CIMB announced that it will replace its current banking application, CIMB Clicks, with the new CIMB OCTO app starting 11 June 2024. The CIMB Clicks app will no longer be available for download. The CIMB OCTO app is said to offer a fresh interface and enhanced features to simplify and secure everyday banking. The CIMB OCTO app is available for download from the Apple App Store, Google Play Store, and Huawei App Gallery. Users of the CIMB Clicks app can continue to access their accounts, but they are encouraged to switch to the CIMB OCTO app to take advantage of…
Author: Fintech News Malaysia
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Google announced an investment of US$2 billion in Malaysia which includes the establishment of Malaysia’s first Google data center and a new Google Cloud region. This follows earlier investments by tech giant Microsoft, which committed US$2.2 billion this month, and Amazon Web Services (AWS), which pledged US$6 billion in Malaysia last November. These developments aim to meet the increasing demand for cloud services both locally and globally and support AI literacy programmes for Malaysian students and educators. The new data center will support Google’s digital services such as Search, Maps, and Workspace, which are widely used worldwide, including in Malaysia.…
Malaysia’s rental market has been booming in recent years, spurred by rapid urbanisation and population growth. This surge has led to a high demand for residential, commercial, and industrial properties in urban areas like Kuala Lumpur, Penang, and Johor Bahru. As cities expand and more people flock to these bustling hubs, the rental business landscape has transformed into a lucrative venture. However, with this opportunity comes the challenge of ensuring stable cash flow and timely rent collection. The Challenges of Rent Collection Starting a rental business in Malaysia can be rewarding, but it requires meticulous planning and management. One of…
Curlec by Razorpay, a payment gateway in Malaysia, has integrated its payment system with TNG eWallet, enabling SMEs and unbanked individuals in rural areas to access financial services. This collaboration aims to facilitate recurring payments through TNG eWallet, benefiting over two million merchants and more than 21 million verified users nationwide, particularly in underserved communities. It allows for recurring payment schedules, control over billing cycles, and instant subscription alerts through Curlec Subscriptions. For consumers, this means no longer needing debit or credit cards for subscriptions such as gym memberships or streaming services. Instead, they can use their TNG eWallet information…
CTOS IDGuard, Malaysia’s national fraud bureau powered by GBG’s technology, has flagged RM519 million in potentially fraudulent credit applications over the past 3 years and 9 months. The bureau had also identified organised syndicates and fraud rings as the largest security threat at present. The data, covering 9.44 million applications since September 2020, attributes 44% of all flagged credit applications from member banks to these sources. This marks a 62% increase from the RM319 million flagged in the previous 3-year period. CTOS IDGuard, part of CTOS’ fraud and identification services suite, utilises an extensive database to enhance detection capabilities. This…
Prime Minister Datuk Seri Anwar Ibrahim has pledged RM100 million to foster innovation and new financial solutions to advance the Islamic finance sector, according to a Bernama report. This initiative, aimed at strengthening partnerships and encouraging sustainable practices, was announced at the Global Forum on Islamic Economics and Finance (GFIEF). Anwar, who also holds the Finance Minister portfolio, introduced two projects: a greening halal businesses pilot programme and ‘Project Hassan’. The greening halal businesses initiative, a collaborative effort involving the Islamic Development Bank (IsDB), the Ministry of Finance, Bank Negara Malaysia (BNM), and the World Bank, seeks to help Malaysian…
The Kumpulan Wang Persaraan (Diperbadankan) [KWAP] has announced a RM6 billion allocation for private capital investment under its Dana Pemacu initiative. The announcement was made today by Prime Minister Datuk Seri Anwar Ibrahim at the Global Forum on Islamic Economics and Finance. KWAP’s investment includes RM3 billion in Shariah-compliant investments, representing half of the total capital commitment. Dana Pemacu aims to support key economic sectors such as food security, education, healthcare, energy transition, digital economy, financial inclusion, and other critical themes under the Ekonomi MADANI framework. The RM6 billion commitment will be channeled through conventional and Shariah-compliant Separately Managed Accounts…
NTT DATA, a Japanese multinational information technology service and consulting company, has announced its agreement to acquire 58.7% of GHL Systems Berhad, a payment service provider headquartered in Malaysia. The acquisition, valued at RM724.08 million, involves purchasing 670,440,235 ordinary shares from major shareholders, including Actis Stark (Mauritius) Limited, APIS Growth 14 Ltd, Loh Wee Hian, and Tobikiri Capital Ltd. Through CIMB Investment Bank, NTT DATA Japan Corporation will execute an unconditional mandatory take-over offer to acquire all remaining ordinary shares in GHL Systems. Following the acquisition, NTT DATA plans to propose a tender offer to the remaining shareholders of GHL…
Despite tireless efforts from businesses and tech providers, fraudsters persist in siphoning off billions annually. According to the “2024 State of Fraud” whitepaper by Telesign, a customer identity and engagement solutions provider, U.S. fraud victims suffered nearly US$8.8 billion in losses in 2022, with global projections soaring to a potential US$95.9 billion by 2027. This predicament is particularly acute for fintech firms in the Asia-Pacific (APAC) region, where the fintech sector is rapidly expanding. The Evolving Fraud Landscape APAC has seen a significant uptick in corporate data breaches, profoundly impacting fintech companies. As per IBM Security’s report, APAC bore the…
Boost Bank is inviting the public to vote on two debit card designs—the vibrant red card or sleek black card. Voting is open online, and the chosen design will be featured on the bank’s debit cards. The digital bank is gearing up for its launch next week, becoming Malaysia’s third digital bank following Grab’s GXBank and AEON Bank, the nation’s first Islamic digital bank. Boost Bank’s launch will include a range of offerings such as a standard savings account, a Savings Jars feature to help customers save for specific goals, and a debit card with exclusive perks and rewards. The…
CIMB Bank has launched a new contactless payment solution for electric vehicle (EV) charging, in collaboration with JuiceUP, a subsidiary of PAIDChain, and Visa. This initiative aims to simplify the payment process for EV owners by allowing them to use their debit or credit cards at charging stations. The partnership between CIMB, JuiceUP, and Visa enables a seamless and convenient charging experience, moving away from the reliance on EV apps. This is expected to encourage more people to consider electric vehicles as a sustainable transportation option. As part of the exclusive partnership, CIMB credit and debit cardholders will receive up…
Bursa Malaysia Berhad has launched a new API Gateway to streamline the Central Depository System (CDS) account management process for participating organisations or brokers. This initiative aims to enhance the efficiency of account activation and real-time trading for retail investors. The API Gateway simplifies the onboarding process for investors, reducing the time required to open, update, or reactivate accounts. This improvement allows investors to trade more swiftly. Additionally, the API Gateway supports participating organisations in digitalising their processes, contributing to better customer experience and sustainability efforts by reducing carbon footprints. The API Gateway for CDS e-services is now operational. Currently,…
AEON Bank (M) Berhad has officially launched, marking its entry as Malaysia’s first Islamic digital bank. The launch, which took place on 26 May (Sunday), follows the bank’s approval by Bank Negara Malaysia to launch under the new digital banking framework. AEON Bank is a joint venture led by AEON Financial Service and AEON Credit Service. The newly launched AEON Bank offers a range of personal banking digital services, including a Savings Account-i, customisable Savings Pots, and budgeting tools. Customers can immediately access a virtual AEON Bank x Visa Debit Card-i upon account activation, with an option to request a physical…
The Securities Commission Malaysia (SC) has introduced a 5-year roadmap to enhance the capital market as a viable financing source for micro, small, and medium enterprises (MSMEs) and mid-tier companies (MTCs). The “Catalysing MSME And MTC Access to the Capital Market: 5-Year Roadmap (2024-2028)” was launched by Secretary General of Treasury Datuk Johan Mahmood Merican on behalf of Finance Minister II YB Senator Datuk Seri Amir Hamzah Azizan. The SC targets a sevenfold increase in current fundraising levels, aiming for RM40 billion by 2028, representing a 46% compound annual growth rate (CAGR) over five years. In 2023, MSMEs and MTCs…
The InsureTech Connect Asia (ITC Asia) conference is set to bring together leading figures in the insurance industry at the Sands Expo & Convention Centre in Singapore from 4-6 June 2024. The event will gather 1,800 attendees, with 75% being senior decision-makers from over 40 countries, to discuss the future of insurance through innovation and digital transformation. The conference will open with a keynote panel featuring prominent insurance regulators from across Asia, including the Monetary Authority of Singapore, Japan’s Financial Services Agency, Thailand’s Office of Insurance Commission, India’s Insurance Regulatory and Development Authority, and Bank Negara Malaysia. These experts will…
RHB Banking Group (RHB) is now offering Apple Pay as a payment method, enabling its customers in Malaysia to make payments using their iPhone and Apple Watch. The bank’s Visa debit and credit cardholders, including those with the RHB Multi-Currency Visa Debit Card, can now use their cards with Apple Pay, allowing transactions in up to 33 currencies without conversion fees. Apple Pay enables contactless payments by double-clicking the side button and authenticating with Face ID, Touch ID, or a device passcode as well as a one-time unique dynamic security code. It’s accepted in grocery stores, pharmacies, restaurants, and other…
Webull Malaysia has officially launched its global trading platform in Malaysia, allowing investors to trade Bursa Securities and Bursa Derivatives, as well as US-listed stocks and exchange-traded funds (ETFs), through its app. The company shared that it had secured a Capital Markets Services license for dealing in securities and dealing in derivatives from the Securities Commission Malaysia in April. The Webull Malaysia platform is built on advanced global infrastructure and proprietary technology, providing users with real-time quotes, market information, financial news, industry data, insights, and analyst ratings from trusted sources. Additionally, the platform features a Shariah indicator to help investors…
Bank Muamalat Malaysia has announced a strategic partnership with digital banking software provider Backbase to advance its digital Islamic banking services. The bank aims to innovate and streamline its banking services by leveraging the Backbase Engagement Banking Platform. This platform will support various banking processes, including onboarding, transactions, financing, and backend consumer services. Bank Muamalat plans to launch its own digital Islamic banking ‘super app’, designed to offer personalised and secure customer experiences. The new super app will enhance Bank Muamalat’s retail banking solutions and cater to diverse consumer needs beyond traditional banking services. Future plans include extending these innovations…
Zurich Malaysia, through its family and general takaful businesses, has formed a tripartite partnership with AEON Bank, Malaysia’s first Islamic digital bank. This collaboration aims to promote inclusive takaful solutions based on Syariah principles, to enhance the personal and financial wellbeing of local customers. The partnership signifies a collective effort to advance fintech adoption, offering digital-first protection products within Malaysia’s Islamic finance ecosystem. This is the second collaboration that Zurich has formed with a local digital bank including a recent 10-year bancassurance partnership with GXBank aimed at developing affordable micro protection insurance products for underserved Malaysians. As one of the…
GMO Financial Gate (GMO-FG), Sumitomo Mitsui Card Company (SMCC), SMBC GMO PAYMENT (SGP), and Malaysian fintech company Soft Space have announced the launch of Tap to Pay on iPhone for the “stera tap” service. This new feature allows merchants in Japan to handle contactless payments using just an iPhone, without the need for additional hardware or payment terminals. Starting 16 May 2024, this service enables seamless, secure in-person contactless payments for Japanese merchants. The iPhone-based solution accepts contactless credit and debit cards, Apple Pay, and other digital wallets through the stera tap iOS app. Payments are completed securely via NFC…