Hong Kong-based Futu Holdings has officially launched its investment app Moomoo in Malaysia. This is the second market that Futu has expanded to in Southeast Asia following its Singapore launch in June 2021. Moomoo has been granted a Capital Market Services License by the Securities Commission Malaysia, enabling it to offer comprehensive trading services. The decision to establish Moomoo’s presence in Malaysia was influenced by the country’s relatively young population and a growing interest in self-directed investing, according to Futu. Futu added that it is confident that Moomoo would be able to replicate the success it has seen in Singapore…
Author: Fintech News Malaysia
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NEXEA, a venture capital and startup accelerator firm, has joined forces with Payments Network Malaysia (PayNet) to launch an accelerator programme. The PayNet Accelor programme aims to foster innovation in the country’s startup ecosystem, particularly focusing on digital transformation in the financial sector. The programme is set to offer potential collaboration opportunities with key financial players, including banks and e-wallets, targeting financial inclusion and the digital overhaul of Malaysia’s financial industry. It seeks to achieve 1 million transactions within three years, with a significant focus on increasing financial accessibility in sub-urban regions to achieve a more inclusive economic environment. Through…
The Malaysian government is deliberating on introducing new legislation for a ‘kill switch’ that would empower authorities to instantly halt scam activities across all online platforms in the country. Datuk Seri Azalina Othman Said, Minister in the Prime Minister’s Department (Law and Institutional Reforms), announced the proposal during a session in the Dewan Rakyat today (27 February). The Edge Malaysia reported her saying that the initiative is a crucial step towards adapting the nation’s legal framework to the challenges posed by technological advancements such as artificial intelligence (AI) and increasing cybercrime. The proposed “kill switch” mechanism is part of a…
The central banks of Malaysia and Cambodia have formalised a partnership aimed at advancing financial innovation and streamlining cross-border payment systems. The Memorandum of Understanding (MoU), signed by Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC), was witnessed by the Prime Ministers of both nations. The agreement between BNM Governor Abdul Rasheed Ghaffour and NBC Governor Chea Serey paves the way for a collaborative effort to facilitate more efficient and secure cross-border transactions. A key feature of this cooperation is the integration of domestic payment systems to enable cross-border QR payments, enhancing trade and tourism between the…
Malaysian authorities apprehended three individuals connected to a cryptocurrency fraud scheme, accused of misappropriating over US$2.5 million in digital currencies from twenty victims. In a recent blog post, blockchain intelligence company TRM Labs claims to have supported the Royal Malaysia Police to trace the illicit activities and disrupt illicit use of virtual currencies. The fraudsters allegedly promised victims up to a 50% return on investments but instead diverted these funds for personal use, engaging in money laundering through cryptocurrencies. The successful identification and seizure of the stolen assets were made possible by tracking the fraud proceeds across multiple blockchain platforms,…
The Securities Commission Malaysia (SC) and Bursa Malaysia have announced a new initiative to expedite the approval process for initial public offerings (IPOs) on both the Main Market and the ACE Market, aiming for a three-month turnaround. This streamlined approach will start with IPO applications submitted from 1 March 2024. Under this initiative, IPO applications must satisfactorily address any regulatory queries and comments within five market days to qualify for the expedited approval process. This builds on existing practices introduced in 2021, where regulators committed to reviewing complete IPO applications by issuing queries and providing feedback within ten market days,…
The Singapore Fintech Association (SFA) has initiated Project Tapir, a collaborative effort with Malaysian venture capital firms Artem Ventures and OSK Ventures International Berhad (OSKVI). The partnership seeks to support Singaporean fintech companies in their expansion into Malaysia. The aim is to facilitate cross-border collaboration and showcase Singaporean firms in areas such as payments, regulatory technology, insurance technology, artificial intelligence, and more, where the partnering Malaysian VC firms specialise. 1337 Ventures, another Malaysian VC firm focusing on early-stage tech startups, is also participating as a supporting partner. The initiative is designed to create a supportive ecosystem for Singapore fintechs, enhancing…
AEON Bank has officially opened registration for those interested in joining Malaysia’s first Shariah-compliant digital bank. The entity was the first Islamic digital bank in the country to receive approval from Bank Negara Malaysia (BNM) to launch under the new digital banking framework. AEON Bank is a joint venture led by AEON Financial Service and AEON Credit Service. To become a customer of AEON Bank, individuals require a valid Malaysian Identity Card (MyKad) for identity verification, and an existing personal savings or current account for the initial deposit as mandated by BNM’s e-KYC regulations. Prospective customers can register through AEON…
In a strategic management reshuffle at Maybank, Datuk Muzaffar Hisham is slated to become the Group CEO of Islamic Banking and CEO of Maybank Islamic, effective 1 March 2024. Currently holding the position of Group CEO of Global Banking, his new role signifies a focused effort to expand Maybank’s footprint in Islamic banking, emphasising global Islamic wealth management and innovative digital banking solutions as reported by Bernama. Succeeding him, Datuk John Chong, who is the current Group CEO of Community Financial Services (CFS), will assume the role of Group CEO of Global Banking. Chong’s appointment aims to fortify the bank’s…
GXBank, Malaysia’s first digital bank and a subsidiary of Singapore’s GXS Bank, announced that it has begun offering its physical debit card to all its customers. Prior to offering physical cards, only virtual ones were available following GX Bank’s official launch to the Malaysian public in November 2023. Just two weeks after its launch, GXBank announced that it had already signed up over 100,000 customers. The digital bank reported that it had received positive feedback for the GX Card’s comprehensive benefits and enhanced security features following a successful initial rollout. GX Card offers an unlimited 1% cashback on expenditures, which…
Maybank has announced its plans to disburse approximately RM18 billion in SME financing for the year 2024, according to Bernama. This marks a 13 percent increase from the previous year, aiming to expedite the transition of its customers towards more sustainable and viable business operations. Datuk John Chong, Group Chief Executive Officer for Community Financial Services at Maybank, highlighted the bank’s commitment to supporting SMEs during the unveiling of the myimpact SME Hub yesterday. This initiative, launched by Prime Minister Datuk Seri Anwar Ibrahim, is designed to offer comprehensive support to SMEs, encompassing expert guidance, tailored financing solutions, and assistance…
Raiz, a joint venture company between Raiz Invest Australia and Permodalan Nasional Berhad (PNB), is introducing an updated version of its Raiz Kids feature within its savings and investment app. The Raiz app enables its users to cultivate a regular saving habit by saving the spare change from their everyday purchases. The updated version of the Raiz Kids feature allows parents to do the same thing for their children as it is designed to foster financial responsibility from a young age. This feature aims to educate children about budgeting, saving, and investing through hands-on experience. Parents have the option to…
Malaysian insurtech company PolicyStreet and Vircle, a Malaysian neobanking service provider for kids, have joined forces to launch “Vircle Club Protect,” a new insurance service designed to offer financial security for children of Malaysian families who subscribe to the latter’s VISA prepaid card. Vircle offers a VISA prepaid card that allows parents to monitor and control their child’s spending through its app. This collaboration with PolicyStreet adds a new layer of security, offering financial protection for children against accidents. The service, dubbed Vircle Club Protect, is included with the subscription to Vircle’s child-safe VISA prepaid card, which costs RM5 per…
RHB Bank has further invested RM8.6 million in Boost Bank, subscribing for an additional 8.6 million shares to maintain its 40% stake in the digital banking venture. According to The Star, this follows Boost Holdings Sdn Bhd’s (BHSB) similar injection of RM12.9 million earlier this month. The Boost-RHB digital bank consortium was one of five groups awarded digital banking licenses by BNM in April 2022. It officially commenced operations on 15 January 2024 following a thorough operational readiness review validated by the central bank. Currently, the consortium is undergoing an alpha-testing phase with internal employees, family, friends, and a selected…
Maybank Islamic in collaboration with Telekom Malaysia (TM) has launched the “Go Niaga” mobile business banking bundle for MSMEs, according to The Edge. The Go Niaga bundle is a fusion of Maybank Islamic’s robust financial solutions and TM’s advanced Uni5G Postpaid Biz mobile packages, offering businesses the ability to manage finances and accept digital payments seamlessly. This innovative service, powered by the latest 5G technology, aims to bridge the financial digital divide for businesses, particularly in the MSME segment. The new offering provides businesses with advanced payment solutions like QRPayBiz and Tap2Phone from Maybank Islamic. These tools enable the use…
Luno, a regulated digital asset exchange in Malaysia, has announced a new initiative aimed at bolstering transparency for its users by issuing monthly proof of reserves reports. This move is designed to assure customers that their digital assets are accurately reflected and fully backed on a one-to-one basis within their Luno wallets. Luno aims to reinforce customer confidence by demonstrating that all cryptocurrencies held on the platform are securely managed and not used for other purposes. The reports, provided by the international audit, tax, and advisory firm Moore, will utilise Merkle Tree verification to ensure accuracy and security. Dale Russell,…
The Malaysian Transport Ministry, led by Minister Anthony Loke, officially inaugurated the new open payment system for the Keretapi Tanah Melayu Berhad (KTMB) commuter services. Announced during a ceremony at the Ipoh Railway Station, the system is now operational across 80 stations throughout the Klang Valley and the northern region, Bernama reports. The new system allows passengers to use debit cards, credit cards, and e-wallets for seamless transactions at automated gates, promising transaction completion times between one to five seconds. However, these payment options are exclusively available for KTMB’s Komuter lines only. Commuters using the Electric Train Service (ETS) will…
The Securities Commission Malaysia (SC) has stepped up to expedite the market entry process for Capital Market Intermediaries (CMIs) and Recognised Market Operators (RMOs). The Focused Scope Assessment (FSA), effective immediately, promises to reduce the time required for CMIs and RMOs to enter the market to just three months, a major improvement from the previous timeframe of over six months. This move is part of the SC’s broader strategy to adapt to the capital market’s increasing maturity and the evolving landscape of regulatory standards. By implementing the FSA through amendments to the Guidelines on Recognised Markets, the SC is introducing…
Gambit Custody has announced the appointment of Melvyn Ho as its new Co-founder and Chief Operating Officer in a bid to strengthen its position in the digital asset custody market. The company had secured in-principle approval from the Securities Commission Malaysia for its Digital Asset Custodian (DAC) license in October last year. Formerly the Deputy CEO of MX Global Exchange, a licensed digital asset exchange, Melvyn brings his expertise in regulatory compliance to his new leadership position. Datuk Clifford Hii, CEO of Gambit Group, highlighted Ho’s proven track record in regulatory navigation within the digital asset space, emphasizing the company’s…
TNG Digital has launched a new Soundbox device aimed at protecting merchants from payment scams through the Touch ‘n Go eWallet platform. The Soundbox device is available to merchants in two subscription models: a basic version for RM10 per month and an enhanced version with a SIM card for RM18 per month. It offers a straightforward solution for transaction management by providing instant voice notifications of incoming payments in three languages. The device announces the transaction amount aloud, allowing merchants to focus on customer service without the constant need to verify payments manually. This feature is particularly useful during peak…