Author: Fintech News Malaysia

Malaysia’s first digital bank, GXBank, in collaboration with Zurich General Insurance Malaysia and Zurich Life Insurance Malaysia, has announced a 10-year bancassurance partnership aimed at developing affordable micro protection insurance products for underserved Malaysians. The partnership will focus on using advanced technology and analytics to identify and address customer needs, creating digital insurance products that are simple, affordable, and accessible. A key initiative of this collaboration will be the launch of a new insurance product in the third quarter of the year designed to provide protection against unauthorised transactions and cybercrime, which have been on the rise in Malaysia. A…

Microsoft has announced a major US$2.2 billion investment in Malaysia, aimed at enhancing the country’s digital and AI infrastructure over the next four years. This move represents one of the largest single investments by the tech giant in Malaysia, second only to that of Amazon Web Services (AWS), which had pledged to invest US$6 billion. The investment plan includes the construction of cloud and AI facilities, training for an additional 200,000 Malaysians in AI technologies, and collaborations with the Malaysian government to set up a national AI Centre of Excellence and bolster cybersecurity measures. This initiative is part of Microsoft’s…

TNG Digital, the operator of the Touch ‘n Go eWallet, announced that it has introduced a foreign exchange rate calculator within the app. This new tool allows Malaysian travellers using the Touch ‘n Go eWallet Visa card to view and calculate exchange rates for various currencies before making payments abroad. The new calculator allows users to save up to five favorite currencies, simplifying the tracking of travel expenses. Additionally, the feature promises transparent exchange rates with no foreign conversion fees, ensuring users face no hidden costs. Spending with the Touch ‘n Go eWallet Visa card also earns users GOrewards points,…

Malaysia’s Ministry of Finance and Bank Negara Malaysia (BNM) are set to host the Global Forum of Islamic Economics and Finance (GFIEF) on 28-29 May 2024, at the Kuala Lumpur Convention Center. This event, which follows the 15th International Conference on Islamic Economics and Finance held in Kuala Lumpur, will see the gathering of international leaders and experts to discuss the future of the Islamic economy. With the theme ‘Shaping a Resilient Global Islamic Economy Through Values-based Reforms,’ the forum aims to foster dialogue among policymakers, business leaders, and financial service providers from around the globe. Discussions will focus on…

Malaysian insurtech company PolicyStreet, in partnership with Kiddocare, a Khazanah-backed on-demand care services platform, has announced a new insurance initiative named Kiddocarer Protect+. This programme aims to provide comprehensive insurance coverage for Kiddocare’s babysitters, known as Kiddocarers, while they are traveling to and working at job locations. The insurance plan is touted to be Malaysia’s first professional liability insurance tailored for babysitters, offering up to RM1 million in coverage for unintentional bodily injuries or property damage. This initiative not only enhances safety and trust for parents but also protects the babysitters during their employment. Additional coverage under the Kiddocarer Protect+…

The Securities Commission Malaysia (SC) has signed a Memorandum of Understanding (MOU) with the Islamic Development Bank (IsDB) Group to bolster the Islamic capital market and social finance. The agreement was signed at the IsDB Annual General Meeting in Riyadh, with the presence of Malaysia’s Prime Minister, Dato’ Seri Anwar Ibrahim, and IsDB President Dr. Muhammad Al Jasser. This first-of-its-kind partnership between the Malaysian regulator and the IsDB aims to expand Islamic fintech and social finance, including the development of waqf (Islamic endowment) assets. The MOU facilitates innovation, promotes the growth of Islamic social finance, and aims to attract more…

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…