Malaysian fintech startup Soft Space announced that it has formed a new strategic partnership with Japanese credit card company JCB following a US$5 million investment from the payment giant. Both entities will also engage in a series of business collaborations that are aimed at capitalising on Soft Space’s fintech-as-a-service business model, technology and regulatory knowhow, and JCB’s global recognition, vast alliances and brand reach. This is part of the first tranche of funding in the horizon for Soft Space with other investments to follow in the future. The strategic partnership with Soft Space also aims to harness synergies between the…

Cross-border payments firm Tranglo has added Hong Kong as a receiving corridor on its cross-border payments network to allow near real-time payouts. Tranglo will leverage the country’s Faster Payment System, launched by the Hong Kong Monetary Authority in 2018 to facilitate quicker money transfers, and Global E-money Alliance (GEA) to create a seamless cross-border payment highway. The firm said that this addition is expected to benefit all existing partners and businesses looking for an integrated payout solution to Hong Kong. Tranglo’s direct-to-bank payout service is available 24/7 and supports both individual and business senders. Individual beneficiaries will receive the funds…

Shariah-compliant P2P  financing platform microLEAP has just been appointed by SME Corporation Malaysia (SME Corp) as the financial intermediary under its Digital Financing Initiative (DFI) pilot project. The collaboration will see SME Corp disburse RM 10 million worth of Shariah-compliant financing to Micro, Small & Medium Enterprises (MSMEs) through MicroLEAP’s readily available, fully online platform that provides an array of Shariah-compliant financing services. With this, issuers (borrowers) are able to raise low-cost financing from RM 50,000 to RM 500,000 with the option of monthly repayments between 1 to 36 months. Added to that, these funds will be disbursed to the…

Bank Negara Malaysia on Tuesday issued the Discussion Paper on Licensing Framework for Digital Insurers and Takaful Operators. The Discussion Paper outlines the proposed framework for licensing new digital insurers and takaful operators (DITOs) to encourage digital innovation in the insurance and takaful sector. DITOs are expected to contribute to a more inclusive, competitive, efficient insurance and takaful sector in line with evolving needs of consumers. “The proposed framework aims to attract new digital players that can offer innovative solutions to address critical protection gaps among the unserved and underserved market segments, as well as enhance customer experience and elevate…

Fintech News Malaysia would like to take this opportunity to wish all our readers a Merry Christmas and a very Happy New Year. We will be taking a break from the 23rd December 2021 to the 2nd January 2022. Until then, you can access some of our year-end articles that may be of interest to you. We look forward to seeing you all again on the 3rd January 2021! https://fintechnews.my/30263/various/financial-services-trends-2022/ https://fintechnews.my/29642/banking/how-can-branch-banking-to-evolve-and-stay-relevant-in-a-digital-world/ https://fintechnews.my/30021/fintech-lending-malaysia/bank-negara-malaysia-to-regulate-buy-now-pay-later-schemes-in-2022/ https://fintechnews.my/29891/various/fintech-shows-strong-growth-momentum-in-malaysia/ https://fintechnews.my/25839/virtual-banking/bank-negara-malaysia-to-issue-up-to-5-digital-banking-licenses-in-2022/ https://fintechnews.my/29230/virtual-banking/digital-bank-aspirants-cautions-incumbents-not-to-be-complacent/ https://fintechnews.my/29873/islamic-fintech/islamic-fintech-malaysia/ https://fintechnews.my/29796/virtual-banking/moneylions-foong-chee-mun-becomes-first-malaysian-fintech-founder-on-nyse/ https://fintechnews.my/27717/virtual-banking/here-are-all-the-digital-banking-contenders-in-malaysia-so-far/ https://fintechnews.my/29616/payments-remittance-malaysia/malaysias-duitnow-and-singapores-paynow-to-link-in-2022/

Axiata Digital’s e-wallet Boost is running an eDonation campaign to help provide much needed assistance for flood victims following the devastating floods that have impacted several Malaysian states. Boost users can eDonate directly today to local humanitarian organisations such as Mercy Malaysia (MERCY), Malaysian Relief Agency (MRA) and My Fund Action via the ‘Donate’ button on the homepage. The funds contributed to MERCY, MRA and My Fund Action will be used to alleviate the hardships of over 30,000 individuals who have been displaced and all others affected by the floods. Users also have the option to donate by converting their…

Issuer processors Paymentology and Tutuka announced that both entities are merging to create a new payments and card processing powerhouse. Operating under the Paymentology name, the merger creates a new force in payment solutions which gives banks and fintechs the technology, team and experience to issue and process Mastercard, Visa and UnionPay cards across 49 countries. The move brings together the ultra-advanced, multi-cloud platform of Paymentology with the global reach and experience of Tutuka. The merger creates a powerhouse of over 270 payments and technology experts, working across both developed and emerging markets, serving customers in 49 countries, across 14…

CapBay, a Malaysian multi-bank supply chain finance and peer-to-peer financing (P2P) platform, has secured RM30 million investment from Kenanga Capital Islamic (KCI), a subsidiary of Kenanga Investment Bank Berhad (KIBB). The investment is a step forward to growing CapBay’s supply chain finance arm, CapBay Islamic, which is approved for Shariah-compliant P2P financing by the Securities Commission Malaysia (SC). This will now enable small and mid-size enterprises (SMEs) to obtain flexible and cost-effective financing seamlessly through a digital platform. With this latest initiative, CapBay’s P2P investors can now expand and diversify their investment portfolio by investing into Islamic financing notes. These…

Singaporean insurtech firm Igloo announced a new partnership with digital payments service provider Pine Labs, marking the extension of its regional footprint in Malaysia. Through the partnership, Pine Labs will offer shoppers hassle-free and easy mobile phone protection solutions under the IglooCare Programme. The Mobile Phone 360 and Phone Screen Protection are currently available on Pine Labs’ platform. The protection covers both repair and replacement of the gadget by up to 100% of the gadget retail price, offered through Igloo’s dedicated nationwide IglooCare repair and service network in Malaysia. Pine Labs is currently used by over 246,000 merchants in 3700…

pitchIN, a Malaysian equity crowdfunding platform (ECF), announced that it recorded RM200 million funds raised in November 2021 just a year after it hit the RM100 million mark. The company said that it has assisted 124 companies to raise capital, with 6200 investments made by a growing network of all classes of investors such as VCs, family offices, sophisticated investors, angel investors and retail investors from Malaysia and around the world. pitchIN is looking to launch its secondary market in Q1 2022 which will attract more companies and investors to its platform. Additionally, pitchIN is set to offer Shariah-compliant ECF…

China Construction Bank (Malaysia) (CCBM) has signed a Memorandum of Understanding (MoU) with Payments Network Malaysia (PayNet) for collaboration on real-time cross-border QR payments between Malaysia and China. This will give more options for consumers and merchants in the cross-border payment space and serve as a key enabler to strengthen connectivity and financial integration. Under this linkage, consumers and merchants in both countries will be able to make and receive instant payments as it allows Malaysians travelling to China to make payments to local merchants by scanning China Construction Bank Corporation’s merchants QR. Meanwhile, Chinese tourists travelling to Malaysia are…

Touch ‘n Go Group announced that it will be providing its e-wallet users with a free MyCTOS credit report with CCRIS until 31 January 2022. This was made possible through a strategic collaboration between Touch ‘n Go eWallet and CTOS Data Systems (CTOS), Malaysia’s credit reporting agency. The collaboration will also see CTOS joining Touch ‘n Go eWallet’s ecosystem through the latter’s mini programme initiative, where users will now have access to tools to facilitate credit health self-checks, obtain educational articles about credit and credit reporting. A CTOS personal credit report contains detailed information about a person’s debt, account histories…

Malaysian digital asset exchange Luno announced that it had garnered more than 600,000 customers at the end of November 2021. Luno said in a statement that this is a marked increase of over 233% year-on-year (YoY) from around 180,000 customers recorded at the end of November 2020. Its total active customers in Malaysia has grown by 518% YoY from just over 60,000 in 2020 to 371,000 in 2021. The company also processed over RM12 billion worth of payments in 2021, a 4.3X increase from the previous year. At the same time, Luno stores more than RM2 billion in value on…

Wise, a London-based online money transfer service formerly known as TransferWise, announced the launch of its multi-currency account and card in Malaysia. The Wise account and complementary card comes with additional features which are not typically found within the standard Malaysian multi currency account. This will allow customers to hold and convert between 50+ currencies instantly and spend in 200 countries and territories wherever Visa is accepted online and in-store Wise said that the app is easy to use as it enables users to add and convert money, get instant spend notifications, and freeze or unfreeze their card anytime. It…

Digital bank aspirant BigPay announced that it is has been selected as the official e-wallet provider for the Geng #SayaDigital-eRezeki programme by Malaysia Digital Economy Corporation (MDEC). BigPay will provide full access to its suite of fintech solutions like e-money account with an attached Visa/Mastercard card, bill payments, budgeting, international and local bank transfer to help them manage their finances. Launched in 2015 by MDEC, the eRezeki programme enables Malaysian citizens, especially low-income groups, to generate income opportunities via online sharing economy platforms. Through comprehensive profiling, training and onboarding, the eRezeki participants are matched with digital work in line with…

OCBC’s mobile-first banking solution FRANK has rolled out the digital onboarding feature that was developed jointly with CTOS Data Systems, Malaysia’s credit reporting agency. The e-KYC platform will enable customers to apply for and fully transact with FRANK by OCBC within minutes. Customers will only need to snap a photo of their MyKad and then provide verification by uploading a selfie during the process. FRANK by OCBC, which was launched in September last year, comes with its debit card enabling contactless payment across 400,000 merchants and access to about 14,000 ATMs nationwide. Anne Leh, Managing Director and Head of Consumer…

GHL Systems and homegrown insurtech company Senang have extended their strategic partnership to provide Malaysians with micro-insurance coverage for non-conventional retail purchases that are not commonly insured. SenangSikit which is insured by The Pacific Insurance Berhad, enables customers to obtain insurance coverage against accidental damages on purchases with just two clicks at checkout. The offering is available to customers who make purchases at any participating stores in Malaysia that use GHL’s POS terminals. The insurance plan works like a product warranty providing coverage to a myriad of non-conventional retail products ranging from electronic items, footwear, car accessories, fashion clothing, furniture…

In the past few days, Grab has been spotted putting up vacancies on their Linkedin page and website for digibank roles to be based in Malaysia. This development is ahead of Bank Negara Malaysia formally announcing the winners of the digital banking bid. The central bank is rumored to be dishing out the licenses during its upcoming fintech conference MyFintechWeek, which takes place on the 24th – 28th January 2021. On LinkedIn, Grab has put up vacancies for 7 positions which include; Chief Risk Officer, Head of SME Lending, Head of Retail Lending, Head of Data, and more. Meanwhile, on…

If there is one clear mark that the pandemic has left on the banking industry, it is evident in the acceleration in the adoption of online and mobile banking solutions among customers, leaving a decreased footfall in physical bank branches. In a report published by strategy consulting firm Roland Berger, it is estimated that by 2030, 567 bank branches will be closed down in Malaysia, and the number of physical branches will reduce from 2,467 in 2020 to about 1,900 in 2030. From 2010 to 2015, data from Roland Berger also revealed that there were 252 new branches opened in…

UniTeller, an international remittance payments processor based in the United States, has extended its remittance services to more customers in Asia Pacific by partnering with Malaysian cross-border payments specialist Tranglo. The partnership with Tranglo will allow UniTeller to further expand its services in 13 Asia Pacific markets including Bangladesh, India, Indonesia and Nepal. This will also add more than 58,000 cash pick-up points, more than 1,100 account deposit banks and 9 e-wallet platforms to its existing paying network. The collaboration also gives UniTeller access to RippleNet, the global financial network of Ripple which had agreed to acquire a 40% stake…