Bank Rakyat has launched its sandbox platform to drive innovation in the finance sector by facilitating stronger partnerships with fintech companies. This platform aims to accelerate the development and testing of digital financial products and services, offering a faster route to market for fintech innovations. Dato’ Dr. Mohammad Hanis Osman, CEO of Bank Rakyat said, “The Bank Rakyat Sandbox platform is designed to facilitate collaboration among fintech companies, fostering the exchange of expertise and the testing of innovative ideas to address industry gaps and unlock new opportunities by offering technological capabilities that encompass efficiency and security, leading to the advancement…
Author: Fintech News Malaysia
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The Employees Provident Fund (EPF) has announced a strategic collaboration with Pan-Asian venture capital firm Gobi Partners, committing RM250 million to support the growth of mid-to-growth stage companies in Malaysia. This partnership is aimed at fostering the development of various sectors within the Malaysian economy, with an emphasis on harnessing the potential of emerging companies. The funds will be allocated across six areas of strategic importance including financial services inclusivity. The additional areas targeted for investment include Healthcare, emphasising aged care and the silver economy; Agriculture and Food Science, with initiatives to improve the food production ecosystem; Sustainability, with a…
Core banking systems serve as the backbone of financial operations and customer interactions for banks worldwide. They facilitate critical transactions like loan management, withdrawals, and deposits in real-time. However, maintaining such a system comes at a hefty cost. Financial institutions (FIs) are spending up to US$100 billion annually on technology to remain competitive. Modern all-in-one platforms offer efficiency improvements, scalability, comprehensive data analytics, robust security measures, and cost savings. The necessity for digital transformation The COVID-19 pandemic and increased competition have accelerated digital transformation in Asia-Pacific FIs. Customers increasingly rely on digital channels, prompting banks to allocate more resources to…
Payments Network Malaysia Sdn Bhd (PayNet) is gearing up to introduce its Cashless Bazaar Ramadhan campaign, aimed at fostering the adoption of cashless payments among MSMEs in seven states throughout Malaysia. This initiative, designed to make cashless transactions the go-to method for consumers at bazaars during the month of Ramadhan, collaborates with banks and digital payment platforms, highlighting a step forward in the evolution of payment methods in Malaysia. PayNet, as the national payments network, seeks to streamline and enhance the shopping experience for both merchants and customers by implementing more efficient and user-friendly payment solutions. This year, the campaign…
Amanah Saham Nasional Berhad (ASNB), a subsidiary of Permodalan Nasional Berhad specialising in unit trust management, announced the launch of the Robo Investment Advisor (RIA) feature in its myASNB application. RIA is designed to tackle common hurdles associated with investment decisions, such as financial literacy and limited access to professional advice, by providing a user-friendly platform tailored to individual needs. The robo advisor is also able to automate key tasks like recurring deposits through its Auto Labur feature. The feature enables users to create personalised investment portfolios from RM100, making it feasible for both seasoned investors and novices to participate…
Jouk Pleiter, Thomas Fuss, and Karan Oberoi discuss the evolution of Backbase, detailing the strategic pivots it undertook from its initial iteration to emerge as the renowned engagement banking platform it is recognised as today. Interview by Fintech News Singapore’s Chief Editor, Vincent Fong. This interview is also available on Spotify: Listen here Apple Podcast: Listen here
Bank Muamalat Malaysia has embarked on a multi-year partnership with Google Cloud, aiming to revamp its approach to digital Islamic banking in Malaysia. This collaboration is set to harness Google Cloud’s technology in infrastructure, data analytics, security, and generative AI to provide more personalised and accessible banking services. The move towards a cloud-based model will see Bank Muamalat transitioning its digital applications and databases onto Google Cloud. This strategy includes integrating its systems with Mambu’s digital banking platform and Backbase’s engagement banking platform, aiming to enhance its Islamic financing and deposit services. The shift to cloud computing is expected to…
Multinational insurance company FWD Group has expanded its investment in Malaysia by acquiring an additional 21 percent stake in FWD Takaful, securing a 70 percent majority share. With this latest investment, the remaining 30 percent is held by Employees Provident Fund while JAB Capital Berhad exits as a shareholder. FWD Takaful, known for its extensive family takaful offerings including term life, critical illness, cancer, hospital cash benefit, and medical protection, has strengthened its position in Malaysia’s life insurance market. The group first ventured into Malaysia in 2019, purchasing a 49 percent interest in FWD Takaful. That same year, it established…
Regional insurtech company PolicyStreet has joined forces with Direct Lending to launch DirectCare+, an embedded microtakaful plan providing personal accident coverage and loan protection. This marks PolicyStreet’s first-ever microtakaful product. The launch of DirectCare+ comes at a critical time, given the concerning statistics from the previous year that recorded 12,407 road accidents during the Hari Raya period, with a slight increase in fatalities. DirectCare+ aims to mitigate these risks by offering financial protection against accidental death or permanent disability, specifically for customers of Direct Lending’s Auto Service Financing Plan. This plan allows for up to 12 months of payment terms…
Razer Fintech, the financial technology arm of Razer Inc., together with its B2B payments unit, Razer Merchant Services (RMS), announced a rebranding initiative today. The company unveils a new single name, logo, and identity as Fiuu, in a statement, they said this signifies its ambitious plans to become a leading force in the future of digital payments. Fiuu, set to operate as a standalone subsidiary of Razer Inc. moving forward, aims to empower both the businesses and individuals by their evolving payment needs. This strategic move reflects the company’s commitment to providing innovative payment solutions to merchants worldwide. A part…
Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, announced that Datuk Hisham Hamdan has been appointed as the new Chief Investment Officer (CIO), effective 6 March 2024. Datuk Hisham Hamdan, who has been with Khazanah since April 2011, previously held senior roles at Sime Darby Berhad and brings a wealth of experience in various sectors including healthcare, energy, utilities, and strategic development in China. This strategic move aims to enhance Khazanah’s capabilities as an investment institution and creating new capacity and competencies. In addition to his new role as CIO, Datuk Hisham continues to serve as Chairman of UEM…
CIMB Bank and CIMB Islamic Bank returned with the third edition of CIMB Bazar Siberturahim to support small and medium-sized enterprises (SMEs) with business solutions and knowledge sharing for long-term growth. The event featured the launch of CIMB SMEBizReady, a suite of solutions focused on digitalisation, technology adoption, and sustainability for SMEs. Additionally, a panel discussion titled “Preserving Multi-Generational Wealth” offered practical insights on Islamic wealth and legacy planning, covering inheritance and related matters. CIMB SMEBizReady offers various financing solutions, including the SME automation and digitalisation facility, high tech and green facility, and low carbon transition facility, to empower SMEs…
TNG Digital, the operator of Touch ‘n Go eWallet, reported that it was the go-to choice for Malaysians participating in the eMADANI initiative, securing over 75% of total claims. The eMADANI programme, designed by the government to encourage cashless transactions and alleviate financial pressures for over 10 million citizens, has seen significant uptake through the Touch ‘n Go eWallet platform. TNG Digital attributed this to its “commitment to provide innovative products, convenience, security, and rewards to its users, along with a highly scalable tech infrastructure and unrivaled universal payment points”. Touch ‘n Go eWallet has approximately 21 million verified (eKYC)…
Malaysia’s first digital bank, GXBank, announced that it has surpassed 100,000 debit card users, just two weeks after launching its physical cards. This milestone builds on the bank’s rapid growth since its public launch in November 2023, when it also garnered over 100,000 users in less than two weeks. GXBank initially offered virtual debit cards, but physical cards are now available to all customers. The bank expressed gratitude to its customers for adopting the new service in a LinkedIn post and highlighted the valuable feedback that it had received during the early stages. The debit card features include unlimited 1%…
Bank Negara Malaysia (BNM) has announced updates to its Financial Technology Regulatory Sandbox Framework policy document in a bid to further boost fintech innovation in the country. Initially launched in October 2016, the framework was designed to foster a regulatory environment conducive to fintech deployment, encouraging meaningful innovation in the financial sector. By allowing companies to test fintech solutions in a live setting while maintaining appropriate safeguards, the sandbox has facilitated over 110 applications from both new and established companies, enabling the exploration of technologies like electronic Know-Your-Customer and various new business models. However, the one-size-fits-all approach previously adopted by…
The Securities Commission Malaysia (SC) has issued an approval-in-principle to Torum International, paving the way for the establishment of a new digital asset exchange (DAX) in the country. This decision marks Torum as the sixth entity to receive such licensing under the Recognised Market Operator (RMO) framework, enhancing the diversity of platforms available for cryptocurrency transactions in Malaysia. Additionally, Torum has secured approval-in-principle as the second Digital Broker (DB) under the same framework, a move that will facilitate its access to liquidity from various digital asset exchanges to ensure more equitable market pricing. This step is part of the SC’s…
TNG Digital, the operator of Touch ‘n Go eWallet, announced its strategic plans for 2024 today, with a focus on security and introducing innovative financial products. Touch ‘n Go eWallet has introduced a comprehensive e-KYC verification process, becoming the first e-wallet in Malaysia to do so, with the goal of improving user security and authentication. Consequently, access to Touch ‘n Go eWallet’s services will be restricted for users who have not completed the e-KYC process. Looking ahead, CEO Alan Ni shared the company’s vision for broadening its financial services. New offerings will include a revolving credit line, a flexible lending…
Foong Chee Mun has assumed the role of Chief Product Officer at the YTL-Sea Digital Bank Project, which is among the five entities awarded a digital banking license in Malaysia. In addition to his new role, Foong also heads YTL AI Labs, where he will be shifting away from traditional product management roles to focus on integrating artificial intelligence in banking solutions. This appointment comes after Foong’s announcement in January 2023 that he would be leaving his position as Chief Technology Officer at MoneyLion, a company he co-founded nearly ten years ago. His tenure at MoneyLion was marked by significant…
Malaysian fintech Soft Space announced that its SoftPOS solution FasstapTM has been certified under the Mobile Payment Commercial Off-the-Shelf (MPoC) Solution Provider standards by the Payment Card Industry Security Standards Council (PCI SSC). The fintech claims to be the first in the world to earn the certification. In line with this, Soft Space reported that its subsidiary, Fass Payment Solution, becoming the first acquirer globally to utilise a live MPoC-certified SoftPOS solution. FasstapTM previously received certification from Payments Network Malaysia (PayNet) and Visa back in October 2018 and July 2019, respectively. The MPoC certification is said to represent the most…
The Securities Commission Malaysia (SC), in partnership with the Computer Science Student Society of Universiti Sains Malaysia (USM), announced the launch of the Varsity Hackathon (VHACK) set to take place from 27 February to 20 April 2024. This initiative aims to bolster the fintech talent pool with a focus on the Islamic fintech sector. The VHACK programme, part of the SC’s FIKRA Excel initiative under FIKRA ACE, is designed to nurture talent and spur innovation in the Islamic capital market and fintech industry by leveraging collaborations with higher learning institutions. The hackathon encourages the participation of students and young professionals…