Al Rajhi Bank Malaysia (ARBM) announced that it has officially launched its digital bank arm Rize today where a wide range of its services are already available and more will be rolled out progressively. Rize’s product offerings are pretty standard for that of a bank – deposits, withdrawals, and transfers, account management and personal finance management, debit card application, purchase, and maintenance, ATM services and e-statements as well as personal financing. The digital bank said that its personal financing offering is personalised according to a customer’s life goals. The Personal Financing-i by Rize requires only four steps during the application…
Author: Fintech News Malaysia
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Islamic digital bank consortium ACS Digital Berhad has appointed Raja Teh Maimunah Raja Abdul Aziz as its Chief Executive Officer effective today onwards. The official announcement confirms Fintech News Malaysia’s report on her appointment in October. Prior to joining the Consortium, Raja Teh was the Managing Director of Wholesale Banking at AmBank Group. The seasoned banker had held various positions in the past, including Chief Executive Officer and Managing Director of Hong Leong Islamic Bank, Chief Operations Officer of Digital Innovation and Transaction Banking, Hong Leong Group. She also served in Pengurusan Danaharta Nasional Berhad (Malaysia’s national asset management and…
foodpanda has tied up with insurtech platform PolicyStreet to digitise the insurance processes for tens of thousands of its delivery partners’ to close the protection gap among gig workers. Through PolicyStreet’s latest digital solution– the Gig Workers’ Claims Portal, delivery partners can monitor their insurance coverage status, submit, and monitor their claims’ progress while on the go. foodpanda Malaysia’s delivery partners can do this by logging onto foodpanda-claims.policystreet.com. The proprietary technology can be rolled out to p-hailing companies nationwide in Malaysia and neighbouring countries such as Singapore and Australia. “With the launch of this new solution, we hope to work…
Peoplender, the company behind the Fundaztic P2P financing platform, has raised more than RM16 million on Malaysian equity crowdfunding platform (ECF) pitchIN’s platform. According to pitchIN, the campaign was oversubscribed in less than 2 weeks and is one of the largest ECF rounds ever in Malaysia. The ECF campaign raised RM16,641,600 from 51 investors and the largest single investment was RM6 million. In 2018, Fundaztic made waves when it raised RM3 million in just 38 minutes on pitchIN to become the fastest ever funded equity crowdfunding deal in Malaysia. The firm also secured an additional RM7 million in private placement.…
The Securities Commission Malaysia (SC) has issued new guidelines on Islamic Capital Market Products and Services (ICMPS Guidelines) to further enhance the Shariah governance framework for the Islamic capital market. This will be the central source of reference on all the various offerings of Islamic Capital Market (ICM) products and services for sophisticated and retail investors. The ICMPS Guidelines consolidate all Shariah requirements previously set out in various guidelines including that on Unit Trust Funds, Exchange-Traded Funds, and Unlisted Capital Market Products under the Lodge and Launch Framework. The SC Chairman Dato’ Seri Dr. Awang Adek Hussin said the ICMPS…
Financial services software and cloud solutions provider Finastra has established a new Center of Excellence (COE) at Malaysia’s MRANTI Technology Park. MRANTI Park, located at Bukit Jalil in Kuala Lumpur, is a hub for technology innovation, commercial adoption, and scientific excellence. With this move, Finastra aims to expand its Asia Pacific footprint as well as further contribute to the local economy and promote Science, Technology, Engineering, the Arts, and Mathematics (STEAM) careers in the region. Additionally, Finastra will also benefit from MRANTI’s integrated infrastructure and services by tapping into the local IT talent, including from nearby universities and the growing…
OCBC Malaysia has appointed Tan Chor Sen as its CEO with effect from 1 January 2023 to succeed Dato’ Ong Eng Bin who will stay on as an adviser after his retirement. Tan has been with OCBC Bank in Singapore for more than 17 years and is a member of the Management Committee at the group level. He is currently the Head of International, Global Enterprise Banking in the OCBC Bank head office in Singapore, overseeing the growth of the cross-border flow businesses of small and medium-sized enterprises (SME) and mid-cap companies in the region. He led the formation of…
Security Bank Philippines has partnered with Malaysian banking automation company Consolsys to revamp its branch experience. The partnership will enable Security Bank to transition its current branch banking management system to a cloud-based omni-channel platform. This includes the replacement of the bank’s current tellering, lobby management and Signature Verification System (SVS) with the Mosaic Voyager which is Consolsys’ flagship suite of solutions. Security Bank said that it plans to complete the implementation across all its branches by Q3 2023. Consolsys has been providing banking automation services in Asia since 1999 with a presence in Malaysia, the Philippines, Indonesia and Brunei.…
Singapore-based equity crowdfunding platform Alta, previously known as Fundnel, has announced the official launch of its refreshed brand in Malaysia. The announcement follows Alta’s acquisition of private digital securities exchange Hg Exchange (HGX) in November this year. The launch will enable Alta to support the tokenisation of alternative assets, creating an end-to-end solution that makes it cheaper and faster to trade private securities, funds, and asset-backed securities like real estate, and luxury assets. Additionally, Alta has enhanced its array of service offerings to its previous and potential issuers in addition to its existing offerings. In Malaysia, Alta has funded notable…
CIMB Group has appointed Effendy Shahul Hamid as CEO of Group Consumer and Digital Banking which takes effect on 1 January 2023 onwards, succeeding Samir Gupta who is retiring after 12 years of service with the group. The appointment will see the Group Consumer Banking and CIMB Digital Assets businesses subsumed under the broader umbrella of Group Consumer and Digital Banking. Effendy has extensive experience in banking and financial services, having served in various senior leadership roles at CIMB Group over the past 18 years. Most recently, Effendy has been serving as CEO, CIMB Digital Assets of CIMB Group and…
CIMB Bank and CIMB Islamic Bank announced a partnership with software and system integration company ModulEight Technologies to support the growth of micro, small and medium enterprises (MSMEs). Through this partnership, MSMEs will be onboarded onto MESINKIRA, an integrated mobile business management solution. MESINKIRA is a commercial platform that offers point-of-sale software including inventory management, payment and accounting, and reporting services to MSMEs. This is the latest solution extended to CIMB’s SME customers to ease the transition to digitisation by lowering the barrier to entry for businesses wishing to digitise their operations. The MSMEs will also be invited to complimentary…
The world of financial services is in a state of constant change, with many traditional banks across the Asia Pacific, and indeed the world, now actively pursuing digital transformation strategies. For many of these organisations, it has been the impact of disruptive technologies and digital-only challengers that have compelled traditional financial institutions to actively begin to reinvent themselves from being bureaucratic, machine-like organisations into agile organisms which have people – employees and customers – at the centre. From machine-like bureaucracies to agile organisms For decades, traditional banks and financial institutions have operated as highly structured organisations, with rigid top-down hierarchies,…
Touch ‘n Go eWallet announced that it has come forward to be the first startup and non-bank provider that has committed to voluntarily incorporate the five key measures which have been recently imposed on banks by Bank Negara Malaysia to combat financial scams. The e-wallet will look into enhancing security by adding more authentication methods to complement the current methods. Touch ‘n Go will also tighten fraud rules and block suspicious transactions as well as enforce a verification and cooling-off period for first-time enrolment of services, secure device, or profile document. Additionally, Touch ‘n Go will look into restricting authentication…
Bursa Malaysia has launched an interactive fund information platform to provide the investors a comprehensive information on unit trusts and wholesale funds. The Bursa Fund Platform is open to and free-to-access for members of the public. It offers quick and easy fund comparison as well as the creation of a watchlist for users to track and monitor funds that meet their investment needs and risk appetites. Additionally, the platform enables users to communicate directly with the participating fund managers should they wish to begin investing in funds or to simply receive more personalised services. The funds available on the Bursa…
Hong Leong Bank’s (HLB) “Can You Hack It 2022” hackathon with a focus on re-imagining banking experiences through hyper-personalisation and the metaverse has concluded. Team ‘TryHards’ came out top with their idea of making bank statements fun and personalised for customers. The winner received a cash prize of RM 10,000, potential employment and collaboration offers from HLB, as well as exposure to organisations like Cradle, MRANTI, MBAN, and MDEC. Runner-ups Team ‘Ivy’ pitched a mobile app that harnesses the power of psychology and AI to create hyper-personalised experiences that help customers achieve their micro financial goals, while Team ‘UniVRse’ went the…
A vast majority of the populations in the emerging markets of Southeast Asia, Latin America, and India are at the cusp of financial inclusion, thanks to the growing availability and adoption of digital lending services. The fintech-as-a-service market is predicted to grow to around US$ 949 Billion by 2028 due to the popularity of the alternative payment solution Buy Now Pay Later in these markets. With increased acceptability for digital lending in segments that had never been a part of the financial mainstream, organizations must enhance risk decisioning while ensuring faster turnaround on credit applications. Maintaining a high rate of…
Several Malaysian banks including CIMB, Hong Leong Bank (HLB), Hong Leong Islamic Bank (HLISB), Public Bank will be able to support the use of Google Wallet from today onwards. However, not all of these banks’ debit and credit card are able to support the payment option. For example, HLB and HLISB allows both their credit and debit card users to add their cards to Google Wallet. Meanwhile, CIMB only supports this feature for its credit card users and will soon enable Islamic Mastercard credit cards on the payment platform. Additionally, Mastercard and Visa credit cardholders of HSBC and HSBC Amanah will…
Cross-border payments are complex – just how many times have you read that before? But just how complicated and costly are these challenges? Regulatory complexities Every country comes with its own set of regulations that govern financial transactions. For example, some payment destinations have no capital controls, which makes funding easier compared to those that impose additional restrictions. Government policies may shift too, forcing payment service providers to relaunch payout corridors that turned unfamiliar. Navigating regulatory differences cost a lot. Leading professional services firm Deloitte reported that costs associated with compliance have increased by 60% for financial institutions. That’s…
SME digital financing platform Funding Societies Malaysia will provide credit facilities for PROTON dealers to finance the purchase of second-hand cars for floor stocking. Dealers who wish to apply for financing may do so via Funding Societies’ online platform. Funding Societies will be able to provide financing for up to 85% of the transaction value with repayment periods of up to 90 days. With this financial facility, PROTON dealers can grow their business by raising short-term capital to manage their cash flow and even use it for new car purchases from Proton Edar as well. Currently, the company has 35…
KPJ Healthcare Berhad (KPJ Healthcare) is collaborating with Pine Labs, a merchant commerce omnichannel platform, to offer flexible payment options for its patients. This service allows payments for KPJ Healthcare’s medical services to be made at Pine Labs’ point-of-sale terminals located at the hospital’s payment counters via debit or credit card. The Pine Labs platform provides a unique option of converting the payment into a zero-interest instalment plan through its extensive network of 14 banking partners and for charges above RM500 for up to 24 months via debit or credit card. Pine Labs’ Point of Sale terminals also enable Buy…