Equity crowdfunding platform (ECF) pitchIN has named Xelia Tong as it Chief Operating Officer (COO), effective 1 September 2023. In her new role, Xelia will be responsible for the overall operations of pitchIN that include its ECF and Initial Exchange Offering (IEO) platforms, as well as the soon to be launched Secondary Market platform. She will be working alongside Chief Technology Officer Steven Wong, ECF Head Nisa Zulkifi, Head of Legal and Compliance Faten Nabila, and pitchIN’s Academy Head Hanif Tamin. Xelia has held various key roles that includes Malaysia Debt Ventures, Bank Simpanan Nasional, Cradle Fund and most recently,…
Author: Fintech News Malaysia
Author
The Securities Commission Malaysia (SC) has announced the first batch of three award recipients for its Digital Innovation Fund (DIGID). The DIGID is an initiative of the SC that was set up to co-fund innovative projects that demonstrate the use of technology to allow new and competitive propositions in the Malaysian capital market. The fund aims to encourage technology investments by smaller capital market players, and the development of industry-wide solutions impacting capital raising and investment activities. Here is the first batch of award recipients: MULA Advisory MULA is a financial fitness instructor that helps people achieve their goals in…
Bank Negara Malaysia (BNM) announced the official appointment of Adnan Zaylani bin Mohamad Zahid as Deputy Governor for a three-year term effective 1 September 2023. The appointment was approved by the Minister of Finance. In his new role, Adnan will oversee the Financial Markets and Development sectors of BNM. He will also be a member of the central bank’s Board of Directors and continue to serve on various committees. This includes the Management, Monetary Policy, Reserve Management, Financial Risk Management, Financial Stability, and Joint Policy committees. Adnan joined BNM in 1994 and throughout his 29-year career with BNM, he has…
The London Stock Exchange Group (LSEG) has opened a new flagship office in Kuala Lumpur to support local talent and boost economic growth in Malaysia. Since 2002, LSEG has delivered vital indices, global data, analytics, and capital markets services in the Malaysian financial landscape. In March this year, LSEG announced that it will be working with Bursa Malaysia to launch a Centralised Sustainability Reporting platform. YB Tengku Datuk Seri Utama Zafrul Aziz, Minister of Investment, Trade and Industry, Malaysia said, “The launch of LSEG’s flagship office in Kuala Lumpur is a recognition of Malaysia’s pro-business, pro-investment stand in attracting foreign…
Payments Network Malaysia (PayNet) and Ant Group have partnered to enable tourists from other Asian countries to pay with their e-wallets in Malaysia. By the end of this year, users of five Asian e-wallets, including AlipayHK, GCash, Kakao Pay, and TrueMoney, will be able to pay with their e-wallets at over 1.8 million merchants across Malaysia. More e-wallets are expected to join in the coming months. The partnership will also allow Malaysian e-wallets to be accepted by Alipay+ merchants network globally in 2024. In addition to payments, Ant Group and PayNet will also collaborate on joint digital marketing efforts to…
Fintech News Malaysia has announced the finalists for the inaugural Fintech Frontiers Awards Malaysia, with top leaders and startups competing for recognition in 11 categories. The awards are divided into two categories: overall and vertical. The overall categories recognize the achievements of individuals and companies that have made significant contributions to the fintech ecosystem as a whole. Meanwhile, the vertical categories recognize the achievements of individuals and companies that have made significant contributions to specific areas of the fintech industry, such as payments, wealth management, ESG, insurance, and lending. During the first phase of the awards, Fintech News had invited…
Maybank Investment Bank (Maybank IB) has partnered with Broadridge Financial Solutions, a US-based technology solutions provider, to launch a new securities borrowing and lending (SBL) platform for institutional investors. The front-to back platform is said to be fast, transparent, and Shariah-compliant. It can be integrated with downstream systems for automation and straight-through processing, and it can be scaled to support expansion into other regions. Maybank IB was recently approved by Bursa Malaysia to facilitate client-driven hedging and risk management activities that comply with Shariah principles. Darren Crowther, Head of Securities Finance and Collateral Management at Broadridge said, “We are thrilled…
Payment solutions provider GHL Systems and Standard Chartered Malaysia have partnered to provide merchants with comprehensive payment solutions. As Standard Chartered’s payment service provider, GHL will provide the bank’s merchants with point-of-sale (POS) terminals and e-commerce payment processing services to help them enhance their customer experience. Additionally, GHL will also facilitate the onboarding process, offering personalised packages, installation, and efficient settlement processes. Kevin Lee, CEO of GHL Malaysia said, “By capitalising on GHL’s expertise and Standard Chartered’s broad customer reach, merchants can now access a comprehensive suite of payment options tailored to their unique needs. Using both organisation’s collective…
TNG Digital and Malaysia Digital Economy Corporation (MDEC) launched a campaign called #JagaDataKita powered by global cyber security and privacy company F-Secure to raise awareness on personal data breaches in Malaysia. The campaign focuses on data protection and data breach awareness, understanding cyberthreats and scams as well as cultivating sound cyber hygiene practices. It also marks the introduction MyCyberShield, a personal data protection solution from F-Secure that offers 24/7 monitoring which will be deployed in phases on the Touch ‘n Go eWallet platform. Timo Laaksonen, President and CEO of F-Secure said, “The first phase of MyCyberShield, offers identity protection with…
Credit reporting agency CTOS Digital has acquired 100% of the Philippines-based FinScore and 80% of PT Prime Analytics Indonesia in deals worth US$ 5.9 million and US$ 475,000 respectively. The acquisition of these two telco scoring companies in ASEAN marks CTOS’ expansion into both countries. Following these acquisitions, CTOS will be setting up an alternative data platform for the region that will use data like mobile phone usage, payment behavior and digital footprints to create a more comprehensive credit risk profile for borrowers. This will help lenders make more informed lending decisions and expand financial inclusion in the ASEAN region. “We…
Touch ‘n Go Group has rolled out a new personal accident insurance that costs RM5 per month called ParkInsure for those using the Touch ‘n Go card for payment at parking sites. ParkInsure provides coverage for a range of accidents and incidents that may occur in a parking lot, including permanent disablement or accidental death, snatch theft, forcible car break-ins, and lost car keys. Users have the option to opt either for takaful underwritten by Zurich General Takaful Malaysia or conventional insurance underwritten by Allianz Malaysia. Under the conventional plan, it also covers transportation costs for hospital admission and reimbursement…
Alliance Bank Malaysia has selected software firm Comarch to build and launch the its digital wealth platform for its customers. The new digital wealth management platform enables the bank’s clients to view their portfolios via the allianceonline mobile app. Customers will be able to access their financial information 24/7, including their investment portfolio, insurance policies, loans, and other financial products. They will also be able to see timely market updates. Clients can also apply for and utilise portfolio financing, a multi-collateral financing option available via the mobile app to enhance their investment opportunities. In addition, the platform will have data-driven…
Digital banking solutions provider Silverlake Axis (SAL) has partnered with Safeguards Corporation to launch Malaysia’s first Independent ATM Deployer (IAD). Tech giant IBM and Wanclouds, a multi-cloud SaaS and managed service provider, are also partners in this project. An independent ATM deployer (IAD) is a non-bank organisation that owns, operates, and places ATMs in retail locations and other places. This first-ever IAD deployment on cloud solution in Malaysia is powered by the Silverlake ATM/CRM Acquirer Switch. Through this IAD partnership, Silverlake Axis and Safeguards jointly bring financial inclusion to the underserved locations in East and West Malaysia by deploying cash…
TNG Digital and Amanah Saham Nasional Berhad (ASNB) have partnered to allow Malaysians to invest in ASNB unit trusts through the Touch ‘n Go eWallet. This is said to be the first time that an e-wallet has offered this service. Through this partnership, Malaysians can subscribe to all 17 ASNB unit trusts through the GOinvest feature in the Touch ‘n Go eWallet. This complements the 9 unit trusts that are currently available on GOinvest. New users will have access to their ASNB account through the e-wallet once they have completed the online registration via the MyASNB app. Then they will be…
Insurtech platform Ouch! has launched a digital takaful product Pusara Pro, a simple term life product offers death benefit of up to RM500,000 and an additional compassionate benefit of 10% of the total sum assured. According to Ouch!, the Pusara Pro plan is the company’s first in-house product. Customers can directly purchase as well as make their claims and track them all directly through the Ouch! mobile app. Ouch! said that the Pusara Pro has a hassle-free application process that only consists of four health underwriting questions. The company touted Pusara Pro as a cost-effective option for young Malaysians, especially…
The Securities Commission Malaysia (SC) has identified two companies using its name and logo in their promotional materials for cash trust investment products without the regulator’s permission and instructed them to take it all down. The SC did not reveal the names of the companies in question. The SC stressed that it does not endorse or approve any cash trust investment products in the market and warned other similar companies from misusing its name and logo moving forward. The commission added that the videos on cash trusts that it had produced were solely for educational purposes and it was not…
In the dynamic world of fintech, the clock never stops ticking. Transactions, inquiries, and support demands occur around the globe at all hours of the day. The digital transformation has erased borders, but it has also opened a Pandora’s box of challenges. Customers now expect seamless support, not just at any time but in a language they comprehend. How is this new demand shaping the financial technology industry? Cynergy BPO, partnering with best-in-class fintech BPO providers in the Philippines, holds a key to the answer. “24/7 multilingual support isn’t a luxury; it’s the new normal,” asserts John Maczynski, CEO of…
Malaysian fintech Ascertain Technologies has recently unveiled a revamped look for its flagship payment solution RinggitPay now with enhanced features as well. The rebranding and enhancement of RinggitPay aligns with Ascertain Technologies’ aim to streamline payment processes, ease administrative burdens, and optimise operational efficiency for businesses across diverse industries in Malaysia. A walk through RinggitPay’s new enhanced features RinggitPay’s array of enhanced features is purposefully designed to provide a seamless and efficient payment administration solution for businesses. This includes automated payment reminders ensure that payers never miss a due date, reducing the likelihood of late payments while liberating merchants from…
Malaysia’s digital wealth management platform Versa has surpassed over RM500 million in total deposits in the past two years since its launch in 2021. Versa is a recognised market operator with approval and license from Malaysia’s Securities Commission (SC). It has more than 100,000 registered accounts to date, where 90% of the users are aged below 40 years. Its flagship product, Versa Cash, offers users returns on-par with fixed deposits but with flexible withdrawals at any time. Versa had also recently rolled out Versa Cash-i, a shariah-compliant fund, enabling users to perform same-day withdrawals. Both Versa Cash and Versa Cash-i are…
The world of business is no stranger to change. In recent years, the upheaval has been profound, sweeping across industries and borders. With the assistance of Mambu cloud-native SaaS platform and remarkable benchmarking data, financial businesses have found a way to weather uncertainty and disruption, and emerge stronger and more resilient. The years following 2020 have been marked by significant disruption, making resilience and adaptability essential for thriving in the current landscape. In the wake of the COVID-19 pandemic, inflation soared to 8.8% by the end of 2022 and 6.5% for the end of 2023, the highest numbers since 1982.…