Malaysian based insurtech firm PolicyStreet.com, announced the completion of its Series A fundraising round totalling RM25 million over two tranches. The latest round is led by Altara Ventures, Auspac Ventures, Gobi Partners, and the Leong family of Mah Sing Group led by business magnate Tan Sri Dato’ Sri Leong Hoy Kum. PolicyStreet.com raised an earlier round via PitchIN, KK Fund and Spiral Ventures during the height of the COVID-19 crisis in June last year one, the largest amount raised from an equity crowdfunding platform in Malaysia. The announcement of today’s Series A round also coincided with PolicyStreet.com securing in-principle approval…

Southeast Asian digital wealth manager StashAway announced that it has launched three thematic portfolios given its growing popularity that is eclipsing traditional equity sectors. The themes include technology enablers, the future of consumer tech, and healthcare innovation. According to StashAway, the portfolios feature ETFs from some of the world’s top fund managers, including ARK Invest, iShares, Global X, and VanEck. The firm added that the risk management feature of its thematic portfolios sets it apart from simmilar offerings that are available to both retail and institutional investors. The feature enables investors to select the downside they’re willing to accept in…

The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) today announced plans to commence a phased linkage of Singapore’s PayNow and Malaysia’s DuitNow real-time payment systems. The first phase of the PayNow-DuitNow linkage will be launched in the fourth quarter of 2022. This will allow customers of participating financial institutions to make real-time fund transfers between Singapore and Malaysia using just a mobile number. Customers will also be able to make retail payments by scanning NETS or DuitNow QR codes displayed at merchants’ storefronts. The project will enable more seamless payments for the high volume of remittances between…

In the past two years, the world has undergone a radical experiment like nothing we’ve witnessed before. We’ve moved from a largely office-based work environment to a near-complete remote work environment almost overnight. This is no small feat for most industries, and even more challenging for banks who still rely heavily on manual processes and is often encumbered by numerous compliance challenges in making this shift. Necessity is indeed the mother of all inventions, with movement restrictions kicking in 2020, the banking industry’s business continuity plans were immediately put to the test. Having entered the second year of the pandemic,…

UOB Malaysia has tied up with Prudential Assurance Malaysia Berhad (PAMB) to provide customers with a suite of insurance solutions through a new Virtual Face-to-Face (VF2F) feature on Pulse, the insurer’s all-in-one health and wellness app. The bank said that it the first in Southeast Asia to use the VF2F feature. UOB Malaysia’s 360 sales representatives can use the VF2F feature on the Pulse app to connect with their customers via chat or video call and help them with insurance advisory services including recommending life insurance products relevant to their needs. The VF2F feature also enables the bank’s customers to…

A new global research report from the Financial Times Focus (FT Focus) and SaaS cloud banking platform Mambu has identified that three in five banks believe they will cease to exist within five to ten years if they do not change their business models. Meanwhile, two in three believe they will lose market share in just two years if they fail to transform digitally. The research report “Evolve or be extinct” surveyed 500 senior banking executives from around the world, to gain insights into their perception of the banking industry, both now and into the future. The research included responses from…

Fintech training platform 10×1000 Tech for Inclusion launched its global Fintech Foundation Programme Flex, an online certificate programme with the goal to bridge digital skills gap to drive inclusion. The Malaysia Digital Economy Corporation (MDEC) and Fintech Association of Malaysia (FAOM) will partner with 10×1000 to recruit 200 learners locally to embark on the programme in October 2021. MDEC plans to recruit learners via collaboration with ecosystem partners and also state digital agencies such as Selangor Information Technology and Digital Economy Corporation (SIDEC), Digital Penang and Digital Perak, while members of FAOM are eligible to apply for the Flex programme…

Indonesian payments unicorn Xendit will be relocating its financial hub to Malaysia, this was announced during a speech by Finance Minister, Tengku Datuk Seri Zafrul Tengku Abdul Aziz during the launch of Malaysia’s Capital Market Plan 3. The Indonesian fintech firm recently earned its unicorn badge with a US$ 150 million Series C funding round led by Tiger Global Management. The relocation of Xendit’s financial hub to Malaysia follows an investment from the Dana PENJANA programme. Tengku Datuk Seri Zafrul Tengku Abdul Aziz said, “This is a testament of how an initiative such us Dana PENJANA has spurred innovation and…

Multinational consumer credit reporting company Experian will extend its partnership with CyberSecurity Malaysia to empower Malaysians to protect their identity online. Experian has launched TrackMyID, an identity theft monitoring tool, to help Malaysian consumers track their digital identities that may have been compromised or sold on the dark web. With this tool, users will be alerted on the type of information that has been accessed, such as email address, source of breach, and additional information detected. They will then be directed to take the necessary steps to protect themselves and minimise any damage that has been done. Consumers can use…

Axiata Digital’s e-wallet Boost announced that it has expanded its insurance offerings with the launch of a car insurance “CarProtect”, which is underwritten by Great Eastern General Insurance (Malaysia) Berhad. The e-wallet said that “CarProtect offers customers protection in your pocket, alongside a seamless and convenient way to customise their car insurance plan best suited to their needs”. CarProtect offers a one-year coverage for damage to the car insured due to accident, theft or accidental fire, as well as liabilities to third parties including bodily injuries, death, property loss or damage. Additionally, it also features customisable add-on coverages for windscreen,…

GHL group’s payment touchpoints across Malaysia, Thailand, Philippines and Indonesia will now be able to offer Buy Now, Pay Later (BNPL) payment option to consumers, following a partnership with BNPL platform Atome. The group said that this alternative payment solution will further enhance customers’ shopping and payment experience, and at the same time, support local retailers and businesses across the region with increased sales amidst the retail crunch during the COVID-19 pandemic. This payment option offers consumers the option to spread their purchases into 3 monthly payments at zero-interest. GHL was the first in ASEAN to partner with Visa in…

AXA Affin General Insurance and Finology, a Malaysian fintech company that specialises in enabling seamless lending and insurance for consumers and businesses, has partnered to enable users to purchase or renew car/motorcycle insurance and road tax online Through Finology’s Loanstreet.com.my, customers can reportedly receive instant quotations for AXA’s insurance to purchase or renew policies in less than five minutes. This partnership will see Finology as a digital distribution driver for AXA through digital platforms. Emmanuel Nivet, Chief Executive Officer of AXA said that this partnership will further expand AXA’s distribution footprint in the digital space and enable customers to get protected…

Following rumours that Genting Group would be bidding for a digital banking licensee, the group has inked a deal through GPVF Sdn Bhd to snap up a 13% stake for RM20.3 million in the publicly listed e-commerce platform PUC Berhad. GPVF is a wholly-owned unit of Kenyalang Borneo which is owned by Genting Plantations, the plantation arm of the Genting group. Additionally, Matrix Edge Venture Sdn Bhd (MEV) will hold a 10% stake at RM15.6 million while KH Lim Capital Sdn Bhd (KHLC) will buy up 7% of the shares for RM10.9 million which brings PUC’s fundraise to a total of…

Kita Jaga, a digital social mobile app aimed at supporting individuals and families most impacted by the ongoing effects of the COVID-19 pandemic, is looking to raise RM200,000 through a charity crowdfunding campaign on GlobalSadaqah. GlobalSadaqah is an Islamic social finance platform focusing on corporate social responsibility, Zakat and Waqf management. The funds will also be used to increase its sustainability and financial viability and to scale its operations. Aside from the Malaysia platform, Kitajaga App Founder Reza Razali said the team has also received numerous requests to help set up various platforms in other Southeast Asia countries like Thailand,…

Malaysian fintech firm Revenue Monster has added state government owned e-wallet Sarawak Pay as a payment option to encourage the adoption of contactless payments. More than half a million users of Sarawak Pay e-wallet will be able to conduct transactions with Revenue Monster’s merchants, with access to its unified payments solutions that features payment acceptance enablement for 14 e-wallets, Mastercard, Visa and FPX for online banking. Ken Lim, Chief Commercial Officer of Revenue Monster shared that this collaboration will drive safe and convenient cashless payments among businesses and users alike. “Businesses and customers alike rely on digital payment solutions so…

Airwallex, a cross border payments company, announced that it has secured a money services business (MSB) license issued by Bank Negara Malaysia. They said, the new license will allow Airwallex to offer modern, streamlined and integrated international payment solutions for Malaysian businesses of all sizes, from SMEs to larger enterprises, to efficiently manage their operations in Malaysia from early next year. Airwallex said in a statement that businesses in Malaysia will have access to fast, transparent and cost-effective international payments in multiple currencies, enabling them to operate and grow globally. Through the Airwallex platform, they will have the ability to…

Global Payments, a global provider of payment technology and software services, announced that it supports the Soft Space Mobile Tap, a new smartphone-based payment acceptance solution for merchants, in Taiwan. Developed by Malaysian fintech Soft Space, the solution provides merchants and consumers in Taiwan with a digital, contactless payment option that addresses health concerns and evolving consumer preferences. With Mobile Tap, merchants can turn NFC-enabled Android smartphones or tablets into portable handheld payment terminals. Card association partners including Visa Taiwan and MasterCard Taiwan are the official solution providers Global Payments engaged to help offer Mobile Tap to merchants. Global Payments…

MX Exchange has been granted full approval by the Securities Commission Malaysia (SC) to operate as Recognised Market Operator-Digital Asset Exchange (RMO-DAX) for the trading of cryptocurrencies in Malaysia, making it the fourth DAX permitted to operate in Malaysia. The trading platform has gone live and is available on desktop and soon as a mobile application. Currently, MX Exchange supports Bitcoin and Ethereum trading pairs with the Malaysian Ringgit. The trading platform has also appointed Dato’ Fadzli Shah,  Malaysia Digital Economy Corporation’s (MDEC) former Chief Strategy Officer, as its Chief Executive Officer. He has extensive experience in the digital and…

Islamic crowdfunding group Ethis Global announced the closure of its RM6.8 million pre-Series A fundraising round from angel investors. This ‘Super Angel’ round was joined by notable investors including corporate leader Tan Sri Wan Zulkiflee, and Daud Vicary Abdullah, a renowned figure and thought-leader in Islamic finance and banking, both from Malaysia, as well as Dubai-based Khurram Hilal, CEO of global Islamic banking at an international Bank. This funding round comes on the heels of Ethis’ recent appointment of Amran Bin Mohd as the Chairman of the newly established Ethis Investment Management. Ethis said that the funds will be used to…

Oasis Capital Investment Bank (OCIB), a fully-owned subsidiary of Green Packet has been awarded the conditional investment bank license from the Labuan Financial Services Authority (LFSA). The company is looking to specialise in digital asset portfolio advisory, management services as well as bespoke structured products and services for High Net Worth Individuals (HNWI), institutions’ and enterprises. The conditional investment bank license is a greenlight by LFSA for OCIB to begin fulfilling operational conditions such as setting up the required processes and technology platforms in accordance with regulatory requirements. OCIB said that a full operating license will be awarded by LFSA…