SME digital financing platform Funding Societies Malaysia, announced that it has disbursed RM1 billion in financing to micro, small and medium enterprises (MSMEs) across more than 17,000 financing deals. This milestone comes as the platform enters its fifth year of operations in the country. Funding Societies said that the platform was in a better position to react and to adjust its business model and risk underwriting by learning from the challenges and uncertainties it faced in the past two years. This had resulted in the firm witnessing 100% growth of financing deals in 2021 compared to the previous year, while maintaining…

HSBC Malaysia has launched a multi-currency digital wallet that enables small-and-medium enterprises (SMEs) to make and receive international payments from one single global account. The HSBC Global Wallet is fully integrated within the bank’s existing business banking platform, HSBCnet, and taps into the bank’s global payments network. The bank said that the global wallet significantly reduces the time in which money can be delivered to a overseas beneficiary and removes the need for businesses to use third-party providers for international transactions. SMEs can send and receive money in 10 currencies including the US Dollar, Japanese Yen, renminbi, Singapore Dollar and…

Versa Asia, a Malaysian digital cash management platform, announced that it has achieved over RM 100 million in transactions. The firm has also witnessed the creation of over 30,000 accounts on its platform in less than a year after the official launch. In recent years, digital cash management platforms have become a more popular investment method as these platforms invest in secure mutual funds with high liquidity. Launched in partnership with Affin Hwang Asset Management, Versa is a money market fund investment, a type of mutual fund intended to offer high liquidity with low level of risk. With entry fees…

As Malaysia prepares to hand out its first digital banking licenses, fintech innovators, incumbent banks and tech providers are sharing their views and predictions on what the industry will look like following this major liberalization push. Speaking with Fintech News Malaysia, top executives from Axiata Digital, RHB Bank, Standard Chartered and banking software provider Temenos said they anticipate a shakeup of the banking sector, fueled by new business models and the pervasive use of cutting-edge technologies. Khairil Abdullah, CEO, Axiata Digital, expects the new framework to encourage innovation and facilitate the development of innovative business models, all the while creating…

Earned wage access (EWA) service provider Paywatch has raised US$ 5.25 million in a seed funding round led by US venture capital firm Third Prime and prominent family offices in Singapore and Hong Kong. Operating in South Korea, Malaysia and Hong Kong, the company plans to use the fresh funds to further grow its presence in existing markets, as well as accelerate expansion efforts into new Southeast Asian markets, including Indonesia and the Philippines. With this seed financing, Third Prime is now a new partner at Paywatch. SparkLabs, Won & Partners and CTK Investments also participated in this round. Paywatch…

Malaysian online equities broker Rakuten Trade announced the expansion of its Cash Upfront Trading Account to include access into foreign markets beginning with the US. Rakuten Trade said that this decision was based on a high volume of requests that it has received since its launch in 2017 as a result of a partnership between Kenanga and Rakuten Group. Designed for the digitally savvy individuals who are keen to execute self-directed trades, Rakuten Trade’s Cash Upfront account offers retail investors low brokerage fees (from RM7 to RM100) and competitive exchange rates for trading on both Bursa Malaysia and US markets. The…

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…