Author: Fintech News Malaysia

Jamie Ling Fou-Tsong has been appointed as the Group Chief Executive Officer and Chief Executive Officer of AmBank. His appointment takes effect on 23 November 2023. He succeeds Dato’ Sulaiman Mohd Tahir who was reported to be leaving the bank after 8 years as his contract was expiring in November. Until recently, Jamie has served as the Group Chief Financial Officer at AmBank since 2017. Prior to that, Jamie was the Regional Chief Financial Officer of Standard Chartered Bank for Greater China and Northeast Asia, covering Hong Kong, Taiwan, China, South Korea and Japan. Jamie’s in-depth commercial and financial experience…

The Securities Commission Malaysia (SC) has launched a new guidance for the Islamic capital market – Maqasid Al-Shariah Guidance Islamic Capital Market Malaysia. The guidance was launched by Deputy Minister of Finance I, Datuk Seri Ahmad Maslan at the SC-World Bank Conference. The guidance is based on six overarching aspirations: Humanity, Justice and Benevolence, Clarity and Transparency, Flexibility and Innovation, Fiduciary and Accountability, and Accessibility and Inclusivity. The guidance is designed to enhance the Islamic capital market’s competitive advantage and fortify its impact and contribution to society and the real economy. It is also in line with the SC’s Capital…

The Amazon Web Services (AWS) is expanding its presence in Malaysia by going live with the new AWS Region in Kuala Lumpur in 2024. AWS will invest RM 25.5 billion to build the new AWS Region in Malaysia by 2037 to support the country’s digitisation ambitions. This will give developers, startups, enterprises, and government organizations greater choice for running their applications and serving end users from data centers located in Malaysia. It will also enable customers with data residency preferences to store data securely in Malaysia, and help customers to achieve even lower latency and serve demand for cloud services…

UK-based embedded services provider mmob Ltd today announced that Arsalaan (Oz) Ahmed will join as its Executive Chairman. Oz had co-founded mmob with its CEO Irfan Khan in 2020. Moving forward, Oz will be based in Malaysia where mmob has a subsidiary, mmob Sdn Bhd, servicing the ASEAN region. Oz is a banking leader with nearly two decades of experience in financial services. He was most recently the Chief Executive Officer of Al Rajhi Banking & Investment Corporation (Malaysia) (ARBM). At 36 years old, Oz was the youngest CEO of an Islamic bank in Malaysia when he was first appointed…

Vircle, a Malaysian neobanking service provider for kids, has secured seed funding from co-lead investors Kumpulan Modal Perdana (KMP) and Gobi Partners. Details of the funding was not disclosed. Gobi made the investment through the Gobi Dana Impak Ventures (GDIV) fund which is a part of Khazanah Nasional’s Future Malaysia Programme, an initiative to support the nation’s startup ecosystem. To date, Vircle has partnered with dozens of private and international schools across Malaysia. The funding will be used to further expand Vircle’s services to public schools nationwide. Vircle’s app provides parents with a regulated financial tool to help their children…

Malaysian millennials and Gen Zs are embracing the newly launched Versa Private Retirement Scheme (PRS), with over RM1 million in cash ins within 5 days of its soft launch. Managed by AHAM Capital and regulated by the Securities Commission Malaysia, users can start saving from RM100 with Versa PRS. Versa PRS offers three conventional funds and three Shariah-compliant funds. Versa’s app is also able to recommend a suitable fund to users after a short risk assessment quiz. To encourage users to save for retirement, Versa is giving its users an additional RM50 bonus and 6% p.a. net returns on their…

The Securities Commission Malaysia (SC) has launched the Shariah Mentorship Programme, a three-year initiative to build a sustainable talent pipeline of Shariah professionals in the Islamic capital market (ICM). The programme is administered by ISRA Consulting, a wholly-owned subsidiary of INCEIF University and the SC’s strategic partner. It focuses on developing capable Shariah professionals with increased professionalism, technical competencies, and regulatory expertise. Each cohort of the programme will consist of 15 participants who will undergo a two-month intensive classroom learning and a six-month internship placement at selected organisations. Participants will also receive a monthly allowance throughout the programme, supported by…

Banking leaders find themselves at that pivotal time of the year when they must strategise their transformation goals for the upcoming year. In Asia, digital banking has become ingrained in consumers’ lifestyles, evolving into a core expectation and a decisive factor in their interactions and choice of financial service providers. As we approach the banking landscape of 2024 in Asia, leaders must address multifaceted challenges. These include integrating lifestyle-focused digital banking, delivering personalised offerings through AI-driven automation, providing unified customer views for customer servicing, embracing conversational banking, facilitating ease and acceleration in money transfers and cross border payments, inclusive banking,…

Malaysian payments firm Curlec by Razorpay has become a member of the Payments Network Malaysia (PayNet). Curlec is the first new PayNet member since 2019. As a member of PayNet, Curlec will be able to adopt the DuitNow product suite, allowing its customers to make and receive real-time payments from bank accounts and e-wallets. Curlec is also able to leverage innovations that the Razorpay Group has built around real-time payments in India, the Unified Payment Interface (UPI). UPI has processed 74 billion transactions in 2022 and has been growing on an average of 380% since its inception in 2016. Indian…

Generali and the United Nations Development Programme (UNDP) have joined forces to introduce the “Insurance Innovation Challenge Fund” (IICF) in Malaysia. This initiative invites proposals from participants across the country, with a focus on inventive insurance solutions designed to enhance the resilience of small and medium-sized enterprises (SMEs). The submissions sought should provide sustainable, long-term solutions aimed at safeguarding SMEs from climate-related and other risks. This can be achieved through the expansion of existing solutions, collaboration with diverse distribution channels, and the integration of new technological advancements. The insurance products can encompass various areas, such as protection for stock and…

Agrochemical company Hextar Technologies Solutions (HexTech) has made its foray into fintech with the roll out of its mobile app called MoneyX, according to The Edge Malaysia. RM100 million was reportedly invested to build and promote the MoneyX app. Touting it as a “superapp”, MoneyX is a personal finance management app that enables users to track their income, expenses, and investments in one place. The app also leverages AI to provide users with personalised and ongoing financial product suggestions and updates tailored to the user’s needs. Additionally, users will be able to store important documents like bills, insurance policies, and agreements…

Regtech provider Know Your Customer and Credit Bureau Malaysia have announced a partnership to provide a one-stop know-your-business (KYB) data solution in Malaysia. The partnership will give Credit Bureau Malaysia’s clients access to Know Your Customer’s global register network, which spans over 130 countries and provides official company data and documents on millions of companies. This will help compliance teams to map shareholding structures across borders and identify ultimate beneficial owners worldwide. The partnership is also expected to automate periodic reviews, flagging material changes in corporate structure or business details sourced from the registry. This marks a significant milestone in…

The JC3’s SME Focus Group (SFG) has launched a new portal, ESG Jumpstart, to help small- and medium-sized enterprises (SMEs) adopt ESG practices. ESG Jumpstart is a one-stop information portal that provides SMEs with a simple and practical reference guide, as well as suggested actions they can take to build up their basic ESG knowledge and capabilities. To support SME access to ESG financing, UOB Malaysia will participate in Credit Guarantee Corporation Malaysia’s RM1 billion portfolio guarantee scheme. This guarantee aims to accelerate industry-led ESG financing initiatives by local financial institutions. The launch took place during the JC3 Journey to…

Payment solutions provider Revenue Group announced that its subsidiary, Revenue Harvest, has obtained an online moneylending license from the Ministry of Local Government and Housing Development (KPKT). The license is effective from 12 October 2023 to 31 March 2025, and is renewable every two years. The company plans to provide digital loan and microfinancing services to its existing customers and potential micro, small, and medium enterprises (MSMEs). This will allow Revenue Group to offer an end-to-end solution by enhancing its business offerings to bridge the payment and credit gap in the financially underserved market. Revenue Group currently provides extensive payment…

Local firm AMB Connect has secured the in-principle approval from the Securities Commission (SC) Malaysia to operate an Islamic equity crowdfunding platform. With this approval, the company will be able to provide alternative funding solutions for micro-small and medium enterprises (MSMEs) and create investment opportunities for individuals and organisations. Cham Owi Tong, CEO of AMB Connect said, “We are appreciative and extremely excited on receiving the approval-in-principal from the SC to operate the Islamic equity crowdfunding platform, offering an alternative funding solution to Micro-Small Medium Enterprise (‘MSME’) as well as investment opportunities to investors. We are determined to maintain…

Bank Negara Malaysia (BNM) expects at least half of new financing by banks to be aligned with climate supporting or transitioning activities by 2026 as part of the Financial Sector Blueprint. This announcement was made by BNM Governor Datuk Abdul Rasheed Ghaffour at the JC3 Journey to Zero Conference 2023 today. The governor also marked the launch of the JC3’s new website today, which features the improved Climate Data Catalogue. This expanded resource now has nearly 400 verified data sources, alongside additional tools and materials designed to close the significant data gaps in climate and environmental risk information. Datuk Rasheed…

Explore the impact of Malaysia’s new digital insurance licenses on the industry, their potential to address underserved communities, collaboration opportunities with traditional insurers, and the future of digital insurance in Malaysia at this panel discussion. Speakers: Lau Chin Ching, Director of Financial Development and Innovation, Bank Negara Malaysia Khoo Ai Lin, CEO, Zurich Life Insurance Malaysia Rohit Nambiar, Group Chief Executive Officer, Tune Protect Group Yen Ming Lee, Co-founder & Chief Executive Officer, PolicyStreet Moderated by: Malek Ali, Founder, Fi Life

Securities Commission (SC) Malaysia’s affiliate Capital Markets Malaysia (CMM) has launched a Simplified ESG Disclosure Guide (SEDG) to help SMEs within global supply chains disclose ESG data and information. Malaysia is reportedly the first country to do so globally. The SEDG is a set of guidelines that consolidates and simplifies the many complex global and local ESG-related frameworks. It is designed to help SMEs comply with disclosure requests from multiple stakeholders, including customers, investors, banks, and regulators. The SEDG comprises 35 priority disclosures that are aligned with local and global sustainability guidelines. It is further categorised into Basic, Intermediate, and…

UOB Malaysia has launched the Jom Transform – Sustainability Accelerator Programme (JT-SAP) to help small and medium enterprises (SMEs) adopt sustainable practices and accelerate their transition to a low carbon economy. The inaugural JT-SAP brings together over 150 SMEs and industry associations for a three-day workshop. Participants will learn about international case studies, key trends, solutions, and insights on sustainability to help them future-proof their businesses and improve their competitiveness. UOB Malaysia is also rolling out the UOB Sustainability Compass which provides businesses with customised reports based on their sectors and sustainability readiness. Developed with PwC, the UOB Sustainability Compass…

Finology Group, a Malaysian fintech that enables embedded finance, and The Makeover Guys, a provider of all-inclusive property solutions, have teamed up to launch The Makeover Loan. The Makeover Loan is a new personal financing option for home renovations in Malaysia that offers competitive interest rates and a 7-year repayment period. To apply, homeowners simply need to provide their contact details to The Makeover Guys. A Finology team member will then contact them to discuss their financing needs and help them through the application process. Finology and The Makeover Guys will also provide a Makeover Loan Calculator on the latter’s…