Author: Fintech News Malaysia

Fintech News Malaysia has announced the finalists for the inaugural Fintech Frontiers Awards Malaysia, with top leaders and startups competing for recognition in 11 categories. The awards are divided into two categories: overall and vertical. The overall categories recognize the achievements of individuals and companies that have made significant contributions to the fintech ecosystem as a whole. Meanwhile, the vertical categories recognize the achievements of individuals and companies that have made significant contributions to specific areas of the fintech industry, such as payments, wealth management, ESG, insurance, and lending. During the first phase of the awards, Fintech News had invited…

Maybank Investment Bank (Maybank IB) has partnered with Broadridge Financial Solutions, a US-based technology solutions provider, to launch a new securities borrowing and lending (SBL) platform for institutional investors. The front-to back platform is said to be fast, transparent, and Shariah-compliant. It can be integrated with downstream systems for automation and straight-through processing, and it can be scaled to support expansion into other regions. Maybank IB was recently approved by Bursa Malaysia to facilitate client-driven hedging and risk management activities that comply with Shariah principles. Darren Crowther, Head of Securities Finance and Collateral Management at Broadridge said, “We are thrilled…

Payment solutions provider GHL Systems and Standard Chartered Malaysia have partnered to provide merchants with comprehensive payment solutions. As Standard Chartered’s payment service provider, GHL will provide the bank’s merchants with point-of-sale (POS) terminals and e-commerce payment processing services to help them enhance their customer experience. Additionally, GHL will also facilitate the onboarding process, offering personalised packages, installation, and efficient settlement processes. Kevin Lee, CEO of GHL Malaysia said, “By capitalising on GHL’s expertise and Standard Chartered’s broad customer reach, merchants can now access a comprehensive suite of payment options tailored to their unique needs. Using both organisation’s collective…

TNG Digital and Malaysia Digital Economy Corporation (MDEC) launched a campaign called #JagaDataKita powered by global cyber security and privacy company F-Secure to raise awareness on personal data breaches in Malaysia. The campaign focuses on data protection and data breach awareness, understanding cyberthreats and scams as well as cultivating sound cyber hygiene practices. It also marks the introduction MyCyberShield, a personal data protection solution from F-Secure that offers 24/7 monitoring which will be deployed in phases on the Touch ‘n Go eWallet platform. Timo Laaksonen, President and CEO of F-Secure said, “The first phase of MyCyberShield, offers identity protection with…

Credit reporting agency CTOS Digital has acquired 100% of the Philippines-based FinScore and 80% of PT Prime Analytics Indonesia in deals worth US$ 5.9 million and US$ 475,000 respectively. The acquisition of these two telco scoring companies in ASEAN marks CTOS’ expansion into both countries. Following these acquisitions, CTOS will be setting up an alternative data platform for the region that will use data like mobile phone usage, payment behavior and digital footprints to create a more comprehensive credit risk profile for borrowers. This will help lenders make more informed lending decisions and expand financial inclusion in the ASEAN region. “We…

Touch ‘n Go Group has rolled out a new personal accident insurance that costs RM5 per month called ParkInsure for those using the Touch ‘n Go card for payment at parking sites. ParkInsure provides coverage for a range of accidents and incidents that may occur in a parking lot, including permanent disablement or accidental death, snatch theft, forcible car break-ins, and lost car keys. Users have the option to opt either for takaful underwritten by Zurich General Takaful Malaysia or conventional insurance underwritten by Allianz Malaysia. Under the conventional plan, it also covers transportation costs for hospital admission and reimbursement…

Alliance Bank Malaysia has selected software firm Comarch to build and launch the its digital wealth platform for its customers. The new digital wealth management platform enables the bank’s clients to view their portfolios via the allianceonline mobile app. Customers will be able to access their financial information 24/7, including their investment portfolio, insurance policies, loans, and other financial products. They will also be able to see timely market updates. Clients can also apply for and utilise portfolio financing, a multi-collateral financing option available via the mobile app to enhance their investment opportunities. In addition, the platform will have data-driven…

Digital banking solutions provider Silverlake Axis (SAL) has partnered with Safeguards Corporation to launch Malaysia’s first Independent ATM Deployer (IAD). Tech giant IBM and Wanclouds, a multi-cloud SaaS and managed service provider, are also partners in this project. An independent ATM deployer (IAD) is a non-bank organisation that owns, operates, and places ATMs in retail locations and other places. This first-ever IAD deployment on cloud solution in Malaysia is powered by the Silverlake ATM/CRM Acquirer Switch. Through this IAD partnership, Silverlake Axis and Safeguards jointly bring financial inclusion to the underserved locations in East and West Malaysia by deploying cash…

TNG Digital and Amanah Saham Nasional Berhad (ASNB) have partnered to allow Malaysians to invest in ASNB unit trusts through the Touch ‘n Go eWallet. This is said to be the first time that an e-wallet has offered this service. Through this partnership, Malaysians can subscribe to all 17 ASNB unit trusts through the GOinvest feature in the Touch ‘n Go eWallet. This complements the 9 unit trusts that are currently available on GOinvest. New users will have access to their ASNB account through the e-wallet once they have completed the online registration via the MyASNB app. Then they will be…

Insurtech platform Ouch! has launched a digital takaful product Pusara Pro, a simple term life product offers death benefit of up to RM500,000 and an additional compassionate benefit of 10% of the total sum assured. According to Ouch!, the Pusara Pro plan is the company’s first in-house product. Customers can directly purchase as well as make their claims and track them all directly through the Ouch! mobile app. Ouch! said that the Pusara Pro has a hassle-free application process that only consists of four health underwriting questions. The company touted Pusara Pro as a cost-effective option for young Malaysians, especially…

The Securities Commission Malaysia (SC) has identified two companies using its name and logo in their promotional materials for cash trust investment products without the regulator’s permission and instructed them to take it all down. The SC did not reveal the names of the companies in question. The SC stressed that it does not endorse or approve any cash trust investment products in the market and warned other similar companies from misusing its name and logo moving forward. The commission added that the videos on cash trusts that it had produced were solely for educational purposes and it was not…

In the dynamic world of fintech, the clock never stops ticking. Transactions, inquiries, and support demands occur around the globe at all hours of the day. The digital transformation has erased borders, but it has also opened a Pandora’s box of challenges. Customers now expect seamless support, not just at any time but in a language they comprehend. How is this new demand shaping the financial technology industry? Cynergy BPO, partnering with best-in-class fintech BPO providers in the Philippines, holds a key to the answer. “24/7 multilingual support isn’t a luxury; it’s the new normal,” asserts John Maczynski, CEO of…

Malaysian fintech Ascertain Technologies has recently unveiled a revamped look for its flagship payment solution RinggitPay now with enhanced features as well. The rebranding and enhancement of RinggitPay aligns with Ascertain Technologies’ aim to streamline payment processes, ease administrative burdens, and optimise operational efficiency for businesses across diverse industries in Malaysia. A walk through RinggitPay’s new enhanced features RinggitPay’s array of enhanced features is purposefully designed to provide a seamless and efficient payment administration solution for businesses. This includes automated payment reminders ensure that payers never miss a due date, reducing the likelihood of late payments while  liberating merchants from…

Malaysia’s digital wealth management platform Versa has surpassed over RM500 million in total deposits in the past two years since its launch in 2021. Versa is a recognised market operator with approval and license from Malaysia’s Securities Commission (SC). It has more than 100,000 registered accounts to date, where 90% of the users are aged below 40 years. Its flagship product, Versa Cash, offers users returns on-par with fixed deposits but with flexible withdrawals at any time. Versa had also recently rolled out Versa Cash-i, a shariah-compliant fund, enabling users to perform same-day withdrawals. Both Versa Cash and Versa Cash-i are…

The world of business is no stranger to change. In recent years, the upheaval has been profound, sweeping across industries and borders. With the assistance of Mambu cloud-native SaaS platform and remarkable benchmarking data, financial businesses have found a way to weather uncertainty and disruption, and emerge stronger and more resilient. The years following 2020 have been marked by significant disruption, making resilience and adaptability essential for thriving in the current landscape. In the wake of the COVID-19 pandemic, inflation soared to 8.8% by the end of 2022 and 6.5% for the end of 2023, the highest numbers since 1982.…

TNG Digital will leverage cross-border payment hub Tranglo’s network and infrastructure integration to enable its users send money directly from its digital remittance service GOremit on the Touch ‘n Go eWallet to 10 countries. The countries include Indonesia, the Philippines, Singapore, Thailand, Vietnam, Bangladesh, India, Nepal, Pakistan and Sri Lanka. The company plans to expand to more countries in the near future. With more than 20 million registered users, Touch ‘n Go eWallet enables its users to make instant cashless transactions at over 1 million merchant touchpoints nationwide for payments, including tolls, food, bills, online shopping, car insurance and peer-to-peer transfers.…

SME digital financing platform Funding Societies has partnered with CGC Digital, the fintech subsidiary of Credit Guarantee Corporation Malaysia (CGC) to empower MSMEs in the country. Through the partnership, CGC Digital developed a new digital credit guarantee product for CGC that will be offered for financing up to RM4 million as a start. This benefits up to 100 creditworthy micro and small enterprises (MSMEs) via Funding Societies’ digital supply chain financing solution, leveraging alternative data for MSMEs’ credit risk assessment. The announcement comes on the heels of Funding Societies’ MoU signing with CGC in April for a RM10 million SME…

FWD Startup Studio and Malaysian venture capital firm 1337 Ventures announced that the fifth cohort of its accelerator programme is now open to Asia-based startups that are venture-backed in insurtech or adjacent verticals. Through the FWD Startup Studio Accelerator, participants will have access to decision-makers within FWD Insurance and other mentors who will provide guidance as well as open doors to collaborations. Participants will also have a chance to fast-track the development of their collaboration to a real proof of concept (POC) before the accelerator programme concludes and pilot their ideas in Malaysia which could potentially spark interest from other…

Malaysian fintech-as-a-service provider Soft Space has signed an agreement with Japanese credit card company JCB to enable the former to work with local acquirers such as Hong Leong Bank (HLB) to promote JCB Card’s acceptance in the country. Sofitel Kuala Lumpur Damansara, a hotel in Kuala Lumpur, is one of HLB’s merchants that has begun accepting JCB Card payments. This signals the expansion of JCB Card’s merchant network, the establishment of card issuing solutions, and the provision of customer marketing solutions in Malaysia, and later in Southeast Asia. Malaysia targets to welcome 16.1 million international tourist arrivals and generate RM49.2…

FWD Group announced the appointment of Aman Chowla as the new CEO for its Malaysian life insurance business and finalised the rebranding of from Gibraltar BSN Life to FWD Insurance Berhad. Chowla brings with him more than 20 years of experience in the life and general insurance industry, having held CEO and COO roles for multinational insurance companies across Southeast Asia. FWD Group first entered the Malaysian market in 2019 as a provider of family takaful products. Later that year, the company established its regional technology and innovation hub in Kuala Lumpur to support innovation across the whole of FWD…