Author: Fintech News Malaysia

Gambit Custody, a player in the digital asset custody industry, announced that it has received in-principle approval from the Securities Commission Malaysia (SC) for its Digital Asset Custodian (DAC) license. The conditional approval granted by the SC signifies a significant milestone for Gambit Custody. This in-principle approval paves the way for Gambit Custody to commence operations, pending the fulfilment of regulatory requirements within the next six months. In Gambit Custody’s view, securing a DAC license is pivotal in the rapidly evolving digital asset ecosystem, ensuring stringent protection and adept management of digital assets for diverse institutional and business clients. At…

Malaysian insurer Tune Protect will be compensating travelers affected by the recent unexpected halt of MYAirlines operations on 12 October (Thursday). Passengers who bought Tune Protect Travel Insurance for their cancelled MYAirlines flights will be eligible for a goodwill compensation, amounting to 50% of the ticket’s net price, capped at RM200 per traveler. The insurance must have been acquired before 12 October 2023 and remains uncancelled. The policy should be effective from 12 October 2023 onwards, and it applies exclusively to tickets booked with MYAirline. To initiate the claims process, travelers are directed to obtain and complete the PDF editable…

Bank Islam Malaysia has announced a strategic partnership with Qwork, a community-driven platform that connects businesses with freelancers. Through this partnership, Bank Islam aims to tap into Qwork’s extensive pool of gig workers to provide them access to Shariah compliant banking products and services. Bank Islam will also promote Qwork’s advertised jobs within its Be U By Bank Islam app. Users can tap the ‘Gig Marketplace’ feature within the app to find income opportunities provided by Qwork. The bank also plans to introduce flexible financing options, digital payment solutions, and financial planning services in the Be U app. Noor Farilla…

The Securities Commission Malaysia (SC) has welcomed the measures announced in Budget 2024. This includes the allocation of RM100 million to the Malaysia Co-Investment Fund’s (MyCIF) initiatives over the next three years and tax incentives for the equity crowdfunding (ECF) market. MyCIF is a public-private co-investment vehicle administered by the Securities Commission Malaysia on behalf of the Ministry of Finance (MOF). The SC said that the additional funding will enable MyCIF to invest in more promising startups and small businesses. This is in line with the government’s commitment to fostering economic growth and encouraging sustainable and responsible investments in Malaysia.…

Artificial Intelligence (AI) has become integral to our daily lives, driving technological advancements and enhancing various industries, including finance. However, the increasing use of AI also raises concerns about responsible and ethical practices.  It is essential to ensure that AI systems are fair, unbiased, and accountable to prevent adverse impacts on individuals and society. In line with this need, NEC has taken significant steps to promote responsible AI initiatives.  With the recent announcement of the MAS Toolkit version 2.0 in June, NEC’s commitment to fairness, ethics, accountability, and transparency (FEAT) principles in the financial sector has been further reinforced. The…

The past 12 months have been a pivotal period for financial innovation in the country, featuring milestone moments and historic regulatory developments that are transforming the local fintech landscape. The 2023 Malaysia Fintech Report outlines many of these game-changing moments, giving an overview of where the industry is headed. The 2023 Malaysia Fintech Report is produced by Fintech News Malaysia and supported by Tranglo, CapBay, Curlec by RazorPay, Paywatch, PolicyStreet, and pitchIN.The 2023 edition highlights some remarkable happenings within both the evolving financial services industry as well as the bleeding edge of where authorities like the central Bank Negara Malaysia…

Touch ‘n Go (TNG) eWallet’s GOinvest feature to offer wider access to Bursa Malaysia investment products, thanks to a collaboration with Bursa Malaysia and Affin Hwang Investment Bank Berhad (AHIBB). This move is part of an ongoing effort to democratise equity investments and promote financial inclusion among Malaysians. The GOinvest feature will enable investors to seamlessly invest and monitor their portfolios, all within a single app, with a user-friendly interface and robust security measures in place. Affin Hwang, as the broker partner, will assist investors by offering greater market access, comprehensive research resources, real-time market data and responsive customer support.…

The world has undergone significant changes since the onset of the pandemic, especially in the financial industry’s journey towards digitalisation. The pandemic expedited the transformation of customer interactions by three years and pushed banks’ digital offerings ahead by seven years. However, as the pandemic-induced digitalisation boom subsides, the global economy braces for a recession, accompanied by a looming banking crisis triggered by the collapse of regional banks like Silicon Valley Bank (SVB). In light of these developments, it is crucial to assess the progress made and the challenges that lie ahead in the digital transformation of financial services. Not all…

The Securities Commission Malaysia (SC) has granted in-principle approval to digital asset exchange and digital broker Hata to be registered as a Recognized Market Operator (RMO). Hata said that it will be working towards obtaining full approvals from the SC before it launches its platform in early 2024 for Malaysians. The firm added that it aims to make digital asset investing easier for both institutional investors, businesses, and high-net-worth individuals in the country. Hata has also secured the in-principle approval to operate as a Digital Broker in Malaysia. The firm claims to be the first to have received the approval…

The Malaysian Research Accelerator for Technology and Innovation (MRANTI) has appointed Datuk Wira Dr. Rais Hussin Mohamed Ariff as its new CEO. Rais will take over from the current acting CEO and Chief Commercial Officer, Khairil Anuar Sadat effective 9 October 2023. He has over 28 years of experience and a strong track record of leadership in various sectors, including telecommunications, technology and entrepreneurship. In his new role as CEO, Rais will be responsible for driving the strategic vision of MRANTI and overseeing its day-to-day operations. Previously the chairman of the Malaysia Digital Economy Corporation (MDEC), Rais stepped down in…

London-based regtech firm Napier has set up a center of excellence in Kuala Lumpur which will provide technical support to its global clients. Citing Kuala Lumpur’s well-educated and skilled workforce, Napier said that it would be hiring a technical support team which it projects will grow in size by early 2024. The Kuala Lumpur team will bring their expertise and experience in the Napier product set and customer needs to further strengthen the APAC team and serve customers both locally and globally. This latest investment in APAC, following the appointment of several senior leadership hires from across the industry, is…

Bank Negara Malaysia (BNM) has concluded its consultation on the Exposure Draft concerning the Licensing and Regulatory Framework for Digital Insurers and Takaful Operators (DITO Framework) initiated in November 2022. The draft proposes a framework to support the introduction of DITOs in Malaysia, aiming for policy outcomes of inclusion, competition, and efficiency. The consultation period, which concluded on 28 April 2023, received feedback from over 50 stakeholders. Subsequent months saw BNM’s engagement with various entities to address the responses, especially concerning alternative business, operational models, and foundational phase approaches. The feedback offered valuable perspectives and highlighted market trends. In light…

RedONE Network Sdn Bhd, a Mobile Virtual Network Operator (MVNO) in Malaysia, announced the introduction of redCASH, the country’s first online lending platform initiated by a telecom operator. Exclusively available to the telco’s subscribers, redCASH will provide micro-loans ranging from RM1,000 to RM10,000. The launch is a significant step for redONE, which has offered postpaid and prepaid plans for 11 years. Farid Yunus, CEO of redONE, expressed that the platform aims to cater to customers facing challenges securing loans through traditional channels. redCASH features a streamlined approval process, with various payment options such as online banking, JomPAY, and cash payments…

The Malaysian fintech community gathered yesterday and celebrated its achievements at the inaugural, 2023 edition of the Fintech Frontiers Awards, orchestrated by Fintech News Malaysia. The event not only acknowledged the dedication and strides made by key players of the regional fintech sector, but also served as a platform for networking and collaboration. The gathering was an ideal mix of celebration and engagement. Set against the backdrop of innovation and transformation, the 2023 Fintech Frontiers gathering was more than just an awards ceremony. It was a confluence of ideas, a place where industry stalwarts, emerging startups, and keen enthusiasts came…

Hong Leong Bank, Hong Leong Islamic Bank, and Cagamas Berhad have jointly announced the successful completion of Hong Leong Bank’s green housing loans and financing transaction, worth a total of RM300 million. This was supported by Cagamas’ issuance of ASEAN Green Bonds and ASEAN Green SRI Sukuk under its Conventional/Islamic Medium Term Notes programme. These issuances are a first in Malaysia for corporate deals tied to green housing loans and financing. The green assets are focused on residential properties and buildings that meet the GreenRE and Green Building Index certification standards. This collaboration underscores the determination of Cagamas and Hong Leong…

Al Rajhi Banking & Investment Corporation (Malaysia) Bhd (ARBM) announces the departure of its Chief Executive Officer, Arsalaan (Oz) Ahmed stating that his decision was to focus on his “personal ambition in the fintech and social finance space” expressing his passion towards open banking and embedded finance.

Great Eastern Holdings Limited, through its subsidiaries, Great Eastern Life Assurance (Malaysia) Berhad and Great Eastern Takaful Berhad, has agreed to acquire all shares in AmMetLife Insurance Berhad and AmMetLife Takaful Berhad from AMAB Holdings Sdn Bhd. Once the acquisition is finalised, Great Eastern Life Assurance will completely own AmMetLife Insurance while Great Eastern Takaful Berhad will own AmMetLife Takaful Berhad. Furthermore, this acquisition will initiate exclusive twenty-year agreements with AMAB Holdings’ parent company, AMMB Holdings Berhad, to distribute life insurance and family takaful products via the banking networks of AmBank (M) Berhad and AmBank Islamic Berhad throughout Malaysia. The…

MADCash Sdn Bhd, a fintech startup catering to women entrepreneurs with zero-interest microfunds, recently completed its pre-series A funding round. The investment, amounting to RM5 million, was led by Artem Ventures and received notable backing from MSW Ventures and ScaleUp Founders Fund. MADCash plans to allocate these funds to enhance its online platform through AI, manage operational and promotional costs, and seek growth avenues in the broader Southeast Asian market. MADCash, an acronym that stands for Multiply, Assist, Donate Cash, is dedicated to aiding unbanked and underbanked women entrepreneurs. Their goal is to establish an alternative credit scoring system to…

PayNet, Malaysia’s national payments network and financial market utilities provider, has formed a partnership with Paywatch, a bank-backed earned wage access solutions provider, to offer an advanced flexible payroll solution to its workforce. This collaboration allows PayNet employees to instantly access their earned wages, providing them increased financial flexibility, stability, and autonomy. The move aligns with PayNet’s Environmental, Social and Governance (ESG) strategy to boost employee welfare and foster financial empowerment among its staff. This partnership will make PayNet the first employer in Malaysia to bear all transaction costs for its employees on the Paywatch platform. “PayNet forms the backbone…

The highly anticipated Fintech Frontiers Conference Malaysia 2023 is poised to kick off on 5 October 2023, at Connexion Nexus in Bangsar South. This highly anticipated gathering orchestrated by Fintech News Malaysia, has garnered strong support from industry leaders, including sponsorship from esteemed institutions such as Standard Chartered, Kenanga, KAF Investment Bank, and the data management solutions provider InterSystems. The event will commence with the Fintech Frontiers Awards Malaysia on 4 October 2023, an evening dedicated to recognising and celebrating outstanding leaders and startups across 11 distinct categories. Tickets are still available here for those keen to join. The conference…