CTOS’ access to the Central Credit Reference System (CCRIS) has been restored by Bank Negara Malaysia (BNM) effective Wednesday onwards. On 30 September 2021, BNM issued a temporary suspension of CCRIS’ access to all Credit Reporting Agencies as a precaution against what was described as a “credible threat”. CTOS said that it has concluded a comprehensive and detailed review with independent global cybersecurity experts as required by the central bank. After nearly two months of losing access to CCRIS, users can finally purchase their credit score reports from CTOS. On October 25th, Experian was the first to have its access…

Malaysian insurtech platform Fatberry.com announced that it has expanded its footprint to Thailand through the acquisition of Bangkok based MooMoo Non-Life Insurance Broker (MooMoo) for an undisclosed amount. MooMoo started as a non-life insurance broker in 2014, offering motor insurance from its 16 partnered underwriters to over 6000 customers in Thailand. The move was made possible through a collaboration with Fatberry.com’s majority investor, ASEAN Fintech Group (AFG). By adopting Fatberry.com’s insurtech platform and processes, they said its Thailand entity is set to accelerate its growth in the local market. In parallel, the company will now expand its offerings to include…

Southeast Asian SME digital financing platform Funding Societies has partnered with MUFG Bank Malaysia, a subsidiary of Mitsubishi UFJ Financial Group to launch a Referral Scheme Programme exclusively for the bank’s corporate clients in the country. The collaboration aims to propagate the economic recovery of the country through the referral scheme programme by leveraging the digital financing solutions to empower small and medium enterprises (SMEs). Amongst the notable key features of the Referral Scheme includes extended credit terms for SME buyers and accelerated payment for MUFG’s corporate clients. Additionally, credit will be made available to SMEs to fund and purchase…

Standard Chartered’s customers in Malaysia now have the option to avail 0% instalment options on credit cards at any offline point-of-sale powered by merchant commerce platform Pine Labs. The over 25,000 merchant outlets in Malaysia that run on Pine Labs POS terminals will be equipped to process these Buy Now Pay Later (BNPL) transactions. Pine Labs, which is backed by Mastercard, had previously launched its BNPL services in Malaysia in March 2021. “We are very excited to partner with Standard Chartered to provide their customers unique affordability solutions. We are also planning to periodically roll out other important value-added…

Bank Negara Malaysia (BNM) announced today that it is driving inter-agency efforts to enact the Consumer Credit Act in 2022. Datuk Nor Shamsiah Mohd Yunus, Governor of BNM said that this will strengthen regulatory arrangements for all consumer credit activities including providers of Buy Now Pay Later (BNPL) schemes. Bank Negara said it will be working together with the Securities Commission Malaysia and also the Ministry of Finance to enforce the act. “These schemes have been on the rise, not just in Malaysia, but also in other countries and there are legitimate concerns that such schemes may encourage consumers to…

Bank Negara Malaysia (BNM) and Payments Network Malaysia (PayNet) will be participating in Project Nexus by collaborating with international partners on a proof-of-concept (PoC) to improve the cost and speed of cross-border payments. Project Nexus will explore the feasibility of linking the real-time payment systems in Malaysia, Singapore and the euro area. This comprises the Real-time Retail Payments Platform (RPP/DuitNow) in Malaysia, the Fast and Secure Transfers (FAST/PayNow) in Singapore, and the Target Instant Payment Settlement (TIPS) in the euro area. Led by the Bank for International Settlements (BIS) Innovation Hub, Project Nexus is closely aligned with the G20 Roadmap…

Regional payment gateway provider iPay88 announced that it has formed a partnership with buy now, pay later (BNPL) platform Atome. This enables iPay88 to expand BNPL acceptance across its merchant touchpoints in Malaysia. The move is timely as BNPL is expected to more than double its market share by 2024 according to the 2021 Global Payments Report by FIS-Worldpay. As part of the NTT Data corporation, a Japanese system integration company, iPay88 offers ecommerce, online and retail payment solutions to more than 35,000 merchants globally. Today, the company also has presence in Indonesia, Philippines, Cambodia, Thailand and Singapore and currently…

Shariah-compliant P2P (Peer-to-Peer) financing platform microLEAP has announced their collaboration with Bank Pembangunan Malaysia Berhad (BPMB) to finance Malaysia Digital Economy Corporation’s (MDEC’s) Digital Agtech Programme. The programme has been allocated with RM10 million in Shariah-compliant microfinancing for Malaysia’s agriculture community. The collaboration was struck at MDEC’s AI and Data Week (AIDW) 2021 event, where a virtual MOU was signed between BPMB and MDEC. The collaboration will feature funding support from BPMB to drive digitalisation initiatives in the country and will be deployed through microLEAP’s financing platform. With this financing, all parties are hoping to help the farming community thrive…

Torum, a crypto startup who describes itself as a SocialFI Metaverse ecosystem for cryptocurrency users and projects announced today that they have secured a undisclosed sum of strategic investment from KuCoin Labs, the US$ 50 Million incubator and research of KuCoin. As part of this strategic investment, Torum will be building an immersive and interactive SocialFi Metaverse ecosystem, where cryptocurrency users around the world can access Social, Decentralized Finance, NFT and Metaverse all in one place. The partnership with KuCoin Labs will empower Torum with the connection to exclusive partners and access to premium services (blockchain technical support, legal advice)…

Bank Negara Malaysia (BNM) announced that it is organising the second edition of MyFintech Week 2022 (MyFW 2022) virtually from 24 to 28 January 2022 and is expecting more global participation. With the theme ‘Advancing Digitalisation for Recovery, Sustainability and Inclusion, the event will bring a  focus on the importance of sustainability and digital technology in reorienting the role of finance to help economies rebuild towards a more inclusive, resilient, and sustainable future. It will also coincide with the launch of the Financial Sector Blueprint 2022-2026, which will chart the priorities of Malaysia’s financial sector in the next five years. MyFW…

Tranglo, a cross-border payment firm, has announced the launch of its brand new payment corridor to Mongolia. The company said in a statement that it will aim to improve the cross-border payment services in Mongolia via a single connection to regional corridors and local partners. Tranglo’s payment channels in Mongolia include direct-to-bank transfers and cash pickups. Additionally, ongoing improvements that may make their way there include blockchain integration through RippleNet, as a result of its partnership with Ripple. Tranglo helps financial institutions and businesses pay globally through Tranglo Connect, its proprietary cross-border payments solution. It integrates payout and partner services…

Kenanga Investors Berhad has announced the launch of the “Kenanga Sustainability Series: Frontier Fund” with an initial offer period is from 27th October through 3rd December 2021. The fund feeds into the Ericsenz Frontier Fund and is suitable for sophisticated investors who have medium to long-term investment horizons and is available in both MYR and USD classes so investors can choose to invest in their preferred currency. The fund aims to invest primarily in equity securities of global innovative companies with long-term sustainable growth potential, are on the cusps of initial public offerings, and have or will develop products and…

Touch ‘n Go has partnered with Visa to develop a prepaid card solution tied to its e-wallet which is expected to be available to users in 2022. The Touch ‘n Go-Visa Prepaid Card will enable the e-wallet to offer additional cash-out options with last-mile withdrawals at Visa-enabled ATMs domestically and globally. The card complements Touch ‘n Go eWallet’s existing network of QR merchants in Malaysia with Visa’s broad network of more than 70 million merchant locations globally. Touch ‘n Go eWallet will also join Visa’s Fintech Fast Track Programme, allowing it to directly access the payment giant’s global network of…

Omise, a Thailand-based payments gateway for businesses in Southeast Asia and Japan, announced that it has officially launched in Malaysia as part of the company’s ongoing expansion roadmap across the region. As a registered merchant acquirer regulated by Bank Negara Malaysia (BNM), Omise is set to roll out its payment gateway services to all businesses operating in Malaysia. Businesses operating online can now accept payments securely, manage transactions, send payouts, and expand operations regionally to capture more sales and grow revenue. Additionally, businesses already using Omise in Thailand, Japan, and Singapore can now expand their business and operations into Malaysia.…

The Securities Commission Malaysia (SC) today said that fintech could be a key enabler in re-building the Malaysian economy as the country recovers from the pandemic. The regulator also said it would seek to drive greater adoption of digital capability to enhance capital formation efficiencies and increase investor participation in the capital market. In his opening remarks at the SC’s eighth annual fintech conference SCxSC, the SC Chairman Datuk Syed Zaid Albar cited stats from Fintech News Malaysia’s Fintech Malaysia Report 2021 and emphasised the importance of keeping abreast with new developments and fintech important role in shaping the capital…

Bank Negara Malaysia (BNM) has accepted the findings of the security assessment provided by Experian Information Services (Malaysia) Sdn Bhd (Experian) and is restoring Experian’s access to the Central Credit Reference Information System (CCRIS) on 25 October 2021, with immediate effect. Experian’s services and reports containing CCRIS data will then be available as normal to all businesses and consumers. On 30 September 2021, BNM issued a temporary suspension of CCRIS access to all Credit Reporting Agencies (CRAs) including Experian as a proactive and precautionary measure due to a credible cyber threat. In line with BNM’s directive, Experian conducted an extensive…

In the recent release of the Capital Market Masterplan 3 by Securities Commission Malaysia (SC), it was highlighted that Malaysia continues to be a prominent global Islamic Capital Market (ICM) hub, with Islamic assets under management (AUM) growing 2.7 times. Additionally, shariah-compliant assets amounted to RM 2.3 trillion as of the end of 2020, having grown from RM 1.1 trillion in 2010. Malaysia also recorded the largest market share of global sukuk issuance in 2020 at 39.2%, according to RAM. Overall, the global sukuk issuance increased by 16.8% to USD 152.6 billion in that year, compared to USD 130.6 billion…

Novatti, an Australian Securities Exchange-listed payments firm, announced that it has acquired Malaysian fintech ATX for AUD 9.5 million (US$7.1 million) according to MarketScreener. ATX’s management team, including the founders who will be filling in as CEO and director for strategy, will stay on after the deal concludes. This acquisition will enable Novatti to utilise its environment and assets to grow the current ATX business in Malaysia which includes its e-wallet. Novatti will also be able to dispatch extra services by offering other value-added items to ATX’s client base. ATX offers a variety of B2B and B2C payment services with…

MYTHEO, a robo-advisor regulated by the Securities Commission Malaysia, has launched a fully AI-based Environmental, Social and Governance (ESG) themed portfolio known as the MYTHEO Global ESG. The firm claims to be the first in the country to do so. The portfolio will invest primarily in ESG-related equity ETFs, particularly those that has an investment policy of taking into consideration the environment, social and corporate governance such as having a right balance of executives and directors with strong elements of gender and racial diversity, strict anti-corruption policies and strong internal controls in place. This will allow investors to align their…

Malaysian fintech startup MoneyMatch announced today a strategic and multi-pronged partnership with microLEAP, a Shariah-compliant and Conventional P2P (Peer-to-Peer) Financing Platform, regulated by the Securities Commission of Malaysia. This strategic partnership will entail both MoneyMatch accessing microLEAP’s strong base of local investors seeking Shariah-compliant investment opportunities, while assisting MSMEs seeking business financing, as well as microLEAP being able to offer their market-leading Islamic financing solutions directly to MoneyMatch’s over three thousand active small-medium enterprise customers. MoneyMatch’s Shariah-compliant investment note of MYR 1 million is the largest deal ever completed on microLEAP’s platform, since its inception, and is one of the…