Author: Fintech News Malaysia

The Securities Commission Malaysia (SC) has expanded its definition of sophisticated investors, aiming to make the capital market more accessible. The revised “Guidelines on Categories of Sophisticated Investors,” effective immediately, are part of the SC’s efforts to enhance market competitiveness and encourage wider investor participation. The guidelines introduce a new category recognising the knowledge and experience of investors, allowing for the inclusion of those without the requisite financial criteria but who possess adequate financial knowledge and sophistication. This category evaluates candidates based on educational qualifications, membership in recognised financial associations, and practical experience in sectors such as banking, capital markets,…

After years of a web-only myBSN online banking portal, Bank Simpanan Nasional (BSN) has finally released the myBSN mobile app for personal banking BSN account holders. The new app is not too be confused with BSN’s BSNeBiz Mobile app, which is specifically targeted at corporate and SME clientele only. myBSN is intended to fill the mobile banking gap, as prior to this BSN was one of the few local banks without a smartphone app for personal banking customers. The myBSN mobile app can now be obtained for Apple and Android devices, and is intended to simplify access and enable seamless…

TNG Digital will impose a 1% fee on all credit card reloads for its Touch ‘n Go eWallet service, starting from 23 February 2024. The company has announced that reloads made through DuitNow transfers and debit cards will remain free, aiming to promote these as cost-effective alternatives for users. This policy adjustment comes as a response to the high costs associated with credit card reloads, which TNG Digital has absorbed since the platform’s launch. It also addresses the issue of users exploiting the credit card reload feature to transfer money back to bank accounts, a practice that incurs additional expenses…

Dive into the future of fintech with best-selling author Chris Skinner who shares his expert insights on what’s next in the industry in this episode of ‘Banking After Hours’. Interview by Fintech News Singapore’s Chief Editor, Vincent Fong. Co-produced with Backbase. This interview is also available on Spotify: Listen here Apple Podcast: Listen here

Digital transformation is not easy and it’s even harder when you are the largest bank in the Philippines. Fintech News sits down with Mark Bantigue, Digital Strategy Head at BDO Unibank as he gives us behind the scenes insights on the bank’s digital journey. Interview by Fintech News Singapore’s Chief Editor, Vincent Fong. Co-produced with Backbase. This interview is also available on Spotify: Listen here Apple Podcast: Listen here

Principal Malaysia, a joint venture between the Principal Financial Group (PFG) and CIMB Group Holdings, has announced its decision to adopt Amazon Web Services (AWS) as its primary cloud provider. This move is part of Principal’s strategy to advance its digital transformation and improve customer experiences. This transition involves relocating 150 servers and 35 key business applications, including its Customer Relationship Management (CRM) system, to AWS. This change is expected to provide Principal with enhanced scalability and agility, enabling them to better respond to the changing needs of their clients. The shift to a cloud-first approach is in response to…

Luno, a regulated digital asset exchange in Malaysia, has recently introduced Ethereum (ETH) staking, offering an opportunity for customers to earn ETH rewards on a weekly basis. This initiative positions Luno as the first regulated exchange in the country to provide such a feature. Scarlett Chai, Luno’s Country Manager for Malaysia, commented on the launch, stating, “At Luno, we’re on a mission to improve our product continuously and we’re thrilled to be the first regulated exchange to bring Staking to our Malaysian customers.” “By adding staking, we are giving customers the opportunity to explore more of what crypto has to…

Bank Negara Malaysia (BNM) and CyberSecurity Malaysia have formalised a Memorandum of Understanding (MoU) aimed at reinforcing cybersecurity in Malaysia’s financial sector. This collaborative effort aims to develop and implement comprehensive cybersecurity strategies to address the challenges posed by the increasing digitalisation of financial services in the country. The MoU between BNM and CyberSecurity Malaysia establishes a framework for sharing information, exchanging best practices, and providing technical support. This initiative is expected to bolster the resilience of the financial sector against emerging cyber risks and improve its overall cybersecurity preparedness. The agreement was signed by Assistant BNM Governor Aznan Abdul…

Finalyst has unveiled a new platform designed to enhance financial health, employing advanced technology to streamline cash flow management, investment strategies, and insurance planning, as stated by the company. According to the company, the platform gathers data to pinpoint potential shortfalls and enhance wealth growth while streamlining advisor-client relationships through its automated and user-friendly interfaces. The company claims that the platform provides personalised financial plans, enabling clients to simulate various financial scenarios and monitor progress toward their objectives, supported by comprehensive reporting tools for clients and financial planners. TJ Tee, Co-Founder of Finalyst, said, “Finalyst aims to simplify the financial…

Digital-first life insurer, Tune Protect Life has launched FLEXIOne, an offering which they say integrates artificial intelligence to offer bespoke life, medical, and critical illness coverage. This new offering is tailored to meet customers’ individual budgets and coverage needs, focusing on millennials and Gen Z. Tune Protect Life stated that FLEXIOne’s standout feature is its AI-driven platform, which guides customers through the selection process, ensuring a personalised insurance experience. The AI analyses customer data and preferences to recommend tailored plans, making obtaining insurance more intuitive and user-friendly. This technology, coupled with the assistance of a virtual assistant named Tracy, streamlines…

TNG Digital and PayNet Launch ‘Cashless Seja Bah!’ Campaign in Sabah to Promote Digital Payments TNG Digital and PayNet have initiated the ‘Cashless Seja Bah!’ campaign in Sabah, focusing on promoting cashless transactions. The campaign, launched at Gaya Street Night Market, Kota Kinabalu, introduces Touch ‘n Go eWallet as a digital payment method for local transactions. The initiative offers cashback when using the Touch ‘n Go eWallet via DuitNow QR payments at participating merchants. It also provides reward points for each RM1 spent, redeemable for various rewards. The TNG Digital and PayNet collaboration aligns with ongoing efforts to increase cashless…

BigPay users will be able to apply for their travel insurance, BigPay TravelEasy, within the app starting today with the application process taking just minutes. The new comprehensive travel insurance product is underwritten by Tune Protect Malaysia and made possible through a collaboration with Senang.io, an insurtech partner of BigPay. BigPay TravelEasy aims to provide users with quick and convenient access to travel insurance, which covers a range of issues such as accidents, medical emergencies, baggage loss, and travel delays. The insurance plans are available for international travel starting from RM35. Users can simply open the BigPay app, tap on…

Malaysian e-wallet Boost has expanded its Shariah-compliant PayLater feature, called Boost PayFlex, to cover all transactions within its app as well as QR code payments. The credit line can be used for payments up to 3-month instalments at over 1.8 million DuitNow QR merchants across Malaysia. It can also be used to top up the Boost wallet balance, enabling PayLater options for various in-app transactions like bill management, online shopping, and food deliveries. Boost will be customising credit lines to individual affordability assessments to prioritise responsible lending as a regulated entity. For 3-month instalments, users are charged a RM10 wakalah…

Bursa Malaysia has unveiled a refreshed brand logo as the exchange announces the launch of direct-to-market investment products and services including the Bursa Gold Dinar, MyBURSA Customer Portal, and BURSA REACH. This move signals the bourse’s step towards becoming a multi-asset exchange. This development is part of Bursa Malaysia’s broader strategy to diversify and make the Malaysian capital market more accessible. Bursa’s latest endeavors are aimed at increasing market access and liquidity, thus contributing to national economic growth. The new Bursa Gold Dinar app, a Shariah-compliant digital gold trading platform, allows investors to engage in physical gold trading. Catering to…

TrueMoney, a payments firm and subsidiary of Thailand’s Ascend Money, has expanded its services to include DuitNow QR code payments, allowing users to make seamless transactions at a wide range of merchants across Malaysia. This new feature is accessible via the TrueMoney app, where users can scan DuitNow QR codes to pay at over 22,000 merchants and 35,000 payment points nationwide. As of 2024, TrueMoney is planning to introduce online payment and international remittance services, aiming to enhance financial flexibility both locally and internationally. In conjunction with the Chinese New Year, TrueMoney has launched the “Huat’s Up” campaign from 15…

Payment solutions provider GHL Systems will gradually roll out digital receipts to its merchants in a bid to promote environmentally friendly practices in the retail sector. The digital receipt service aims to streamline transactions for both businesses and customers. It allows customers to obtain their receipts instantly by scanning a QR code on the terminal screen with their smartphones after completing a payment. Meanwhile, businesses using GHL’s platform will be able to easily view and download transaction receipts and reports through the merchant portal. The deployment of this digital receipt is currently underway and is available on selected smart point-of-sale…

Effective digital identity solutions for banks are essential to prevent fraud and spoofing. This becomes intertwined with Anti-Money Laundering (AML) and behavior analysis in recent times. As we navigate this evolving landscape, staying up to date with trends becomes important. The rise of Artificial Intelligence presents a significant opportunity for innovative solutions in various sectors, including financial services. Among the companies leveraging this technology, TOPPAN IDGATE, a Taiwan-based fintech software company, stands out for its decade-long expertise in providing digital identity solutions for banks. Kersey Shang, Founder and Managing Director of IDGATE shared, “I established IDGATE because of the SMS One-Time-Passwords…

Zurich Malaysia, local insurtech firm Senang.io, and Bank Islam have joined forces to introduce digital takaful solutions via the Be U by Bank Islam app. Be U by Bank Islam is a fully cloud-native digital banking proposition and the app allows for tracking payments made through DuitNow QR and transfers as well as its Visa debit card. The first product launched under this partnership is “Microtakaful for Gig Workers”. This takaful solution is designed specifically for gig workers, providing on-demand services, medical coverage, and an easy-to-use in-app claim management system. Zurich Malaysia brings its extensive experience in takaful to this…

Payment solutions provider GHL Systems Berhad has announced the integration of Mastercard’s Click to Pay service for 2,000 of its online merchants. This move aims to streamline the online payment process by implementing Click to Pay’s intelligent recognition technology, which allows consumers to complete purchases without the need for manual card entry or password memorisation. The integration of Click to Pay is expected to benefit both consumers and merchants. For shoppers, the service simplifies online transactions by allowing the use of a single, secure profile across various devices, including smartphones, tablets, and PCs. Merchants, on the other hand, are anticipated…

AEON Credit Service (M) Berhad today announced AEON Bank (M) Berhad has obtained approval from the Bank Negara Malaysia (“BNM”) and the Minister of Finance to commence its digital banking operations in Malaysia. The digital bank was formerly known as ACS Digital Berhad and secured the bid for a digital banking license alongside MoneyLion, which has since pulled out from the consortium.  This announcement marks AEON Bank as the first Islamic digital bank in Malaysia to receive approval from BNM to launch under the new digital banking framework. The approval was granted following BNM’s validation of the Bank’s operational readiness.…