Author: Fintech News Malaysia

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…

CIMB Group Holdings has announced the appointment of Novan Amirudin as its new Group Chief Executive Officer. This follows the departure of Dato’ Abdul Rahman Ahmad on 30 June 2024. Novan Amirudin, who currently serves as Co-Chief Executive Officer of Group Wholesale Banking and CEO of CIMB Investment Bank, will step into his new role, effective 1 July 2024. Since joining CIMB in 2022, Novan has led significant transformations within the group’s wholesale banking sector, implementing a new operating model. He has also played a key role in the group’s re-entry into the public equities business through the acquisition and…

Bank Negara Malaysia (BNM) has announced the appointment of Mohamad Ali Iqbal Abdul Khalid as a new Assistant Governor, effective 1 June 2024. In this role, Iqbal will oversee the Investment Operations and Financial Market and Foreign Exchange Policy departments. Iqbal has been with BNM since 2002, serving in various capacities, including the Investment Operations and Financial Market Department, the Governor’s Office, and the International Department. He also served as Chief Representative at BNM’s offices in New York and London. His academic credentials include an MBA from the Massachusetts Institute of Technology, an MSc in Wealth Management from Singapore Management…

Euronet, a global financial technology solutions and payments provider, announced today the completion of the acquisition of the Malaysian Electronic Payment System (MEPS) ATM terminals of Payments Network Malaysia Sdn Bhd (PayNet), the national payments network and central financial infrastructure for Malaysia. This acquisition enhances Euronet’s role as the largest non-bank operator of ATM terminals in Malaysia. The integration of this nationwide network of about 800 ATM terminals into Euronet’s existing independent ATM deployer (IAD) network will benefit from Euronet’s Ren payments platform. Since its inception in 2012, the MEPS ATM network has provided millions of Malaysians in local communities…

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…

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…