Author: Fintech News Malaysia

Boost and its consortium partner, RHB Banking Group (RHB), received official approval from Bank Negara Malaysia (BNM) and the Ministry of Finance (MOF) to commence operations as a digital bank, with effect from 15th of January 2024. The consortium will be operating under the brand name Boost Bank The Boost-RHB consortium is the second digital bank to receive approval to begin operations following GXBank’s announcement in September 2023 According to their press release,  they received regulatory approval ahead of the scheduled timeline, following a thorough operational readiness review validated by BNM. The digital bank will advance into the alpha-testing phase…

Malaysian insurtech company PolicyStreet has received the regulatory nod from the Labuan Financial Services Authority (LFSA) to begin its Takaful and Retakaful operations in the region. By securing the necessary approvals, PolicyStreet is now equipped to reinsure and underwrite Takaful products to address the growing market need for Syariah-compliant insurance solutions. The Malaysian Takaful industry has shown significant growth, with the family Takaful new business sector recording RM10.06 billion in gross contributions in 2022, an 18.3% increase from the previous year. The general insurance and Takaful sector also saw a 12% growth, surpassing the 3.8% growth in 2021. Bank Negara…

Finology Group, a Malaysian fintech that enables embedded finance, has joined forces with IFCA Software in a bid to improve the property sales experience for both developers and home buyers. The collaboration introduces the integration of Finology’s digital lending solution, Loanplus Home, into IFCA’s PropertyX ERP platform to achieve this. Loanplus Home allows real estate developers to gain instant mortgage pre-approval from major banks in Malaysia, identify qualified buyers based on loan eligibility, and enable digital loan applications. These features not only enhance efficiency but also provide a more streamlined financing experience for customers. The real estate sector has long grappled…

TNG Digital has expanded the capabilities of its Touch ‘n Go eWallet to include cross-border remittances to over 50 countries via its GOremit offering. This marks a major step up from its initial offering, which allowed transfers to 10 countries in Southeast Asia and other parts of Asia. Launched in May 2023, the service initially catered to countries such as Indonesia, the Philippines, Singapore, Thailand, Vietnam, Bangladesh, India, Nepal, Pakistan, and Sri Lanka. The latest expansion of includes major destinations like Hong Kong, Japan, the United Kingdom, and various European countries. According to TNG Digital, the decision to extend GOremit…

Malaysia’s sovereign wealth fund Khazanah Nasional and CGC Digital have made a strategic investment in SME digital financing platform Funding Societies. The sum was not disclosed. The investment is expected to enable Funding Societies to expand its reach beyond beyond Kuala Lumpur, Selangor, Penang, and Johor. The firm targets to serve over 25,000 MSMEs across the country by the end of 2025. This expansion includes widening the availability of Islamic financing solutions, with over RM100 million in Shariah-compliant financing already disbursed since its introduction in May 2023. Funding Societies seeks to bridge the significant RM90 billion funding gap faced by…

RHB Bank, in partnership with Payments Network Malaysia (PayNet), has launched the DuitNow QR Plug & Play sound box in a bid to step up payment security. According to RHB, it is the first bank to introduce the device. This device is designed to provide a secure and reliable way for consumers and merchants to verify the authenticity of DuitNow QR code transactions, a response to the rising concern over financial frauds in digital transactions. The DuitNow QR Plug & Play sound box, supporting both static and dynamic QR codes, can be integrated into merchants’ point-of-sale systems, offering an additional…

The Bank Negara Malaysia (BNM) has released a new policy document on personal financing which took effect on 15 December 2023, with the goal of promoting responsible financing practices while discouraging unaffordable borrowing. This policy encompasses Buy Now Pay Later (BNPL) products where it addresses concerns regarding such emerging financing products that may initially appear affordable but could lead to the imprudent accumulation of debt. This policy document applies to licensed conventional and Islamic banks, prescribed development financial institutions as well as approved issuers of designated payment instruments including the Islamic ones. However, this policy document presumably does not apply…

The accelerated energy transition amidst pressing climate concerns has compelled industry players to contribute actionable solutions in driving positive change and sustainable development. Rising up to the challenge, Petronas, a global energy corporation, has significantly expanded its scope beyond traditional oil and gas operations, delving into the realms of technology, sustainability and innovative digitalisation through its initiative, Petronas FutureTech. This programme, integral to the company’s business growth and industry advancement, demonstrates Petronas’ commitment to staying at the forefront of the rapidly evolving energy sector while also furthering a more environmentally responsible agenda, marking a pivotal shift towards embracing the future…

The Securities Commission Malaysia (SC) has introduced an accelerated transfer process to facilitate the promotion of eligible ACE Market public listed companies (PLCs) to the Main Market of Bursa Malaysia. The framework will take effect on 1 January 2024 through amendments to the equity guidelines. The accelerated transfer of listing is part of a slew of capital market measures introduced by the SC to improve stock market vibrancy and reduce market friction. Transferring to the Main Market, which is the prime market for established companies, demonstrates that the ACE Market public listed companies (PLCs) have meet certain criteria in terms…

In today’s mobile-centric world, the convergence of mobile devices, applications, and the Bring Your Own Device (BYOD) culture has enabled users, businesses, and organisations to achieve enhanced productivity, flexibility, and convenience. However, this transformation has also exposed individuals and organisations to the growing threat of mobile threats and malware – malicious attacks designed to infiltrate and compromise mobile devices, granting unauthorised access to sensitive information. To effectively combat this challenge, organisations must adopt a multi-layered mobile app security solution, encompassing secure development practices and vigilant monitoring of mobile app usage. By fortifying digital assets and maintaining a resilient posture against…

Japanese international payments firm JCB along with French identity technologies company IDEMIA and Malaysian fintech Soft Space will be embarking on the second phase of their “JCB Digital Currency” (JCBDC) pilot project in early 2024. This initiative aims to experiment with offline peer-to-peer (P2P) payments using Central Bank Digital Currency (CBDC). Previously, in the first phase of the JCBDC project that kicked off in December 2022, the trio developed a CBDC payment solution, which allowed merchants to accept digital currency payments without altering their existing point-of-sale systems or payment cards. Following the success of this pilot in Tokyo earlier in 2023,…

GXBank, Malaysia’s first digital bank and a subsidiary of Singapore’s GXS Bank, announced that it has already signed up over 100,000 customers since its launch less than 2 weeks ago on 30 November 2023. The newly-minted digital bank, spearheaded by CEO Pei Si Lai and Chairperson Datuk Zaiton Mohd Hassan, shared the milestone a LinkedIn post. A key feature of GXBank’s digital offering is the GX Card, developed in collaboration with Mastercard. This debit card provides several benefits, including unlimited 1% cashback on all transactions with no fees on foreign transactions. Cardholders will also get a RM1 fee waiver when…

AmBank’s Mastercard and Visa credit cardholders can now add their cards to Google Wallet, following the bank’s recent integration with Google Pay. This enables AmBank customers with Visa and Mastercard credit cards to use Google Wallet for contactless payments at point-of-sale terminals and for online transactions where Google Pay is accepted, using their Android devices. Google Pay offers secure transactions that are authorised by customers’ biometric or device pin or pattern to unlock. The initiative supports Malaysia’s national objective of achieving a 90% cashless payment rate by 2025. Currently, the country’s cashless transaction penetration stands between 60% and 70%. AmBank…

Payments Network Malaysia (PayNet) announces the launch of ‘MY TouristPay App’, an application designed to facilitate seamless payments for tourists in Malaysia. This app allows international travellers to make payments using the DuitNow QR network without needing a Malaysian bank account. The app supports over 1.9 million touchpoints within the DuitNow QR network and is part of PayNet’s broader strategy to promote sustainable community development through digital payments. Unveiled at Pelangi Beach Resort & Spa, Langkawi, this launch marks the second phase of the PayNet Cambah Langkawi project, aimed at digitising local businesses for the global digital economy. ‘MY TouristPay’…

UOB Malaysia has announced the successful pricing and private placement of EXSIM Group’s RM365 million four-year ASEAN Green Sustainable and Responsible Investment (SRI) Sukuk Musharakah. This marks EXSIM’s first green issuance under the ASEAN SRI Sukuk Framework, with UOB Malaysia serving as the Lead Arranger and Manager. The ASEAN Green SRI Sukuk Musharakah, rated AA3 by RAM Holdings Berhad, attracted significant investor interest, evidenced by order volumes exceeding 3.9 times the issuance size. The issuance was complemented by Islamic Commercial Papers worth RM85 million. Ng Wei Wei, CEO of UOB Malaysia, commented, “We are very pleased to support EXSIM Group…

The Securities Commission (SC) Malaysia, in collaboration with Bursa Malaysia, is actively working to enhance efficiency in the public markets, with a focused aim to facilitate smoother Initial Public Offerings (IPOs) for startups. These efforts include implementing measures to reduce the time-to-market for companies aspiring to list on the stock exchange. This development was revealed by Dato’ Seri Dr. Awang Adek Hussin, Chairman of SC Malaysia, during his keynote speech at the MVCA Malaysia Venture Forum 2023. A key aspect of this collaboration is the SC’s initiative to streamline the IPO process with the aim to make it easier and…

Bank Negara Malaysia (BNM) and the World Bank have announced two significant initiatives at the COP28 in Dubai to guide the financial sector towards supporting nature-positive outcomes. This announcement follows the guidelines set out in the 2022 report ‘An Exploration of Nature-related Financial Risks in Malaysia’. A key element of this collaboration is a risk assessment guide for Malaysian financial institutions and businesses, developed in consultation with the Taskforce on Nature-related Financial Disclosures (TNFD). This guide will assist organisations in evaluating their environmental impact, utilising the TNFD’s LEAP approach. The LEAP approach (Locate, Evaluate, Assess, Prepare) is an integrated process…

Bursa Malaysia has officially launched its ESG Reporting Platform on 4 December 2023 (Monday). This platform is a significant step in mandatory environmental, social, and governance (ESG) reporting for companies listed on the Main Market and ACE Market. The ESG Reporting Platform is a key component of Bursa Malaysia’s initiative to improve sustainability reporting standards among listed issuers. It aligns with the revised Main Market Listing Requirements and ACE Market listing requirements, which were updated on 26 September 2022, to include more comprehensive sustainability reporting guidelines. The platform, accessible through the Bursa LINK system without extra charges, enables listed companies…

Southeast Asian insurtech company Qoala has rolled out a new protection plan called Qoala Care, aimed at providing comprehensive coverage for Malaysian drivers. The plan offers protection against a range of incidents including road liabilities, accidental death, and total permanent disability. In the event of an accidental death or total permanent disability, the plan includes a lump-sum payment of up to RM100,000 as well as coverage of medical and funeral expenses of up to RM 1,000 and a daily hospital allowance of up to RM50. Additionally, the protection plan will provide drivers with a complimentary towing mileage extension for their vehicle…

TNG Digital (TNGD), Allianz General Insurance Company, and Yayasan Prihatin Nasional (PRIHATIN) to empower the underinsured or uninsured individuals, largely the B40 communities, with insurance coverage through Dana Rahmah through crowdfunding. This will enable Malaysians to donate and provide a member of the B40 community insurance coverage through TNGD’s Touch ‘n Go eWallet. Under the agreement, Allianz General has introduced the Group Personal Accident Allianz4All plan, priced at RM40. This plan offers up to RM30,000 in coverage for death or permanent disablement due to accidents. The initiative which kicked off on 20 November 2023, enables the public to contribute to…