve their global competitiveness. The launch event was officiated by YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade & Industry (MITI), and attended by key figures from various sectors. The CSI solution, designed to streamline ESG reporting, provides tools for assessing carbon emissions across value chains and facilitates sustainability reporting. This initiative supports MITI’s New Industrial Master Plan (NIMP) 2030 and the National Semiconductor Strategy (NSS), promoting sustainable…

Paywatch, an earned-wage access (EWA) service provider in Asia, has secured US$30 million (approximately RM141 million) in funding. The company raised over US$14 million (around RM65 million) in Series A equity investment, led by Third Prime and a group of US investors, including Vanderbilt University and the University of Illinois Foundation. New investors such as Octagon Venture Partners and Wooshin Venture Investment Corp also participated in the funding round. Additionally, Paywatch secured US$16 million (around RM75 million) in credit facilities from global banks, including Citi, to support its product expansion. Paywatch offers an innovative, debt-free EWA solution, allowing employees to…

AEON Bank, Malaysia’s first Islamic digital bank, is targeting to achieve break-even within five years, capitalising on its established brand and market reach, as reported by The Sun. This plan was outlined by AEON Credit Service (M) Bhd at a recent press conference. Launched on 26 May, AEON Bank is one of five holders of digital banking licenses in the country. It operates under the joint ownership of AEON Financial Service Ltd and AEON Credit, both subsidiaries of AEON Group. AEON disclosed that the bank has received an unexpectedly positive response from depositors since its launch. Although the number of…

Curlec by Razorpay, a fintech payment gateway in Malaysia, has partnered with Singapore’s Seedflex Technologies to offer its merchants seamless access to the “Pay-As-You-Sell Advance” (PAYS Advance) solution. PAYS Advance offers merchants up to 10 weeks of sales as an advance and is a Shariah-compliant financing solution with no long forms, a transparent one-time flat fee, and no hidden charges. Designed to provide straightforward and hassle-free credit access for merchants, PAYS Advance is a dynamic credit solution that adjusts based on future revenue projections, repaid through automatic deductions from future sales. This allows Curlec merchants to easily access Seedflex’s PAYS…

Malaysia’s scholarship provider Yayasan Khazanah has renewed its partnership with Payments Network Malaysia (PayNet) to continue the Wakalah PayNet-Yayasan Khazanah Scholarship Programme. This collaboration aims to support high-achieving Malaysian Muslim B40 students in their undergraduate studies in fields such as Information Technology, Computer Science, and Finance at approved local universities. The initiative is funded through PayNet’s Wakalah allocation from corporate zakat proceedings, as PayNet works towards enhancing social mobility through education for underprivileged asnaf communities. Established in 2006 by Khazanah Nasional Berhad and partnering with Yayasan Hasanah, Yayasan Khazanah has awarded scholarships to 1,495 outstanding students across various fields since…

TNG Digital, the operator of TNG eWallet, has partnered with United Nations High Commissioner for Refugees (UNHCR) to enhance financial inclusion for refugees and asylum-seekers in Malaysia. The collaboration, announced on World Refugee Day, aims to address the financial challenges faced by these underserved communities. Currently, there are about 189,340 refugees and asylum-seekers registered with UNHCR in Malaysia, primarily from Myanmar, along with individuals from Pakistan, Yemen, Afghanistan, and other conflict-affected countries. Access to essential financial services remains a significant barrier for these groups. The partnership seeks to improve access to digital financial services and enhance financial literacy among refugees.…

Visa has released its Consumer Payment Attitudes (CPA) study which highlights the progress of a cashless Malaysia. The survey found that seven in ten consumers in Malaysia have attempted to adopt a cashless lifestyle, with Gen Z and Gen Y driving this trend. Nearly four in five respondents in these age groups have successfully gone cashless in Malaysia. The study also highlights a shift in cash-carrying habits, with nearly half of the respondents carrying less physical cash. Key reasons include increased use of contactless payment methods (61%), more places accepting cashless payments (54%), and concerns over the safety of carrying…

Malaysian online equities broker Rakuten Trade has launched Raku-Invest, a new platform aimed at simplifying and regularising investment in US equity markets. Kazumasa Mise, CEO of Rakuten Trade said, “Raku-Invest is about enabling and democratising access to the US equity markets. With the US stock market capitalisation representing about 40% of the total global stock market capitalisation, it’s a significant and potentially lucrative market for investors. However, the barriers to entry for Malaysians can be challenging. Raku-Invest is a localised version drawing from the success of “Tsumitate Investing” offered by Rakuten Securities, Inc (RSec) in Japan. It has performed incredibly…

The Securities Commission Malaysia (SC) has announced the retirement of its Chairman, Dato’ Seri Dr. Awang Adek Hussin, effective 15 June 2024. He will be succeeded by Dato’ Mohammad Faiz Azmi, former Executive Chairman of PwC Malaysia and an SC Board Member since August 2023. Dato’ Mohammad Faiz will assume the role on 16 June 2024. The Ministry of Finance (MOF) confirmed this transition, appointing Dato’ Mohammad Faiz for a three-year term from until 15 June 2027. Dato’ Mohammad Faiz brings extensive experience in finance, capital markets, audit, and financial management, having served as Chairman of the Malaysian Accounting Standards…

MYDIN, a local wholesaler and retailer, has announced an exclusive partnership with Boost Bank to provide significant savings and special privileges. These benefits are available to customers who sign up for the Boost Bank app and use it for their purchases at MYDIN stores. The partnership offers several benefits for customers. Those who open a Boost Bank account and deposit a minimum of RM2,000 into the Savings Jars will receive preferential daily interest rates of up to 4% per annum, with returns paid out weekly. Additionally, they must spend at least RM50 per month via the Boost eWallet app at…

SeaMoney, the financial services arm of Shopee’s parent company, has partnered with Zurich General Insurance Malaysia to introduce a new personal accident insurance plan. This initiative aims to make insurance more accessible and affordable for Malaysians, offering protection against sudden accidents and injuries. The insurance plan is available for purchase through the Shopee app, starting at RM1.67 per month. Annual plans are priced at RM20 for the Basic Plan and RM50 for the Gold Plan. The Basic Plan provides coverage of RM18,000 for accidental death and permanent disablement, along with hospital expenses up to RM50 per day for 15 days.…

Japan’s Seven Bank is establishing its fourth overseas group company in Malaysia, with plans to deploy ATMs in 7-Eleven stores across the country. Based in Kuala Lumpur, the joint venture has a capital investment of RM13.2 million. Seven Bank holds a 50.1% majority stake, while 7-Eleven Services Sdn. Bhd., and two local investment firms, HQZ Credit Sdn. Bhd. and SMRT Holdings Berhad, own the remaining shares. The bank said in a filing, “In addition, given that the amount of cash in circulation has increased every year, we regard the country as one of the promising Asian markets. Particularly, as for…

In recent years, the banking sector in the Association of Southeast Asian Nations (ASEAN) has witnessed a significant surge in scams and fraud activities. As the digital landscape continues to evolve, fraudsters are becoming increasingly sophisticated in their methods, posing a serious threat to both financial institutions and their customers. Recent phishing and fraudulent cases involving multiple banks in Singapore have highlighted the severity of this issue and the urgent need for banks to enhance their security measures. Rising Fraud in Singaporean Banking Cause for ASEAN Concern Over 200 DBS Bank customers fell victim to SMS phishing scams in the…

Cross Light Capital, a local fund management company, and Affin Bank have launched an actively managed fund dedicated to digital assets, as reported by The Edge Malaysia. The newly launched Performa Digital Asset Fund aims to offer exposure to digital assets through exchange-traded funds (ETFs) and exchange-traded products (ETPs), targeting premier banking customers. Distributed exclusively via Affin Bank’s invitation-only Affin Invikta suite, this fund invests in bitcoin, ether, and blockchain-related companies through publicly traded investment instruments. Significant investments include companies such as Coinbase Global Inc. and Ubisoft Entertainment SA. According to Cross Light Capital, the Performa Digital Asset Fund allocates…

Global payments firm Airwallex shared its commitment to expanding its Malaysian operations, with significant inroads already made, including securing licenses from Bank Negara Malaysia. The fintech payments firm first started its Malaysia operations in 2022. In the next two years, it has gone on to secure a Money Services Business Class B license and approval to provide Merchant Acquiring services. The company’s growing team in Malaysia is a clear indicator of its dedication to further establishing a presence in the region. Today, the company has a team of over 40 based in Kuala Lumpur, with plans to further hire in…

Malaysia’s first homegrown digital bank, Boost Bank, has officially launched its app to offer locals a seamless account opening experience via its e-wallet. Existing Premium Wallet users can now open a Boost Bank account through the app for an embedded onboarding experience, allowing for easier access to banking services. This initiative targets the underbanked and unbanked, helping them access banking services through strategic partnerships. The app also features robust security measures, including a ‘Freeze Account’ option, ‘Device Binding’ for access control, and a ‘Cool-Off Period’ for new device logins. A 24/7 fraud hotline is available for any suspected unauthorised activities.…

Funding Societies, Southeast Asian SME digital finance platform, has announced a partnership with Good Foodie Media, a lifestyle-focused digital media company. This partnership allows food and beverage, lifestyle, and entertainment businesses in Foodie’s ecosystem to access media services valued up to RM50,000 through a three-month instalment plan. Every month, over 100 million people engage with content produced by Good Foodie Media’s popular channels, including KL Foodie, Penang Foodie, and Singapore Foodie. The media company, made up of a diverse team of local content creators, aims to connect F&B businesses with a discerning clientele through its various brands and platforms. As…

Payment solutions provider GHL Systems has introduced Bank Simpanan Nasional’s (BSN) 0% Instalment Payment Plan (EasyPay Plan) across more than 7,000 merchant terminals in Malaysia. This initiative aims to enhance convenience and flexibility for in-store purchases. Shoppers at GHL-powered offline stores now have access to the BSN EasyPay Plan, allowing them to spread their payments over up to 36 months without any interest using BSN credit cards. This partnership integrates seamlessly with various banks’ instalment plans, providing more payment options at checkout. By extending the EasyPay Plan through GHL’s network, BSN aims to increase its reach, offering consumers more choice…