Author: Fintech News Malaysia

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…

Jaya Grocer, a prominent supermarket chain in Malaysia, has announced a new partnership with Paywatch, a provider of earned wage access (EWA) services in Asia. This collaboration aims to provide Jaya Grocer employees with immediate access to their earnings to enhance their financial flexibility. Through the partnership, over 3,100 employees across the country will benefit from Paywatch’s EWA solutions, offering timely access to earned salaries for emergencies or unforeseen expenses. This initiative is part of Jaya Grocer’s broader strategy to improve employee engagement, financial inclusion, and overall well-being. The Paywatch platform, supported by Visa, provides not only EWA services but…

Bank Pembangunan Malaysia has appointed Datuk Sulaiman Mohd Tahir as its chairman and independent non-executive director, effective 20 March 2024, according to The Star. Sulaiman is recognised for his extensive senior leadership experience in the financial sector of Malaysia, which spans over three decades. His notable position prior to this was as the Group CEO of AmBank Group. Datuk Sulaiman said, “Bank Pembangunan plays a pivotal role in national development over the last 50 years. I am privileged to have the opportunity to serve such a great institution and to be able to contribute to this country.” Roni Abdulwahab,…

Ant International has teamed up with Capital A, the parent company of AirAsia, to initiate a strategic partnership aimed at revamping digital payments, financial technologies, and promoting sustainability. This collaboration will see the integration of local payment methods and the provision of payment orchestration services across Capital A’s platforms, alongside efforts to boost business growth through digital marketing and sponsorships. The partnership spans across various initiatives, including the utilisation of Ant International’s Alipay+ for cross-border payments, and the exploration of new payment solutions within AirAsia’s travel platform, AirAsia MOVE, and its fintech app, BigPay. Notably, AirAsia MOVE will integrate Alipay+…

HSBC has unveiled a US$1 billion ASEAN Growth Fund that targets six of the region’s most rapidly developing countries, aiming to enhance the capabilities of digital platform enterprises. The HSBC ASEAN Growth Fund includes Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam where HSBC maintains a presence. With the digital economy in Southeast Asia projected to soar from US$ 218 billion in 2023 to US$ 600 billion by 2030, growing at a compound annual rate of 16%, HSBC’s fund is set to play a pivotal role in this growth trajectory. The HSBC ASEAN Growth Fund is designed to support a wide…

The Federal Territory Islamic Religious Council (MAIWP) has named TNG Digital, the operator of the Touch ‘n Go eWallet, as an official zakat collection agent with the aim to simplify the fulfillment of religious duties for Muslims. As part of its expansion and to ensure broader accessibility, TNG Digital has also included Zakat Pulau Pinang and Majlis Ugama Islam Sabah in its list of zakat institutions within its e-wallet platform. This addition aims to cater to the needs of users in Penang, Sabah, Selangor, Pahang, Wilayah Persekutuan, Negeri Sembilan, and Kedah, especially with the advent of Ramadan 2024. From March…

Malaysian fintech Soft Space has secured an investment from GMO Financial Gate, Inc. (GMO-FG), a major player in Japan’s payment processing industry, for its pre-Series C funding round. Financial details of the investment were not revealed. The collaboration aims to broaden the adoption of cashless payments across diverse sectors, including transportation, hospitality, and the extensive food and beverage industry. By leveraging GMO-FG’s wide-reaching client network, Soft Space said that it is positioned to break new ground in markets traditionally dominated by cash transactions. The initiative is expected to enhance the spending experience for international tourists by offering more convenient payment solutions.…

The Securities Commission (SC) of Malaysia today unveiled its annual report for 2023, offering an in-depth analysis of the capital market’s performance and strategic initiatives over the past year. The report provides a thorough review of advancements in alterative fundraising, support initiatives for Micro, Small, and Medium Enterprises (MSMEs), rising concerns regarding investment scams, and notable achievements in the realms of digital investment frameworks and the digital assets sector. 1. Alternative fundraising is on the rise The SC has played a pivotal role in the expansion of alternative fundraising through the introduction of innovative capital market solutions, fostering partnerships that…

Bursa Malaysia has ruled out offering cryptocurrencies on its multi-asset exchange platform, according to a report by the New Straits Times. The exchange’s CEO, Datuk Muhamad Umar Swift, explained that cryptocurrencies fail to align with the company’s mission to support opportunities and value growth within the real economy. “Cryptocurrency is not a real asset, it does not have any intrinsic value,” Datuk Umar stressed. “Our purpose is to help companies raise capital, expand, employ people, and make profit. Crypto does not do that.” The CEO’s comments come despite the recent growth in the cryptocurrency market, propelled by recent regulatory approvals…

Malaysia’s first digital bank, GXBank, has broadened its offerings by introducing QR code payments. Customers can now use DuitNow QR codes for a variety of transactions, including money transfers between friends and family by scanning QR codes. Additionally, GXBank enables payments at stores displaying DuitNow QR codes. To ensure security, GXBank has set daily limits. There’s a daily payment limit that is specifically for merchant payments, with a default of RM1,000 and a maximum of RM5,000. A separate daily transfer limit is applicable to all types of transfers, including those to other banks, DuitNow transfers, and peer-to-peer QR transfers, with…

The banking industry stands at the brink of a major transformation, driven by rapid technological advancements and changing customer expectations in a dynamic digital landscape. This transformation is not without its challenges, as banks grapple with the critical task of bridging the gap between traditional banking services and the demands of a digital-first customer base.  Factors such as the unbanked population, system outages, cybersecurity threats, and the rise of fintechs pose significant barriers to this connection, underscoring the urgent need for banks to fortify their operational resilience (OpRes) and Information Technology resilience (ItRes).  In this context, the notion of resilience…

Bank Negara Malaysia (BNM) had unveiled its Annual Report 2023 today, offering insights into the major advancements and regulatory measures undertaken within the financial sector over the past year. The AR 2023 details BNM’s key initiatives in fulfilling its mandates to promote monetary and financial stability conducive to the sustainable growth of the Malaysian economy in 2023. It also provides an account of BNM’s operations and resources that enable it to function effectively and efficiently. Fintech News Malaysia sifted through close to 200 pages to condense the fintech developments from the report to provide a comprehensive yet succinct overview of…

Al Rajhi Bank Malaysia’s digital banking arm, Rize, has introduced a Personal Financing-i campaign accessible through an in-app application without requiring collateral, a guarantor, or branch visits. Rize is offering personal financing options with a fixed profit rate starting at 3.79% per annum throughout the financing tenure. he digital bank claims that this rate is among the lowest available in the market for the entire duration of the loan. The financing campaign, specifically designed for Rize Savings Account-i holders over the age of 18, provides loans up to RM250,000, repayment periods ranging from one to seven years, and swift loan…

Malaysian digital investment platform Airo has introduced a range of new Shariah-compliant investment opportunities to local investors. The portfolios introduced by Airo are managed using a proprietary strategy similar to the one employed in its conventional investment options, focusing on diversification, dynamic risk management, and alignment with current market trends within the bounds of Shariah compliance. The available investment instruments include global Shariah-compliant equity and sukuk ETFs, exchange-traded commodities, mutual funds, and direct equity exposures. Investors are offered a choice between Conservative, Balanced, and Growth Shariah portfolios, catering to varying risk preferences and investment objectives, from stable income generation to…

The digital payment landscape in Malaysia is evolving rapidly, but many businesses, such as insurance companies, property management firms, and micro-lending companies, still grapple with recurring billing and subscription collection challenges. These issues often stem from customer behaviours and lead to disruptions in cash flow, increased administrative burdens, and hindered business growth. This article explores the advanced payment methods used for recurring billing, the challenges in each, and how businesses can overcome them to optimize cash flow. Providing a Customer-facing App for Bill Payments One of the most common solutions that enterprises implement to improve their bill collection efficiency and…