Google Cloud has announced the appointment of industry veteran Patrick Wee as its new Country Manager to oversee its operations in Malaysia. In his new role, Patrick will be responsible for leading local go-to-market operations for Google Cloud and Google Workspace, and collaborating with teams across Google. He will report to Megawaty Khie who is the Regional Director for Indonesia and Malaysia, overseeing Google Cloud’s enterprise, public sector, and corporate or mid-market business segments in both countries. Patrick joined Google Cloud from Zoom, where he was Head of its Malaysia business. Prior to joining Zoom, Patrick was the Head of Enterprise…
Author: Fintech News Malaysia
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Kapital DX (KLDX) announced the launch of its Initial Exchange Offering (IEO) platform, touting it to be the first of its kind in Malaysia, in a bid to open up new investment opportunities for investors in private markets. The IEO platform is registered and regulated by the Securities Commission Malaysia (SC). The only other registered operator is equity crowdfunding platform pitchIN which aims to launch its own IEO platform this year. The two registered IEO operators will be able to provide an alternative avenue for eligible companies to raise funds via the issuance of digital tokens in Malaysia. An issuer…
Global payments platform Adyen is expanding its offerings in Malaysia through the launch of its unified commerce solution to help businesses flexibly meet changing consumer expectations. The unified commerce solution gives businesses end-to-end control of transactions across different sales channels including online, in-app, and in-store to help them understand their consumers in a single overview. Adyen had previously announced that it has expanded its acquiring capabilities to include Malaysia back in July 2020. As Adyen doubles down on its presence in Malaysia, the company had also appointed Lee Soon Yean as its Country Manager. Lee joined Adyen in 2015 and…
SME digital financing platform Funding Societies has signed an SME Portfolio Guarantee agreement with the Credit Guarantee Corporation Malaysia (CGC) where eligible SMEs can apply for financing between RM50,000 and RM500,000. Funding Societies and CGC are extending the first tranche of financing up to RM10 million with the aim to propel the growth of Malaysian SMEs by providing them easier access to financing. SMEs that qualify for the scheme will have access to longer-term financing and get preferential interest rates, which is the lowest among Funding Societies’ existing portfolio of financing from similar segments. Details of the SME Portfolio Guarantee…
Touch ‘n Go Group via TNG Digital has set up the GOprotect platform where its users can purchase various types of insurance offerings through the eWallet app. GOprotect currently features the 6 insurance products; WalletSafe, SafeTrip, SafeHome, CarInsure, CI Insure, and MotoInsure. With GOprotect, Touch ‘n Go said that its users can purchase an insurance plan in less than 3 minutes after comparing quotes from its insurance partners such as AIA Malaysia, Allianz, Etiqa, MSIG, Takaful Ikhlas, Takaful Malaysia, and Zurich Takaful. Touch ‘n Go added that its users are also guaranteed a hassle-free claim process through the 24/7 insurers’…
Tokio Marine Insurans (Malaysia) has partnered with KirimMan, an e-commerce fulfillment logistic solution provider and courier service, and Malaysian fintech Finology to offer affordable insurance products for gig economy workers with a focus on delivery riders. One of the new products, which is priced as low as RM1 per day, offers gig workers affordable protection against accidents while on the job. It covers accidental death or permanent disablement, medical expenses due to accidents, and ambulance fees. The protection is enforced throughout the day, not limited to delivery trips. The collaboration has also churned out the Goods in Transit insurance that…
These days the majority of our touch points are through digital channels – which is why digital experiences will likely make or break your customer attrition rates. From onboarding all the way to interacting with your digital channels, how should banks and fintechs of the future shape great user experiences? Join practitioners from leading digital first organisations as we discuss winning strategies to win the hearts and minds of Asia’s digital generation. Best practices and philosophies behind seamless user experiences Removing friction from user journeys Tech trends and developments shaping the future of user experience Panelists: Romil Sharma, Group Head…
Mercedes-Benz Financial has announced an exclusive partnership with Maybank to introduce a credit card nationwide where Visa will be the exclusive payment network for this new offering. The all-new metal card will allow customers to earn accelerated points on selected purchases at any Mercedes-Benz Autohaus nationwide. According to a statement by the luxury car manufacturer, cardholders would be entitled to 10% discount on Mercedes-Benz parts, official merchandise, and accessories in addition to accumulating 10x TreatsPoints with every RM1 spent per visit. Additionally, the card also offers up to 8% discount on comprehensive Mercedes-Benz Extended Limited Warranty Programme and up to…
Payment solutions provider GHL Systems announced that it has enabled MyDebit Secure CNP (Card-Not-Present) from Payments Network Malaysia (PayNet) which is set to benefit over 1,500 of its online merchants. A CNP transaction is a payment card transaction made where the cardholder is not physically present at the merchant when the payment is made. GHL is the latest PayNet ecosystem participant to offer the more secure and safer online card-not-present payment solution in this country. Capable of being delivered via merchant plug-ins or bank applications, both these MyDebit Secure CNP enablements are designed to facilitate 3D secure payment verifications to…
Malaysian insurer Tune Protect announced that it has launched its first personal cyber crime insurance for individuals named Tune CyberSecure. With premiums from RM145 per year, Tune CyberSecure protects customers against cyber risks including electronic fund transfer fraud, online retail fraud and identity theft, with coverage up to RM10,000. Tune CyberSecure covers the entire family and the electronic devices connected to the internet at the registered address. Customers will be able to secure the policy online with coverage confirmation within 7 minutes, and obtain clarifications or direct their queries through the 24/7 incident response call center at its toll-free line…
The Malaysia Digital Economy Corporation (MDEC) has announced the appointment of Syed Ibrahim Syed Noh as its non-executive chairman. According to a Bernama report, the appointment took effect on 1 April. Syed Ibrahim is a Member of Parliament for the Ledang constituency from Parti Keadilan Rakyat (PKR) which is headed by the current prime minister Dato’ Seri Anwar bin Ibrahim. According to MDEC, he was the State Chairman of PKR Johor for three years from 2019 to 2022. Prior to that, Syed Ibrahim was the Assistant General Manager of Telekom Malaysia from 1989 to 2014. “He also has experience in…
Multinational insurance company FWD Group announced that it has completed the transaction to snap up a majority stake in Gibraltar BSN Life, marking its official entry into the Malaysian life insurance market. First announced in February 2023, the deal will see FWD Group and other unnamed investors to jointly hold a 70% stake in Gibraltar BSN, which was sold by The Prudential Insurance Company of America. The government-owned Bank Simpanan Nasional (BSN) will continue to hold the remaining 30% stake ownership in Gibraltar BSN. Through this partnership, FWD Group can now provide a full-service offering in Malaysia, which it first entered…
Malaysian digital payments technology provider Soft Space announced that it has secured US$31.5 million in its latest Series B1 funding round. This is an extension of Soft Space’s Series B funding round where the firm had raised an undisclosed sum from Sumitomo Mitsui Card Company (SMCC) in 2019. The fundraise was led by Southern Capital Group (SCG) and joined by existing investors, transcosmos, Japanese credit card company JCB as well as venture capital fund Hibiscus Fund which is jointly managed by RHL Ventures and South Korea’s KB Investment. Soft Space had already made a prior announcement in January 2022 that…
The Consumer Credit Oversight Board (CCOB) is seeking public feedback on the proposed regulatory framework for credit businesses in Malaysia. The proposals outlined in this second public consultation paper (CP2) will provide further details on the implementation of the Consumer Credit Act (CCA) which is targeted to be enacted by year-end. The immediate focus of the CCOB in Phase 1 (from 2024 to 2025) will be on non-bank credit providers and service providers which are currently unregulated including those carrying on Buy Now Pay Later (BNPL) activities. Non-bank credit providers which are currently regulated by a Regulatory and Supervisory Authority…
Alliance Bank Malaysia has introduced its new dynamic virtual credit card to make online transactions more secure in partnership with Visa, CTOS Digital, RinggitPlus’ owner Jirnexu, mobile network operator YTL Communications (YES) and TNG Digital. A virtual card becomes available for customer use immediately after generating and assigning a random 16-digit card number which changes every 30 minutes. Customers will also have the flexibility to determine a dedicated dynamic card number as well as the number of times it can be used for a particular subscription service. This enables customers to track and manage their digital transactions on-the-go more conveniently…
The Setel app, Petronas’ e-payment solution that enables fuel purchases directly from mobile devices, can now be used to scan and pay at any merchant that displays the DuitNow QR code. Within the year, Setel users will be able to send and receive funds using DuitNow and generate their own DuitNow QR to facilitate fund transfers into their e-wallet. From 30 March 2023 to 31 May 2023, Setel users will earn Mesra points for every payment using DuitNow that can be used to redeem fuel and other rewards. By joining the large ecosystem operated by Payments Network Malaysia (PayNet) through…
Al Rajhi Bank Malaysia announced that Amazon Web Services (AWS), an Amazon.com company, will be powering its newly-launched digital bank Rize. The bank said that it will be migrating its key information technology (IT) infrastructure to AWS by 2026. Additionally, Al Rajhi said that it will be leveraging a number of AWS’ products and services, including containers, databases, and compute to deliver innovative financial services for its digital bank Rize. Powered by AWS, Al Rajhi is building digital banking products for Rize as well as tapping customers’ data to enable more personalised services. Launched in December 2022, Rize had hit…
Insurtech firm bolttech has partnered with digital lifestyle insurer Tune Protect Group to launch device protection solutions and support services in Malaysia. The device insurance coverage is underwritten by Tune Protect Malaysia, providing protection for cracked screens, accidental and liquid damage, as well as extended warranty for insured devices, including smartphones and home appliances. The device support services, provided by bolttech, include device trade-in, 24/7 technical support, device repair concierge service, and logistics service for device pick-up and delivery. The solutions are available as a bundled package or can be purchased separately, i.e., insurance coverage only or support services only.…
Oyen, a Malaysian digital-first pet healthcare insurance provider, has provided RM100 million worth of protection and revamped its brand with a new look. Additionally, the insurtech has also rolled out a new travel insurance product for people and incorporated it with pet protection. This new travel insurance not only covers avid travelling pet owners, but it also offers additional pet benefits during their trip, i.e. trip curtailment, where the Oyen travel insurance policy will pay for the unused portion of their trip (up to RM50,000) for returning home early should their pet get severely ill or pass away. This Oyen…
The cross-border QR code payment linkage between Singapore and Malaysia has gone live, enabling customers of participating financial institutions to make payments by scanning NETS QR and DuitNow QR codes. This will support in-person payments through the scanning of physical QR codes displayed by merchants, and online cross-border e-commerce transactions. This cross-border QR code payment linkage is made possible through the strong collaboration of various industry players from both countries, including Network for Electronic Transfers (NETS), the Association of Banks in Singapore, Payments Network Malaysia (PayNet), and participating financial institutions from both countries. Participants from Singapore are DBS Bank, OCBC…