Permodalan Nasional Berhad (PNB) announced on Thursday the launch its micro-investing app Raiz. Raiz is a micro investing mobile app which utilises users’ virtual spare change from rounding up everyday purchases to proactively invest into ASNB’s variable price funds based on personalised investment portfolios. It is a unique way for users to make the most of every cent being spent, the residual of which can be saved and invested. Apart from this round-up investment, users can choose to invest using lump-sum investments as well as recurring investments. It developed as a joint venture between PNB’s susbsidiary Jewel Digital Ventures and…

The Securities Commission Malaysia (SC) is seeking industry feedback on the regulatory framework for digital asset wallet providers, which will complement the existing frameworks for Digital Asset Exchange (DAX) and Initial Exchange Offering(IEO). Digital asset wallet providers are entities that provide custody or storage services on behalf of digital asset owners. Such providers play an important role within the ecosystem in safeguarding the digital assets of the client. In this regard, SC is reaching out to existing digital asset wallet providers or any interested parties to reach out to the regulator for an engagement on their current business operations or…

Fundaztic a P2P financing platform operator, has officially rolled out their secondary market. This offers over 20,000 members of Fundaztic the opportunity to trade their existing notes with one another, this allows the, adjust their portfolio strategy and increase their flexibility in the management of their cash flow. Against the backdrop of the current economic situation, the introduction of the secondary market is especially relevant for investors who may need to sell their notes to meet their cash flow needs and to investors who may want to build broader, more resilient portfolios. “We have been preparing for the secondary market…

UOB Malaysia’s innovation accelerator The FinLab has launched a regional digital platform to where local SMEs and start-ups can start their digital transformation journey. The FinLab Online digital platform will incorporate the Jom Transform Programme, a business transformation programme in Malaysia to help local SMEs digitalise their operations for productivity and revenue growth. The programme which will commence in August 2020 is supported by The Malaysia Digital Economy Corporation (MDEC) as a strategic partner to provide advisory in digitalisation. SMEs in the programme will go through a one-month curriculum on the digital platform where they will have access to industry…

Securities Commission Malaysia (SC) today added the popular crypto exchange platform Binance to in its investor alert list which warns the general public about entities that are not authorised in carrying out regulated activities in Malaysia. They were added to the list for “operating a recognized market without authorisation from the SC.” To operate a crypto exchange in Malaysia an entity is required to be registered as a Digital Asset Exchange (DAX). Currently, there are only 3 crypto exchanges that received the nod to operate in Malaysia, they are namely — Luno, SINEGY and Tokenize. This comes after a warning…

GHL Group Berhad announced today that its Philippines arm has received approval for the Philippines Securities and Exchange Commission to operated a lending business via its new unit, GHL Phlippines Financing Services Inc. GHL who is traditionally known for its payments business has been seen diversifying its business of late. Towards the end of 2019, GHL similarly received the nod to operate its lending business in Malaysia and Thailand. Subsequent to that, they’ve entered into a partnership with Axiata’s micro-lending platform Aspirasi with the aim of “narrowing the financial inclusion gap” in Malaysia. In early 2019, they’ve also partnered with…

The Securities Commission Malaysia (SC) cautioned the public against the usage of Crypto ATMs. Crypto ATM are machines that allows individuals to buy and/or sell digital assets like Bitcoin and Ethereum, and XRP. These machines are installed in various locations in Malaysia, facilitating the exchange of different types of digital assets with fiat currency and vice versa. The regulator reiterates that Crypto ATM operators are considered to be operating a Digital Asset Exchange (DAX) which requires registration with the SC. In this regard, the SC said that it has not authorised any entity to operate Crypto ATMs. The SC also warned…

Instapay announced today the launch of an e-wallet service that is targetted at the migrant worker population. The company holds an e-money license with Bank Negara Malaysia (BNM) and has teamed up with Mastercard to a pre-paid payments card that’s linked to the e-wallet. The e-wallet enables employers to digitise wage payments for the migrant workers which reduces the cost and risk of cash handling. At the same time, the partnership with Mastercard enables migrant workers to use the card to pay at any merchants which accepts Mastercard and this alos provides them access to ATMs. This, in turn, provides…

Following the introduction of XRP, Luno announced today that it has added Litecoin (LTC) to its trading platform. This is the fourth digital asset approved by the Securities Commission Malaysia to be traded by Malaysians. From 7th July, Malaysian customers will be able to buy, sell, store and learn more about this digital asset. Litecoin (LTC), often referred to as the silver to Bitcoin’s gold, is a top ten cryptocurrency with a market cap of US$2.7 billion. The cryptocurrency, initially created in 2011, was developed to provide a faster and cheaper alternative to Bitcoin, with the aim of offering a…

Adyen, a global payments platform, today announced the expansion of its acquiring capabilities to include Malaysia. They said that this move complements the company’s all-in-one payment platform allowing merchants like Fave, foodpanda and Love, Bonito to get the most out of each transaction with local payment processing. A quick check on the Bank Negara Malaysia website shows that Adyen’s name has been added to the central bank’s list of regulatees, confirming its license to operate in Malaysia as a merchant acquirer. This announcement extends Adyen’s local acquiring capabilities in Asia-Pacific, following launches in Australia, Hong Kong, Singapore and is supported…

The COVID-19 pandemic has fundamentally changed the way we live resulting in mass digital adoption as we rapidly shifted to a digital and contactless way of life – from buying food and essentials to how we work. Domenic Fuda, Group Managing Director and Chief Executive Officer of Hong Leong Bank (HLB) said that the MCO period has provided individuals and businesses with a live test-case on how digital platforms, including digital banking and payments, could help them continue to live life and run their business uninterrupted. This greater digital adoption and digital transformation of the economy will increase the importance…

Over two million Malaysian road taxes remain expired since the Road Transport Department (JPJ) counters closed during the Movement Control Order (MCO). In an effort to help address this as well as Malaysia’s alarming number of uninsured vehicles on the road, Zurich General Insurance Malaysia is collaborating with Finology and their affiliate partner PayLink Global (M) Sdn Bhd (Payquik) to provide road tax renewal services and motor insurance purchase via Payquik’s network of kiosks in Malaysia. Through this collaboration, road users in Malaysia will be able to renew their road tax or purchase motor insurance for their vehicles at approximately…

As consumers behaviors shift to becoming increasingly digital, the financial services industry is forced to cater to changing nature of its customers. Regulators are also taking notice of the shift and gaps within the system and as a result, started issuing new guidelines for virtual banks. Similarly in Malaysia, Bank Negara recently announced a draft framework where they are looking at issuing 5 virtual banking licenses. To discuss this changing landscape we were joined by Khairil Abdullah, CEO Axiata Digital, Navin Rajagopalan, Co-Founder, BigPay, Anand Subbaraman, General Manager, Retail Banking, Finastra, and Marcus Von Engel, Partner, Malaysia, Financial Services Consulting…

Axiata Digital’s e-wallet Boost and its digital financing platform Aspirasi announced today the launch of “Aspirasi Protect” – a microinsurance plan which provides affordable, accessible and on-demand protection to Malaysians. This new insurance product is underwritten by Great Eastern Life. This launch follows Great Eastern’s 21.875% acquisition of a stake in Axiata Digital at US$70 million just last week. The micro-insurance solution by Aspirasi builds on the ‘Protect’ pillar of the existing #BoostGotYou campaign launched during MCO which focused on catering to the daily necessities of businesses and households amid the outbreak. With just RM1.50, the ‘Aspirasi Protect’ 7-day insurance…

Bank Negara Malaysia issued its policy document on Electronic Know-Your-Customer (e-KYC) on Tuesday, which follows their earlier exposure draft in December 2019. This new policy is in effect immediately for all financial institutions including banks, insurers, remmitance companies, money changers and more. The policy document aims to accelerate and streamline practices of industry players in their adoption of e-KYC technology, the online process of identifying and verifying individual customers. We’ve previously written extensively about how e-KYC is a crucial piece of digital banking puzzle and is an important preamble to the virtual banking framework which is anticipated to be released…

BigPay announced today the addition of two more new corridors for its international remittance service — Vietnam and Australia, with China coming soon. This follows their announcement in January of adding India, Nepal and Bangladesh corridors. BigPay said that offering low-cost, transparent, and accessible way of transferring money abroad is a cornerstone of its financial inclusion strategy. According to them, these three countries have some of the highest numbers of outbound remittances from Malaysia and are likely to drive further growth. There are 26,000 Malaysian students in Australia, and 174,000 Malaysian-born expatriates living in the country. Transfers from Malaysia to…

MACROKIOSK today announced that it will be collaborating with Silverlake to support virtual banks in Asia Pacific. In this partnership, both parties will join hands in researching and developing new products that will meet the needs of these digital banks. They will also be jointly pitching for projects with virtual banking players across Asia Pacific and cross-selling each other’s products. The virtual banking space is ripe with opportunities with regulators across markets like Hong Kong, Singapore and Malaysia facilitating the introduction of these new breed of banks through new regulation. In Malaysia alone, we’ve seen companies like Axiata Group and…

Green Packet Berhad announced today that it is acquiring technology firm Xendity which specializes in identity verification processes using e-KYC (electronic know your customer) technology. KYC is an established concept in banking involving the mandatory process of identifying and verifying the identity of the client when opening an account and conducting other transactions. e-KYC uses technologies such as document verification, facial recognition and biometrics and typically only requires users to do so from their smartphones or personal computers remotely. e-KYC is a crucial piece of the puzzle to Malaysia’s digital banking revolution and an industry-wide e-KYC regulation is anticipated to…

RHB launched today an eco-friendly recycled PVC payment card that done in partnership with WWF Malaysia, Visa, and Idemia. The bank said in a media statement that this part of their effort to strengthen their commitment in sustainable practices As part of its environmental strategy, IDEMIA said that it will move away from today’s linear take-make-waste model and fundamentally rethink the way we design, use and reuse plastics. Plastic recycling is beneficial in many ways (including C0² emission reduction) and one of the most significant impacts is industrial waste reduction versus first-use materials. These recycled PVC payment cards save a…

Curlec announced today that they have secured funding from 500 Startups. The fintech startup which focuses on simplifying recurring payments said that they will be using the fund to further grow their Malaysian operations through product development, strategic initiatives and market expansion. The company was launched in 2018 and received its seed funding from Captii Ventures in March 2019. Since its launch, Curlec now serves companies such as AXA Affin, Axiata, and Stashaway, as well as a wide range of SMEs. “In light of Covid-19, we continue to see growth in our offering, with many traditional businesses having to shift…