Author: Fintech News Malaysia

The Fintech Association of Malaysia (FAOM) and FIDE FORUM have partnered to enhance fintech awareness among senior banking leaders and improve governance within the industry. Together, FAOM and FIDE FORUM are set to engage in sharing information and research, concentrating on areas such as blockchain technology, digital payments, regulatory compliance, and cybersecurity. Their studies will investigate the effects of emerging technologies on financial services, the impact of regulatory changes on fintech startups, and strategies to encourage sustainable growth within the sector. Regular information-sharing sessions and forums are planned to facilitate open dialogue and continuous learning among members of both organisations.…

TNG Digital, the operator of Touch ‘n Go eWallet, will offer up to RM100 million in GOrewards points and free merchant vouchers to each eligible eMADANI 2023 claimant. For every Ringgit spent, users will earn a 1% equivalent in rewards. The eMADANI initiative, aimed at benefiting up to 10 million citizens including the B40 and M40 groups, will provide a one-time e-cash credit of RM100 to each eligible adult. Eligible individuals claiming their eMADANI credit through Touch ‘n Go eWallet will receive 1,000 GOrewards points and over RM500 in free vouchers from over 60 prominent brands, including 7-Eleven, Watsons, and…

GX Bank Berhad (GXBank) has officially launched its digital bank app for the Malaysian public, one of the first Bank Negara Malaysia’s (BNM) licensees to do so. The digital bank had previously undergone a beta testing phase with 20,000 local users following a successful internal testing with its employees and partners. 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 used at 10,000+ MEPS ATM…

Cradle Fund has announced the appointment of Norman Matthieu Vanhaecke as its new Group CEO, starting 23 November 2023, according to a report by Bernama. Vanhaecke has been serving as the acting group CEO since 1 June 2022. He had joined Cradle Fund in 2020 as the head of finance and corporate services. His professional experience includes roles in auditing at KPMG and various strategic, financial, and management positions in the petroleum industry and in multinational and governmental sectors. Incorporated under the Ministry of Finance Malaysia (MOF), Cradle has funded over 1,000 early-stage Malaysian tech startups in over 20 years.…

The Malaysian government has allocated RM1 billion to the eMADANI initiative, aimed at benefiting up to 10 million citizens including the B40 and M40 groups. This programme, set to commence on 4 December 2023, and ending on 20 February 2024, will provide a one-time e-cash credit of RM100 to each eligible adult. Participants can choose from four e-wallet service providers – Maybank’s MAE, Setel, ShopeePay, and Touch ‘n Go eWallet. Alongside the government’s contribution, these providers will offer additional incentives such as vouchers, cashback, discounts, or reward points. The eMADANI credit and corresponding benefits from the participating e-wallet providers can…

SME digital financing platform Funding Societies has tied up with the Halal Development Corporation (HDC) to provide Shariah-compliant digital financing to halal businesses. The partnership was officially cemented through a Memorandum of Agreement, signed by Syarina Hyzah Zakaria, Partnerships Lead of Funding Societies Malaysia, and Hairol Ariffein Sahari, CEO of HDC. This collaboration supports the development of Malaysia’s halal industry, projected to expand to US$113.2 billion by 2030. The industry is expected to contribute significantly to the national GDP, with an estimated 8.1% contribution by 2025. In 2022, halal exports from Malaysia were valued at RM59.5 billion, accounting for 7.4%…

Malaysian fintech CP Global Fintech Solutions has launched its digital investment platform Airo with the aim to democratise investing in the country by offering services starting from RM50. Airo’s platform is designed to simplify investment for beginners while providing advanced options for experienced investors by curating personalised investment strategies. It employs an algorithm-driven approach to manage and diversify portfolios, adapting to market dynamics and individual user profiles. This method allows for real-time adjustments in investment strategies, aligning with the fluctuating global economic landscape. In addition, Airo utilises a modified robust risk measurement system to provide round-the-clock risk management capabilities. This…

Small and medium enterprises (SMEs) are vital in driving economic growth, particularly in developing countries, as they significantly contribute to the GDP and play a key role in job creation. According to the Asian Development Bank, SMEs make up 98% of all businesses and provide jobs for 66% of the labour force in Asia, but they represent only 38% of the region’s GDP. In fact, the World Bank estimates that 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority. While most governments have been introducing policies to support…

Bursa Malaysia in partnership with the UN Global Compact Network Malaysia & Brunei (UNGCMYB) will work together to develop sustainability-focused capability and capacity building programmes that are specifically designed for the Malaysian marketplace. This collaboration, detailed in a Memorandum of Collaboration, focuses on developing sustainability-related programmes and certifications, particularly targeting public listed companies and small to medium-sized enterprises (SMEs). The partnership aims to strengthen the sustainability skills of practitioners within these companies, building on the Corporate Sustainability Practitioner Competency Framework introduced in 2021. This move comes amidst growing scrutiny of corporate sustainability strategies and their integration into business operations. Furthermore,…

TNG Digital has launched Insure360, a comprehensive health insurance center, on its Touch ‘n Go eWallet. This new feature offers a range of critical illness and medical insurance products in collaboration with AIA Malaysia. Insure360 joins a suite of insurance products such as WalletSafe, SafeTrip, SafeHome, and CI Insure previously introduced by the company. This new offering is designed for individuals seeking affordable medical and critical illness insurance, with premiums starting at RM10 per month. The service caters to those needing basic coverage or supplementing their existing medical insurance from employers. The premiums are adjustable based on age and gender,…

AmBank has teamed up with Visa to offer a new instalment payment service to its credit card users in Malaysia. This service, known as Visa Instalments, allows cardholders to convert their eligible purchases into monthly payments. The bank said that this initiative makes it the first Malaysian bank to implement such a service. It offers flexibility for customers, allowing purchases starting from RM300 to be spread over up to 36 months, with 0% interest on instalments. This option is available for both in-store and online transactions at over 3,000 participating merchants nationwide, encompassing sectors such as fashion, jewelry, and electrical…

iFAST Corporation, a digital banking and wealth management platform headquartered in Singapore, has launched its iFAST Global Hub.ai in Malaysia as part of its three-year growth plan to establish its global presence. The newly transformed hub, previously known as iFAST Service Centre, will now focus on enhancing fintech capabilities using Artificial Intelligence (AI) to improve operational efficiency, workflow optimisation, and scalability. The launch marks a strategic shift for iFAST Corp, integrating AI into their operations to better serve global clients. iFAST Corp’s AI initiatives include automating customer service to support over 50 languages by the end of 2025. The group…

Cryptocurrencies data aggregator CoinGecko has announced its first-ever acquisition of Zash, a company specialising in NFT data infrastructure and intelligence, to expand its cryptocurrency data services. CoinGecko plans to introduce new endpoints to its crypto data API by the second quarter of 2024. These will include features such as enterprise-grade NFT data indexing, historical trade data, lending data indexing from various platforms, and wash trading detection for major Ethereum collections. Zash, established in 2021 by Parit Patel and Efe Surekli, offers comprehensive, indexed NFT data from 87 marketplaces, spanning multiple blockchains including Ethereum, Polygon, Binance Smart Chain, Solana, and Bitcoin…

RinggitPay, a home-grown payment platform, is on a mission to simplify payments for Malaysian businesses and their customers. By offering a comprehensive suite of digital payment solutions in collaboration with renowned Malaysian banks and industry-specific ecosystem partners, RinggitPay has processed over RM100 million in transaction volume and successfully onboarded more than 300 merchants. These achievements underscore the platform’s significant impact in streamlining payments and its increasing influence in the Malaysian business landscape. RinggitPay’s commitment to providing comprehensive payment ecosystem sprouts from the identification of certain unique challenges encountered by diverse industries in Malaysia when it comes to digitising payment processes.…

The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) have unveiled a new real-time payment linkage connecting Singapore’s PayNow and Malaysia’s DuitNow. This facilitates instant person-to-person (P2P) cross-border fund transfers, allowing users to transfer funds between the two countries using only the recipient’s mobile number or Virtual Payment Address (VPA). The new linkage allows for daily transfers of up to S$1,000 or RM 3,000 and is the first to involve non-bank financial institutions from both countries, thereby expanding its reach. The Singaporean participants in this service include Liquid Group, Maybank Singapore, OCBC, and UOB, with DBS set to…

SME Corporation Malaysia and SME digital financing platform Funding Societies have launched a new funding initiative called the Bumiputera MSMEs Financing Initiative (BMFI). The BMFI will allocate an initial fund of RM6 million to Bumiputera youth entrepreneurs who participated in SME Corp. Malaysia’s Tunas Usahawan Belia Bumiputera (TUBE) programme that was launched in 2014. As the appointed Financial Partner, Funding Societies will extend its digital financing solutions to the young entrepreneurs through the Tunas Financing-i programme. Under the BMFI, 7,040 registered entrepreneurs and TUBE alumni will have the opportunity to apply for Tunas Financing-i, with minimal documentation and zero collateral…

CoKeeps announced its launch as a Digital Asset Custodian (DAC), being the first to secure a full license from the Securities Commission Malaysia (SC). The SC had previously granted in-principle approval to Gambit Custody in October to be a DAC. The firm’s services are based on its proprietary technology, which uses decentralised security and multi-party computation to remove single points of failure. Its features include cold wallets, hot wallets with API access and smart contract solutions. CoKeeps claims that this makes it more secure than traditional custodial services, which are often vulnerable to hacking and other attacks. The custodian added…

The financial technology arena is a vibrant ecosystem brimming with relentless innovation and swift evolution. This narrative unfolds the cornerstones that anchor the ascent of FinTech startups and scaleups, including those in competitive fields like trading. In a domain where finance and technology converge, only those ventures that are insightful and nimble manage to stay afloat. This discussion is dedicated to unravelling the attributes that spell success for a FinTech enterprise, highlighting the import of pioneering strategies, and unveiling critical insights. We traverse through the strategic anatomy that should be insightful yet succinct, sidelining superfluous chatter, all the while zooming…

TNG Digital has introduced a new loyalty programme called GOrewards for its 21 million Touch ‘n Go eWallet users. The programme allows users to collect points when they use their e-wallet to spend on daily necessities and more. With GOrewards, users can earn points on a variety of transactions, including groceries, food and beverages, bill payments, online shopping, fuel, insurance, and more. They can also collect points for local and international payments made via the Touch ‘n Go eWallet Visa card. Points can be redeemed for rewards such as e-vouchers from renowned brands, Alipay+ Rewards, lucky draws, and physical products…

Travelers from eight countries can now use Alipay+ supported e-wallets to make digital payments in Malaysia by scanning PayNet’s DuitNow QR at over 1.8 million merchants nationwide. Effective 31 October 2023, travelers with the following Alipay+ supported wallets can make cashless transactions in Malaysia; Alipay (China), AlipayHK (Hong Kong SAR), HelloMoney by AUB (Philippines), Hipay (Mongolia), MPay (Macau SAR), Naver Pay (South Korea), Toss Pay (South Korea), and TrueMoney (Thailand). More Alipay+ payment partners are expected to join the network soon. Additionally, DuitNow QR users in Malaysia will be able to make payments at Alipay+ global merchants starting in 2024.…