Author: Fintech News Malaysia

Parkson Credit and Boost Bank are teaming up to give underserved Malaysians easier digital access to loans, insurance and current or savings accounts. The alliance combines Boost Bank’s banking infrastructure with Parkson Credit’s consumer financing expertise. Customers will be able to access the products through simplified onboarding and digital channels. Danny Poh, Chief Executive Officer of Parkson Credit said, “By leveraging our complementary strengths, we are confident this partnership will create a more seamless and efficient financing ecosystem, enabling us to serve underserved communities more effectively while accelerating our growth across broader market segments.” Fozia Amanulla, Chief Executive Officer of…

Bank Islam Group recorded a net profit of RM254.2 million for the first half of 2026. This was 0.5% higher than the RM253 million posted a year earlier as rising overheads, impairment allowances and financing costs offset stronger income. Net income grew 5.1% year-on-year to RM1.43 billion, supported by stronger fund-based income and fee and commission income. Lower gains from securities sales partly offset the growth. Total overhead expenses rose 3.9% to RM855.9 million as Bank Islam invested in talent, digital capabilities and technology infrastructure. Its net allowance for impairment on financing and advances climbed 17% to RM143 million, while…

Bank Negara Malaysia (BNM) has fined Setel and two Standard Chartered entities a combined RM901,500 over sanctions screening failures. Setel Ventures was fined RM637,500. Standard Chartered Bank Malaysia and Standard Chartered Saadiq received penalties of RM132,000 each. BNM identified Setel’s breaches after the company submitted a report involving several individuals or entities on Malaysia’s Domestic List. Setel Ventures operates Petronas’ Setel app, which provides fuel payments and other mobility services. Further checks found that Setel had not promptly updated its sanctions database or screened its customer records as required. It also failed to determine whether potential matches were genuine. BNM…

Principal and CIMB have launched a globally diversified Shariah-compliant fund for investors. The Signature Dynamic Income Focus-i Fund is the first such offering in their Signature Series. It was launched through Principal Asset Management, their joint venture. The income-focused fund also makes a measured allocation to equities for potential long-term capital growth. Its mandate gives the investment team flexibility to seek opportunities across regions and issuers instead of depending on a single market. All investments undergo Shariah screening, excluding businesses involved in activities such as alcohol, gambling and tobacco. The wider Signature Series includes the Signature Dynamic Income Fund, Signature…

AEON Bank will reward selected customers for making DuitNow QR payments between 17 August and 27 September. Customers will receive one lucky draw entry for every eligible transaction of at least RM15 under the six-week Merdeka Bonus campaign. The digital Islamic bank will randomly select 69 winners each week, with each receiving RM31 in their AEON Bank Savings Account-i. The campaign will award 414 prizes in total. Each customer can win up to three times and receive a maximum of RM93. AEON Bank also held an event at Central Market in Kuala Lumpur on 21 August, where 30 participants received…

Malaysian businesses can now offer DuitNow Pay through Razorpay Curlec’s online checkout. The Bank Negara Malaysia-licensed payment gateway is among the first few PayNet participants to offer the service to Malaysian businesses. DuitNow Pay brings participating banks and e-wallets together under a single checkout option. Customers can search for their preferred bank or e-wallet and authorise the transaction through their financial institution’s platform or app. They are then redirected to the merchant’s website without entering card details at checkout. Planned features include saved payments and recurring payment support for subscriptions, instalments and scheduled bills. Razorpay Curlec merchants will receive these…

Eligible TNG eWallet users can now apply for a GXBank loan of up to RM150,000 without opening a separate bank account. The new option comes through FlexiCredit, which TNG Digital has added to its CashLoan service. Unlike a conventional loan, FlexiCredit operates as a revolving credit line that approved users can draw from when needed. Users do not need to reapply each time they draw from the facility. Their available credit is replenished as they make repayments. FlexiCredit offers repayment periods of six to 60 months. Flat interest rates start from 3.78% per annum, equivalent to an effective interest rate…

StoreHub has secured a strategic investment from ShardLab and disclosed that its merchant network processes about US$3.5 billion in annual transaction value. The size of the investment was not disclosed. The commerce and payments platform supports more than 20,000 merchant locations across Malaysia, the Philippines, Thailand and Japan. Its network processes more than 200 million transactions a year, according to the company. StoreHub and ShardLab will also establish a joint venture to explore and test new payment and rewards services for merchants and consumers in the region. The companies did not provide details about the planned products or a timeline…

Appasia Capital has filed a civil suit naming eight Kuala Lumpur Football Association (KLFA) office bearers over an alleged loan used to pay players’ salaries in 2022. Court documents reviewed by The Edge show that the licensed money lender filed the case on 16 May 2025 and is claiming RM1,044,283.35. Appasia alleges that it agreed to provide KLFA with an unsecured RM1 million loan at annual interest of 8.4%. KLFA later obtained another RM250,000 and paid a total of RM406,000 by 31 January 2025, according to the claim. Current Officials Seek to Strike Out Suit The defendants have applied to…

microLEAP is working with Provident Banc to explore conventional and Shariah-compliant P2P financing for Malaysian SMEs. The companies have signed an MoU covering financial education, knowledge sharing and responsible financing initiatives. Provident Banc is a Malaysian financial services provider offering financing to individuals and businesses. microLEAP operates a peer-to-peer financing platform registered as a Recognised Market Operator with the Securities Commission Malaysia. “Access to transparent, ethical and accessible financing remains a vital priority for growing Malaysian businesses navigating today’s economic realities. Through this partnership with Provident, we aim to explore new ways to strengthen financial inclusion and expand access to…

Former UBB Investment Bank CEO Razlan Raghazli pleaded not guilty to a cheating charge involving a RM139.89 million payment to an education company. Razlan, entered the plea before Sessions Court Judge Azura Alwi in Kuala Lumpur on 19 August, according to Bernama. The charge alleges that he led UBB Amanah Managing Director and CEO Aida Aizura Othman to believe a payment schedule followed legal advice from Kassim Tadin, Wai & Co despite knowing it contradicted the firm’s advice. This allegedly caused Aida Aizura to release RM139,891,776 to ELMU Higher Education Sdn Bhd in September 2025. Razlan was charged under Section…

Ryt Bank claims it has become Malaysia’s largest digital bank after reaching more than 1.5 million customers in its first year. Its app became Malaysia’s most downloaded application across the Apple App Store and Google Play in February 2026. The app also ranked first in the finance category that month. Customers have used Ryt AI more than 10 million times for everyday banking since its launch. The AI assistant supports English, Bahasa Melayu and Chinese. Ryt AI runs on ILMU, a Malaysian sovereign large language model developed by YTL AI Labs. It can process receipts, images and attachments, handle several…

AFFIN Bank and PT Bank Central Asia Tbk (BCA) have signed a cross-promotion agreement giving their credit cardholders reciprocal lifestyle perks and privileges across Malaysia and Indonesia. The agreement covers benefits such as exclusive discounts, complimentary gifts, upgrades, preferential pricing and priority access to concerts, hotels, dining, department stores and other selected merchants. Under the arrangement, BCA credit cardholders get special benefits when paying at merchants designated by AFFIN. AFFIN credit cardholders get privileges at merchants designated by BCA. AFFIN will announce details on participating merchants and offer mechanics progressively through its official channels once the campaign begins on 20…

Hata has finally introduced BNB trading for Malaysian users. Customers can now buy and sell the cryptocurrency directly with ringgit on the Hata Malaysia platform. Originally launched by Binance, BNB is the native cryptocurrency of the BNB Chain ecosystem and is used to pay transaction fees across the network. Hata Co-Founder and CEO David Low described the company as the first and only regulated exchange in Malaysia to offer direct BNB MYR trading. David added, “Ever since I entered Malaysia’s regulated exchange industry in 2018, it’s been a personal goal of mine to see BNB become legally and officially accessible…

Maybank has completed Malaysia’s first tokenised supply chain financing deal worth RM1 million. The bank conducted the pilot with Virtual Economy Technology Sdn Bhd, known as V Systems, using its NexA tokenisation platform. V Systems is a participant in the first cohort of the Securities Commission Malaysia’s regulatory sandbox, selected in November 2025 under the alternative financing track. Syarikat Logam Unitrade Sdn Bhd, a Malaysian supplier of construction and building materials, participated in the transaction, with Maybank providing the financing. The pilot tokenised the full process from invoice approval to disbursement and settlement in a live commercial environment. Maybank expects…

Account takeover shows why fraud risk cannot be treated as an onboarding problem. Fraudsters are using stolen credentials, phishing and social engineering to get into real customer accounts, then move money, change account details or steal sensitive data. Banks see that pressure most clearly at login, account recovery and high risk transactions. The challenge is stopping account takeover without making everyday digital banking harder for customers. This webinar will discuss Why trusted customer accounts are becoming a bigger target for fraudsters How account takeover can expose gaps in login, recovery and transaction controls Where phishing resistant authentication can help reduce post…

AFFIN Group and Baiduri Bank, Brunei Darussalam’s largest conventional bank, have signed a Memorandum of Understanding to expand cross-border banking between Malaysia and Brunei. The deal combines AFFIN’s network in Malaysia with Baiduri Bank’s domestic franchise in Brunei, creating a more direct financial corridor for businesses in both markets. Under the MoU, the banks will explore collaboration across commercial and retail banking, financing, trade finance, treasury, investment banking, stockbroking, asset management and unit trusts. The partnership comes as bilateral trade between Malaysia and Brunei continues to grow, reaching RM5.8 billion in 2025 and RM2.4 billion in the first half of…

Paywatch is expanding its earned wage access service with a feature that lets employees use accrued wages for selected medical and wellness services. The company has partnered with IMU Healthcare to launch MediPay in September 2026 for employees whose companies offer Paywatch. Users can choose from seven healthcare packages in the Paywatch app and pay using wages earned before payday. The initial services include health screenings and therapeutic treatments. In the second phase, Paywatch and IMU Healthcare plan to add discounted dental care, chiropractic treatment and other therapeutic services that standard employee insurance may not cover. “When 80% of working…

Maybank will discontinue its Grab co-branded credit card on 7 September and move existing users to a new cashback card. The decision follows the end of its co-brand partnership with Grab. Customers will begin receiving their replacement cards from 12 September, with deliveries continuing through October. The cards will be provided at no additional cost. Until then, customers can keep using their current physical and digital cards without interruption. The new cashback structure will also apply to transactions made with the current card during the transition. Transactions posted before the effective date will still earn GrabCoins. New Cashback and Overseas…

Perbadanan Insurans Deposit Malaysia (PIDM) has appointed Afiza Abdullah as its new Chief Executive Officer (CEO), effective 28 August 2026, according to its website. She succeeds Rafiz Azuan Abdullah, who led PIDM for nine years, and moves into the role after 15 years managing the organisation’s resolution and crisis planning work. The appointment follows the process set out under the PIDM Act, which requires the Minister of Finance to appoint the CEO on the recommendation of PIDM’s Board of Directors. Afiza will serve a three-year term. “With Afiza’s strong leadership and expertise, the Board is confident that her appointment will…