Setel an e-payment solution that enables drivers to purchase fuel directly from their mobile devices will soon be available at PETRONAS stations nationwide. First introduced in 2018, was developed to “eradicate customer pain points in refueling. It was initially only available in 40 PETRONAS stations but it has since expanded to be available 700 PETRONAS stations in Malaysia. The company said that it is looking to rapidly expand the service nationwide in the next few weeks. “As of January 2020, Setel recorded over 3 million transactions and has garnered positive responses from our customers in the Klang Valley. We…

Events are often a good way to connect and reconnect with people from the industry. In keeping with our yearly tradition, we endeavor to list down all the relevant fintech events in Malaysia that the community can consider attending. Our 2020 list of fintech events in Malaysia will be updated regularly as and when we come across relevant events. Below are latest list of fintech events in Malaysia that we’ve compiled so far. If you are organising a fintech related event in Malaysia you’re not listed below please drop us a line here Fintech: eKYC & Digital Bank February 6, 2020…

BigPay just added three new corridors to its international remittance service: India, Nepal and Bangladesh. BigPay’s remittance service was first launched in September 2019, with remittance service available to Singapore, Thailand, Indonesia, and the Philippines. The service enables users to send money directly from Malaysia to bank accounts of the aforementioned corridors at a fixed fee per corridor with no hidden fees or extra charges. With the addition of these three new corridors, user can now use BigPay to remit money to a total seven different countries. In their media statement, BigPay stated that in the four months that they…

Luno and Shopee announced a new partnership today signaling the first such collaboration between an e-commerce player and a crypto platform in Malaysia. As a result of this collaboration, Malaysians now have access to deals, discounts, and vouchers on Shopee which they can purchase and convert into cryptocurrencies like Bitcoin and Ethereum on the Securities Commission-regulated crypto exchange platform, Luno. “Being a regulated exchange allows us to explore new ways of expanding access to crypto for users in Malaysia. An innovative approach is to leverage the breadth and depth of e-commerce players like Shopee. We expect this effort to drive…

Finance Minister Lim Guan Eng today launched the Cashless Ecosystem for Cyberjaya, a collaboration between Cyberview and PayNet. In a media statement issued to Fintech News Malaysia, Najib Ibrahim, Managing Director of Cyberview shared that Cyberjaya will be the first city to adopt the national payments QR code known as DuitNow QR. DuitNow QR is part of the Interoperable Credit Transfer Framework ( ICTF ) which mandates that PayNet, as the country’s shared payment infrastructure provider, implement an interoperable and common QR standard for Malaysia. Peter Schiesser, Group CEO, PayNet revealed that currently, nine banks are already offering DuitNow QR…

Fresh off securing a global cross-border remittance partnership with AliPay, cross border payment specialist Tranglo announced today the support for WeChat Pay Hong Kong’s users to send money to Indonesia and the Philippines. Mobile and electronic payment services in Hong Kong have surged in popularity in recent years. According to a 2018 Hong Kong survey, WeChat Pay HK topped the satisfaction charts for mobile wallets in the city. Through the partnership, WeChat Pay HK’s users can perform transactions through the We Remit function on the mobile payment platform This collaboration will expand WeChat Pay HK’s footprint and offer its users…

DriveMark®, a subsidiary under KATSANA announced the pilot launch of  “Safe Driving Rebate Program” with the support of Etiqa Insurance and Takaful Ikhlas General Berhad. Intended as a precursor to a full-fledged usage based insurance, the pilot is expected to run for 6 months and will reward safe drivers with up 30% motor insurance rebate on top of existing No Claim Discounts at the end of the motor insurance policy period. The program is part of an on-going collaboration with Etiqa Insurance Berhad and Etiqa Takaful Berhad. Since then DriveMark claims to have logged over 32 million trips in Malaysia…

Tranglo through its Singaporean entity has entered into a partnership with Alipay to provide cross border remittance services The company said the deal marked a significant milestone in the company’s history, as it enters a collaboration for the first time with Alipay, which is operated by Ant Financial, the payments affiliate of Alibaba Group. Alipay currently serves more than 1.2 billion users around the world together with its local e-wallet partners. Licensed and regulated by the Monetary Authority of Singapore to perform remittance business, Tranglo maintains far-reaching remittance corridors with partners from the UK to Australia. As part of the…

2019 was a strong year for Malaysia’s peer-to-peer (P2P) financing industry as total financing increased to RM521 million cumulatively and is expected to continue to thrive in 2020 with RM 1 billion in total financing, according to Funding Societies Malaysia. It further stated that in 2019, Funding Societies has disbursed RM 400 million in financing to SME, an almost 250% increase from the year prior. The company claims to have now captured over 60% of market share in the P2P financing industry, they also shared that in South East Asia, they have disbursed more than RM 3 Billion in financing.…

Sunway Malls announced yesterday the adoption of a Unified Payment Terminal which accepts cashless payments from major e-wallets, debit cards, and credit cards. Sunway Malls has seen over 750 of its retailers utilise cashless payments, and the current e-wallet partners include Alipay, Boost, Grabpay, GoodKredit, Maybank QRPay, Mcash, Touch ‘n Go eWallet and WeChat Pay with more in the pipeline. Singaporeans will also be able to use their debit card to make payments thanks to a partnership between NETS and PayNet announced recently this month which enables cross border debit card payments. In order to encourage shoppers to start utilising…

The Touch ‘n Go eWallet announced today that they have enabled street parking payment for areas under the jurisdiction of Kuala Lumpur City Hall (DBKL), Majlis Perbandaran Subang Jaya, Perbadanan Putrajaya, Majlis Daerah Kuala Langat Selangor and Majlis Perbandaran Kota Bharu. While the street parking feature is currently available at five districts, the Touch ‘n Go eWallet is currently working with different municipalities across Malaysia to enable more street parking payment options for its users in the coming months. Ignatius Ong, CEO of TNG Digital Sdn Bhd said, “We’re all about making lives easier and more convenient for all Malaysians.…

UOB Malaysia and Finlab announced Wednesday that the SMEs that have completed their Jom Transform Programme are expected to see productivity rise up to 30% through digitalisation Launched in June 2019, The Jom Transform Programme is a business transformation programme in Malaysia to help local businesses digitalise their operations to drive productivity and revenue growth. During the three-month programme, the 16 participating SMEs gained digital transformation skills and know-how such as business re-engineering and digital marketing. As part of their skills development, they learnt essential knowledge from experts at a series of workshops and were matched with specially-chosen technology partners…

soCash a Singaporean fintech startup that enables users to withdraw cash from retailers, has announced their partnership in Malaysia with Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) to establish ATM free cash withdraw at services operated by Malaysian cooperatives. SoCash’s services are similar to BSN’s agent banking model, where it is currently able to serve customers who reside in areas where ATM machines aren’t within a convenient distance. While Malaysia’s access to ATMs are relatively high with 4.6 ATMs per 10,000 adults, the distribution of these ATMs aren’t necessarily even across the nation making services as such necessary to these undeserved…

RHB Islamic Bank announced today that they have collaborated with Boost and the Ministry of Health Malaysia to enable e wallet payments within government clinic. Under this partnership, RHB is the main banker for MOH in managing collection and payment accounts. Today’s collaboration will see the implementation of Boost e-wallet at 4 pilot locations namely, Klinik Kesihatan Cheras, Klinik Kesihatan Kuala Lumpur, Klinik Kesihatan Putrajaya Presint 18 and Klinik Kesihatan Seremban. Datuk Seri Dr Dzulkefly Ahmad, Minister of Health Malaysia, said this in his speech at the launch today. “The use of this e-wallet adds value to MOH, counter services…

Prudential announced today a partnership with Boost to enable e-wallet payments for Prudential’s customers. Through this partnership the insurer’s customers can now opt to use Boost as a payment option on Prudential’s website. This payment option is made available for premium payments of both Prudential’s conventional insurance and takaful products. For now users will still need to manually make the payment every month but Khairil Abdullah, CEO, Boost, revealed to Fintech News Malaysia that they are looking to roll out a recurring payments feature by next month According to Prudential’s CEO, Gan Leong Hin, shared that 25% to 30% of…

Soft Space and its Thai-based partner Digio announced Thursday that they landed a partnership with interbank payment provider, Processing Center Company (PCC), Thailand’s PayNet equivalent. The solution, dubbed “FLite” will be deployed by one of PCC’s shareholder banks and the parties involved said in a statement that it is aimed at encouraging a more pervasive use of cashless payments in Thailand. FLite comprises an NFC based EMV Chip reader that pairs with merchants’ smartphones preloaded with the bank’s secure application. According to them, FLite is a secure, fully-featured and affordable card acceptance channel designed especially for SME merchants and is…

Fi Life announced today that it has added a new 20-year level term life insurance policy to its current suite of life insurance policies. This level term policy is underwritten by Tokio Marine Life Insurance Malaysia Bhd. The company said that the level term policy complements Fi Life’s existing yearly renewable term life policy, which has been offered to Malaysians since 2015. The main difference between a 20-year level term policy and a yearly renewable term policy is that premiums for the level term policy are fixed and guaranteed for the next 20 years. With a yearly renewable policy, premiums…

Funding Societies Malaysia, the largest peer-to-peer (P2P) financing platform in the country and Southeast Asia, has announced its partnership with Carsome, one the region’s largest used car trading platform to offer dealer financing, a financing product offered to local car dealers for the purchase of used motor vehicles. Through this collaboration, 1,600 used car dealers under Carsome could potentially benefit from a total financing amount of USD 200 million. The partnership is in line with both platforms’ mutual aim to empower Malaysia’s small and medium-sized enterprises (SMEs) with short-term financing to help expand their businesses, particularly the underserved local used…

In a bid to capture foreign markets, Malaysian banks are increasingly turning to launching a digital bank as a strategy. Hong Leong Bank announced recently that they have a launch a digital bank that they described as a next-generation, customer-centric digital bank. This news comes after CIMB who has also similarly launched a digital bank in both the Philippines. According to their media statement, the on-boarding process for new customers only takes two steps and can all be completed digitally via its mobile banking platform HLB connect. Once customers are on-boarded customers will receive a Visa virtual pre-paid card with…

iPrice and App Annie recently teamed up to compile data on which is the top e-wallet in Malaysia. Their findings are based on both monthly active users and a combined number of downloads in iOS and Google Playstore. Below are their findings on which is the top e-wallet app in Malaysia. Grab is the Top E-Wallet in Malaysia? Securing their license from Bank Negara Malaysia in December 2018, Grabpay officially began rolling out its wallet in 2019. The study indicates that “Grab is the most actively used e-wallet” however since the data includes users who may be using the…