Author: Fintech News Malaysia

InterSystems, a data management solutions provider, has announced a partnership with Imagelink Software, a provider of enterprise content management solutions. This collaboration aims to boost digital transformation efforts across Malaysian government bodies and the business sector by introducing a state-of-the-art document management system. The initiative responds to Malaysia’s call for enhanced public data quality, innovation, and services. Imagelink Software will deploy its latest technology to help local entities advance their digitisation and workflow automation efforts. The new system is designed to streamline processes, thereby improving service delivery to the public and business efficiency. Developed on the InterSystems IRIS data platform,…

GXBank, Malaysia’s first digital bank, has announced plans to establish a Regional Center of Excellence (COE) for Shared Services in Malaysia by the end of 2024. The COE aims to serve Grab-led digital banks, and financial and operational services in the region and is poised to create nearly 400 new jobs, focusing on core banking operations, technology, and risk management. This development is part of GXBank’s broader investment strategy, which includes injecting RM1.5 billion into the Malaysian economy over the next five years, thereby transforming the region’s digital finance landscape. This initiative, in partnership with Southeast Asian superapp Grab, aims…

Maybank Malaysia has launched a new digital investment platform called Goal-Based Investment, designed to cater to beginners and first-time investors. This offering, accessible via the MAE App and Maybank2u Web, allows users to start investing from RM200. New customers can register for a Maybank savings or current account entirely online in under 10 minutes, while customers with existing accounts can get started immediately. The platform offers a selection of investment funds managed by professional fund managers, tailored to various financial goals such as retirement, education planning, or wealth accumulation. It features a simple registration process and requires no branch visits,…

Malaysian fintech Soft Space and Japanese payments firm JCB International have launched the nation’s first JCB payment gateway. This development is part of an ongoing strategic alliance between the two companies, initiated in January 2022. The collaboration has previously seen success in a central bank digital currency trial in December 2023 and the inclusion of JCB payment options for HLB merchants earlier this year. The new gateway, which leverages Soft Space’s technological infrastructure and JCB’s international reach, aims to diversify digital transaction options available in Malaysia. The gateway enables local payment facilitators and acquirers to connect retailers to JCB’s network,…

Ant International, a digital payment and financial technology provider, announced plans to open a new Digital Business Centre in Malaysia by 2025. The facility, which will be located in The Exchange 106 at the Tun Razak Exchange financial and business hub, aims to generate more than 500 job opportunities within its first year. The majority of the new positions will be in technology-focused roles, particularly within the Technology and Development department. The roles will also extend to the product and design team, as well as the data science and risk control team. The company plans to invest in the development…

AEON Bank is poised to launch its Islamic digital banking operations by the end of the second quarter, targeting tech-savvy Generation Z consumers and underserved micro, small, and medium enterprises (MSMEs), according to CEO Raja Teh Maimunah. As one of the five entities granted a digital banking license in Malaysia, AEON Bank is gearing up to introduce its banking application soon. According to The Star, the initial phase of services will include savings accounts and transactional offerings for individuals. Just two months ago, AEON Bank had announced that it has officially opened registration for those interested to become a customer.…

Singapore-based fintech Seedflex Technologies has launched a new digital financing solution, “Pay-As-You-Sell Advance” (PAYS Advance), in Malaysia, with plans to expand across Southeast Asia. The initiative, supported by seed funding from venture capital firm 500 Global, targets micro, small, and medium-sized enterprises (MSMEs) by providing a shariah-compliant line of credit. The new credit facility, PAYS Advance, provides a frictionless line of credit for cashless merchants, allowing them to borrow up to 10 weeks of sales revenue in advance. Merchants can repay the credit through a portion of future sales, benefiting from a transparent, flat fee structure with no late fees,…

The Employees Provident Fund (EPF) has divested three million shares in Affin Bank, relinquishing its status as a substantial shareholder, according to The Edge Malaysia. Financial details concerning the transaction’s value remain undisclosed. Prior to this sale, EPF held 121.91 million shares, representing a 5.195% stake in the bank as of 29 February, according to data from Affin Bank’s annual report for the fiscal year ending 31 December 2023. Notably, from January to February, EPF had been steadily reducing its holdings in the bank by selling off 16.46 million shares. Currently, the Armed Forces Fund Board (LTAT) remains the largest shareholder…

CIMB Group announced that Dato’ Abdul Rahman Ahmad will resign as Group CEO effective 30 June 2024, concluding a four-year tenure. The group said that it had a robust succession plan is in place and will announce Dato’ Abdul Rahman’s successor upon receiving the necessary regulatory approvals. During his leadership at CIMB, Dato’ Abdul Rahman was credited with driving significant strategic and operational improvements, particularly in digital initiatives and sustainability efforts. Following his departure, Dato’ Abdul Rahman is set to take on the role of President and Group Chief Executive at Permodalan Nasional Berhad (PNB) starting 1 July 2024. His…

RHB Bank has announced an investment of RM3.8 million to purchase 3.8 million new shares in Boost Bank, in order to maintain its 40% stake in the digital bank. This transaction was funded by the incumbent bank’s internally generated funds. The move is part of a collective effort with Boost Holdings, which also invested RM5.7 million for 5.7 million shares to preserve its 60% share in Boost Bank. This joint investment by RHB Bank and Boost Holdings, totaling RM9.5 million, aims to support Boost Bank’s operational and capital expenses for the first half of 2024 and ensure compliance with minimum…

SeaMoney, the financial arm of Sea Limited, has expanded its insurance offerings in Malaysia by launching a new travel insurance product available through the Shopee platform, in partnership with Allianz General Insurance Malaysia. This new offering, accessible via Shopee, starts at RM3 per day for domestic trips and RM10 for international travellers. It includes up to RM150,000 in personal accident benefits and up to RM165,000 for medical-related benefits, encompassing hospitalisation and COVID-19 protection. The insurance also covers travel inconveniences such as curtailments, delays, luggage issues, and trip cancellations, with additional options available for sports and high-altitude activities. To promote the…

Bank Negara Malaysia (BNM) has ordered CIMB and Maybank to deliver a comprehensive account of the root causes behind the recent service outages, which disrupted banking operations and inconvenienced customers. The regulatory body is taking a strict stance on ensuring that both banks not only address the immediate fallout from these incidents but also implement measures to prevent future disruptions. Following the service interruptions, both institutions have restored normal operations. BNM has also instructed both banks to properly communicate with its affected customers. This engagement includes addressing inquiries and complaints promptly, as well as keeping customers informed about the status…

In the contemporary digital world, the proliferation of deepfake technology and generative AI heralds an era fraught with online scam challenges, notably within the financial sector in Asia. This burgeoning technology, characterised by its ability to create indistinguishably fraudulent audio and visual content, not only complicates the process of identity verification but also emboldens cybercriminals, precipitating substantial financial losses. Stuart Wells, chief technology officer at Jumio, alongside Frederic Ho, Jumio’s vice president of Asia Pacific, delve into the nuances of this issue, providing insights into the threat posed by deepfake advances to financial institutions. They speak to Fintech News Singapore…

Cross-border payment hub Tranglo has expanded its services to allow instant, direct cross-border payments to over 30 e-wallets worldwide. This development aims to streamline the process of cross-border payments by bypassing intermediaries, facilitating quicker access to funds for recipients, particularly in rural areas where traditional banking services may be scarce. With the introduction of direct-to-wallet transfers, Tranglo targets to improve the reliability and convenience of remittances, leveraging e-wallets’ constant availability. Currently, this service spans several countries, including Bangladesh, Cambodia, China, Indonesia, Nepal, Pakistan, the Philippines, and Vietnam, with plans for further expansion. Tranglo’s strategic enhancements also extend to its proprietary…

Touch ‘n Go eWallet will implement a 1% conversion fee for overseas transactions starting 25 April 2024, according to its recently updated FAQ page. This new charge will be integrated into the daily exchange rate for the user’s travel destination, ensuring that the total amount paid is inclusive of the conversion fee. According to Lowyat.net, the conversion fee applies only to overseas QR code payments, not to transactions using the Touch ‘n Go Visa debit card. There will be no foreign transaction fee when spending in a local currency that the user holds compared to multi-currency wallets such as Wise.…

Rohit Nambiar, the Group Chief Executive Officer of Malaysian insurer Tune Protect has resigned from his position citing personal reasons, according to a filing with Bursa Malaysia. Rohit, whose career spans over two decades, has held significant roles in the insurance sector, primarily with AXA. His tenure included leadership positions at AXA Affin Life Insurance Berhad in Malaysia, where he served as the Chief Executive Officer from December 2017 until October 2020. Prior to this role, he was the Chief Transformation & Operations Officer at AXA Affin General Insurance Berhad in Malaysia, a position he held from January 2016 through…

Maybank successfully prevented financial losses amounting to RM6.4 million for its customers in 2023, targeting scams executed via its branch channels. The bank has issued a reminder urging customers to remain vigilant against scam attempts. This includes being wary of unsolicited communications from individuals claiming to represent authorities or financial institutions, refraining from sharing banking details over the phone, and avoiding unauthorised money transfers. Maybank’s efforts to combat financial scams extends beyond customer advisories, encompassing a range of counter fraud education and awareness programmes. These initiatives are designed to empower both customers and bank employees with the knowledge to detect…

Malaysia’s first digital bank, GXBank, has introduced a new incentive for its Savings Pockets customers, offering a 5% per annum daily interest rate from 10 April to 9 May as part of its Raya campaign. This temporary promotion aims to encourage both new and existing customers to enhance their savings without the constraints of a fixed deposit’s lock-in period, thereby offering greater liquidity and flexibility. Unlike traditional fixed deposit accounts, Savings Pockets by GXBank allow customers to withdraw their funds at any time, ensuring they do not forfeit the accrued interest. This feature aims to support the financial well-being of…

Malaysian fintech firm FinDoc and CTOS Data Systems, a local credit reporting firm, have officially partnered to refine loan eligibility assessments through advanced AI technologies. This collaboration, confirmed by a Memorandum of Understanding (MOU), is set to broaden financial literacy and inclusion throughout Malaysia. The alliance will integrate CTOS’ extensive credit data and digital onboarding solutions (e-KYC) into FinDoc’s platform. This will streamline the process for consumers to assess their eligibility for loans, find suitable financial products, and obtain personalised credit advice. By leveraging CTOS’ comprehensive credit insights, FinDoc intends to address common financial hurdles encountered by its users, providing…

Kapital DX Sdn Bhd (KLDX), a multi-asset fundraising and investment platform, has introduced its inaugural product offering – a RM150 million tokenised primary offering of a shariah-compliant fixed income product, in collaboration with Integra Healthcare Technology Sdn Bhd (Integra). Named the i-INT Programme, this financial instrument features a five-year tenure and offers a profit rate of up to 10% per annum, as reported by The Star, The first tranche of the i-INT Programme, totaling RM29 million, has already seen complete subscription by institutional investors, and a subsequent tranche is presently available for subscription. KLDX utilises blockchain technology with the aim…