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…
Author: Fintech News Malaysia
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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…
Banks in Malaysia have issued a warning about scams involving fraudsters posing as National Scam Response Centre (NSRC) officers. These scams are increasingly targeting bank customers. In these scams, perpetrators impersonate NSRC officers, claiming that the victim’s personal information, such as their National Registration Identity Card (NRIC) number or mobile number, is linked to illegal activities. The fraudsters use these tactics to frighten victims into compliance. Typically, the scam begins with a call from an unknown number, with the caller pretending to be an NSRC officer. The fraudster falsely claims that the victim’s identity has been used in criminal activities…
Bursa Carbon Exchange (BCX), a subsidiary of Bursa Malaysia, is set to host its first auction of Malaysian carbon credits on 25 July 2024. The credits come from the Kuamut Rainforest Conservation Project, marking BCX’s debut in offering Malaysia Nature-based Carbon Credits Plus (MNC+). This expands BCX’s portfolio to include local carbon credits alongside global ones. The Kuamut Project, located in Sabah’s Tongod and Kinabatangan districts, spans 83,381 hectares of tropical forest. It is a public-private partnership involving the Sabah Forestry Department, Rakyat Berjaya Sdn Bhd, Yayasan Sabah, and project proponent Permian Malaysia. The project receives support from PACOS Trust…
TNG Digital, the operator of TNG eWallet, has launched a fully digital process for first-time investors to access Amanah Saham Nasional Berhad (ASNB) investments. According to a statement from the company, this makes it the first e-wallet in Malaysia to offer such a service, eliminating the need for physical branch visits. New ASNB users can now register through TNG eWallet, complete the onboarding form, and start investing with a minimum of RM10 in Fixed Price Funds or Variable Price Funds. The upgraded TNG eWallet service allows users to access personal and dependent accounts, check total investments, view fund breakdowns, review…
MX Global, an associate of Cuscapi Berhad, announced that it has received approval from the Securities Commission Malaysia (SC) to enable the trading of the Worldcoin (WLD) token on its digital asset exchange. The approval, dated 8 May 2024, classifies Worldcoin as a permissible digital asset under Paragraph 15.17 of the Guidelines on Recognised Markets. With the inclusion of Worldcoin, the list of approved digital assets on the exchange now includes Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), Chainlink (LINK), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Solana (SOL), Uniswap (UNI), Avalanche (AVAX), Polygon (MATIC), Polkadot (DOT), and Cosmos (ATOM), all…
In an era dominated by digital innovation, the banking sector is evolving rapidly to meet the modern consumer’s demands for seamless and integrated financial services. This movement towards “invisible banking” marks a departure from traditional banking practices, offering a glimpse into a future where banking is an invisible, yet integral, part of daily life. This concept, underpinned by core modernisation represents a future where the need for physical bank branches or dedicated banking applications fades, giving way to seamless financial services embedded in daily activities like shopping, travelling, or socialising. The imperative of invisible banking The banking industry’s journey towards…
Al Rajhi Bank Malaysia, has appointed Mohd Syahrul Ishak as its new Chief Executive Officer, starting 13 May 2024. The appointment follows the resignation of the former CEO, Arsalaan (Oz) Ahmed. In the interim, Chief Risk Officer Muhammed Uzman Muhammed Faleel had filled the CEO role. Mohd Syahrul Ishak comes to the position with over two decades of experience in the banking and finance sector. He has previously held significant roles including Managing Director and Regional Head of Cash Management at CIMB Bank, and prior to that, as Managing Director and Regional Head of Consumer Banking at CIMB Islamic. Chairman…
The Ministry of Transport (MOT) is open to strategic partnerships with private entities to enhance services provided by its agencies, stated Minister Anthony Loke. The Edge Malaysia reported that Loke emphasised that these collaborations must undergo official procedures and receive proper approvals before being announced or launched. During a groundbreaking ceremony for Sekolah Jenis Kebangsaan Tamil Castlefield, Loke addressed the issue of private companies offering government-linked services without prior approval. This statement came after the Road Transport Department (JPJ) cautioned the public that no authorisation had been given to BJAK, an online insurance renewal platform, to handle road tax renewals.…
Boost Bank is now opening registrations for its upcoming digital banking services, inviting potential users to sign up and be among the first to experience its offerings at launch. Interested parties need only provide their name, mobile number, and email address for consideration. Boost Bank has recently undergone an alpha-testing phase with internal employees, their families, friends, and a select group of customers, aimed at refining user experience and product offerings. Upon its launch, Boost Bank will introduce various offerings including a standard savings account, a Savings Jars feature to help customers save for specific goals, and a debit card…
Maybank has expanded its mobile payment options by integrating with Google Wallet, allowing customers to add both Visa and Mastercard-branded credit and debit cards to their Google Pay accounts on Android devices. This integration facilitates contactless payments, enhancing the convenience for users making online and in-store purchases. Through Google Wallet, Maybank cardholders can manage their payments seamlessly across various devices and platforms, including Chrome and Android, benefiting from a contactless system that supports faster checkout processes. Importantly, customers will continue to receive all existing rewards and benefits associated with their Maybank cards, ensuring no loss of points or miles accrued…
AmBank, in partnership with Credit Guarantee Corporation Malaysia (CGC), has announced an additional RM400 million allocation to their SME Portfolio Guarantee Scheme. Since its inception in January 2015, the programme has facilitated nearly RM5 billion in funding, aiding over 6,000 small and medium-sized enterprises (SMEs). This new tranche will allow AmBank to continue offering up to RM1 million as working capital to SMEs. The latest funding round also includes the introduction of the Pay-As-You-Grow Term Loan (PayG), which offers loans ranging from RM20,000 to RM500,000. PayG, a unique product in the market, determines loan amounts based on a merchant’s sales…
Malaysian insurtech PolicyStreet has seized the opportunity to reassure consumers of its “compliance and reliability” following the controversy involving its competitor Bjak, which was denounced by the Malaysian Road Transport Department (JPJ) for unauthorised road tax renewal services. PolicyStreet stressed its position as a financial advisor approved by Bank Negara Malaysia and added, “We also prioritise compliance by exclusively using authorised channels which have been approved by the Road Transport Department (JPJ) to renew our customers’ road tax.” The company, which collaborates with over 40 insurers in Malaysia, is capitalising on Bjak’s recent regulatory challenges by promoting its existing free…
Bank Negara Malaysia (BNM) imposed fines on 14 financial institutions on 30 January 2024, for not adhering to the Financial Services Act 2013 (FSA) and the Islamic Financial Services Act 2013 (IFSA). These fines were due to failures in submitting timely, accurate, and complete data as required under several policy documents including STATsmart Reporting, External Sector Statistics (ESS) System, and Central Credit Reference Information System (CCRIS). These submissions are critical for BNM’s surveillance and policy decisions, affecting the compilation of monetary and financial statistics. The fines also reflect each institution’s past compliance record and subsequent efforts to rectify the non-compliances,…
The Malaysian Road Transport Department (JPJ) has clarified that Bjak, a local insurance platform, is not authorised to provide road tax renewal services. JPJ issued a statement on Monday (6 May 2024), refuting claims by Bjak that it had been “audited, verified and approved” to offer such services. According to JPJ, these assertions are inaccurate and could mislead the public. The department stressed that the operations regarding road tax renewal are conducted without the approval of JPJ or the Ministry of Transport (MOT), and that no additional charges imposed by Bjak have been approved. It also noted that it has…
AEON Bank has entered into a strategic partnership with Visa to enhance the digital payment and cashless transaction experience for consumers in Malaysia. This collaboration begins with the introduction of the AEON Bank x Visa Debit Card-i and is set to expand to include a variety of digital payment solutions. The partnership aims to cater to the increasing demand among Malaysian consumers for secure and reliable cashless and digital banking services that comply with Shariah principles. By combining Visa’s global expertise in digital payments with AEON Group’s extensive retail and financial network, the partnership aims to deliver comprehensive and seamless…
Malaysia’s first digital bank, GXBank, in collaboration with Zurich General Insurance Malaysia and Zurich Life Insurance Malaysia, has announced a 10-year bancassurance partnership aimed at developing affordable micro protection insurance products for underserved Malaysians. The partnership will focus on using advanced technology and analytics to identify and address customer needs, creating digital insurance products that are simple, affordable, and accessible. A key initiative of this collaboration will be the launch of a new insurance product in the third quarter of the year designed to provide protection against unauthorised transactions and cybercrime, which have been on the rise in Malaysia. A…
Microsoft has announced a major US$2.2 billion investment in Malaysia, aimed at enhancing the country’s digital and AI infrastructure over the next four years. This move represents one of the largest single investments by the tech giant in Malaysia, second only to that of Amazon Web Services (AWS), which had pledged to invest US$6 billion. The investment plan includes the construction of cloud and AI facilities, training for an additional 200,000 Malaysians in AI technologies, and collaborations with the Malaysian government to set up a national AI Centre of Excellence and bolster cybersecurity measures. This initiative is part of Microsoft’s…
TNG Digital, the operator of the Touch ‘n Go eWallet, announced that it has introduced a foreign exchange rate calculator within the app. This new tool allows Malaysian travellers using the Touch ‘n Go eWallet Visa card to view and calculate exchange rates for various currencies before making payments abroad. The new calculator allows users to save up to five favorite currencies, simplifying the tracking of travel expenses. Additionally, the feature promises transparent exchange rates with no foreign conversion fees, ensuring users face no hidden costs. Spending with the Touch ‘n Go eWallet Visa card also earns users GOrewards points,…