Author: Fintech News Malaysia

Southeast Asian payments platform Fave has partnered with Touch ‘n Go Group’s TNG Digital to launch a loyalty programme and earn up to 15 percent cashback across 17,000 F&B outlets and retailers. More than 18 million Touch ‘n Go eWallet users will be able to earn cashback through the Fave Loyalty Programme when they pay for purchases. Touch ‘n Go eWallet users can click on the Fave icon within the app and enter their phone number to link to the Fave account. Upon successful account linkage, user’s cashback will be merged into your Fave account. Users can get cashback by scanning…

Tune Protect Group announced that its wholly owned subsidiary Tune Protect Ventures  (Tune Protect Life) has received Bank Negara Malaysia’s (BNM) approval to participate in the Financial Technology Regulatory Sandbox. Tune Protect Life will provide simple and affordable pure life and health protection geared towards the unserved and underserved communities namely SMEs, B40 and M40. It is also looking at first time insurance buyers and those who are new-to-insurance with its products and propositions to drive financial inclusivity. Koot Chiew Ling, Principal Officer of Tune Protect Life said, “Our first proposition, SME EZY is an employee benefit insurance plan that…

Axiata Group’s fintech arm Boost announced that it has launched its Merchant B2B Wallet with a limit of up to RM500,000. The Merchant B2B Wallet is integrated into the existing Boost Biz app with a QR code payment functionality. The new wallet also offers the new ‘Instant Settlement and Payment’ feature that gives businesses immediate access to cash upon receipt. Merchants can also now instantly pay their business expenses such as utility bills and supplier invoices within the Boost Biz app itself. Additionally, merchants are also able to opt for the withdrawal request into their current bank accounts where it…

Indonesian fintech unicorn Xendit announced that it has officially made its entry into the Malaysian market to offer its payment solution for businesses. Former Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz had previously announced that Xendit would be relocating its financial hub to Malaysia following an investment from the Dana PENJANA programme. The programme is a RM600 million investment fund by the Malaysian government for the venture capital firms to invest in startups. Xendit has also announced an investment in local payment gateway provider Payex which is licensed by Bank Negara Malaysia. The collaboration will see Xendit bring its…

Foong Chee Mun announced in a LinkedIn post that he will be stepping down as the Chief Technology Officer of MoneyLion. He said the decision was made after “much thought and consideration” and that it was time for him to move on to new challenges and opportunities. Foong is one of the co-founders of MoneyLion, which was formed nearly a decade ago, alongside current CEO Dee Choubey. He was the first Malaysian fintech founder to be on the New York Stock Exchange (NYSE) in October 2021. MoneyLion had formed a consortium with AEON Credit as well as its parent company AEON…

Payment solutions provider Revenue Group announced that it has appointed Danny Leong Kah Chern as its Group Chief Executive Officer effective 6 January onwards. Leong has more than 28 years of experience in driving growth in companies across ASEAN from various industries. Prior to joining Revenue, Leong was the Group CEO of two publicly listed companies namely payment solutions provider GHL as well as F&B business management solutions provider Cuscapi. He was also one of the Co-founders of Adeptis Solutions. The New Straits Times quoted Leong saying, “I am delighted to join the company and be part of the team,…

The Securities Commission Malaysia (SC) today announced the appointment of Kamarudin Hashim and Datin Azalina Adham as its new Managing Directors, effective 1 January 2023. The SC also announced that its Deputy Chief Executive Datuk Zainal Izlan Zainal Abidin will step down on 11 January 2023 to pursue other interests. He had earlier in October 2022 informed the SC’s Board of his impending departure. As Managing Directors, Kamarudin and Datin Azalina will assist the SC Chairman in setting the overall strategic direction for the Malaysian capital market and in overseeing the SC’s dual mandate of capital market regulation and development.…

OCBC Malaysia has beefed up its security measures by introducing a kill switch that will enable its customers to immediately freeze their bank accounts and cards if there is any suspicion of fraud. Available 24/7, the OCBC Kill Switch is in line with the additional security measures proposed by the Bank Negara Malaysia (BNM) in an effort to combat rising financial scams. It enables customers to immediately freeze their current, savings and fixed deposit accounts, recurring charges and standing instructions, as well as card transactions at the ATM, and credit/debit cards physically and digitally. The kill switch can be activated…

The Asia-Pacific financial sector is undergoing rapid transformation. Consumers’ expectations have significantly increased as a result of the digital revolution and the emergence from the Covid-19 pandemic. That was why banking software company Temenos organised a series of industry events across Asia Pacific to engage global and regional banks, fintechs as well as hyperscalers to gain insights on how the banking industry should both respond and reposition itself to navigate an evolving banking landscape more effectively. More than 1,100 combined attendees from the industry gathered across 11 cities – Sydney, Kuala Lumpur, Manila, Taipei, Jakarta, Singapore, Hanoi, Bangkok, Hong…

Malaysian equity crowdfunding platform MyStartr has launched its own crowdfunding campaign on its counterpart’s platform Alta, formerly known as Fundnel. MyStartr’s campaign has raised over RM1.9 million to date from 189 investors and has reached 95.5% of its fundraising target. The crowdfunding campaign will conclude in 10 days on 23 December 2022. MyStartr was first established as a reward-based crowdfunding platform and licensed by the Security Commissions in 2019. It has facilitated over 59 startups to raise RM100 million via its platform and currently has over 5,400 investors in its network. Goh Boon Peng, Founder and CEO of MyStartr said,…

Bursa Malaysia announced the launch of the Bursa Carbon Exchange (BCX), touted to be the world’s first Shariah-compliant carbon exchange in the world. The exchange will enable companies to trade voluntary carbon credits from climate-friendly projects and solutions, with the aim to offset their emission footprint and meet climate goals. The BCX Rules, auction terms and conditions, online module and operational processes have been finalised. Projects permitted to be traded include nature-based solutions or technology-based solutions, which result in avoidance, reduction or removal of GHG emissions. Bursa Malaysia said that the first trades will be conducted via an auction which will…

Hong Leong Bank announced that its ‘HLB@School’ programme has rolled out cashless ecosystems for 16 schools in Kota Kinabalu to date. The programme provides cashless payments, digital banking tools and financial infrastructure to schools and students. The students of these schools were equipped with the HLB 3-in-1 Junior Account, which comes with a savings account with fixed deposit, and a reloadable debit card that will allow them to make cashless payments in their schools. They can buy meals at the canteen, pay their school fees, purchase books and more by tapping their debit cards at the POS terminals. This ties…

Axiata Group’s fintech arm Boost has partnered with the Payments Network Malaysia (PayNet), the national retail payments network infrastructure, to enable its merchants to accept cross-border payments from tourists from Thailand via its DuitNow QR. Tourists will only need to scan the Boost DuitNow QR code, which will automatically recognise the user’s current location in Malaysia. The user will receive a request to put in the amount of their purchase in Malaysian Ringgit (MYR), and an automatic conversion will then be deducted from their home country e-wallet accordingly. There are close to 200,000 Boost DuitNow QR merchants at popular tourist…

Earned Wage Access (EWA) service provider Paywatch has raised US$9 million in a Pre-Series A funding round led by returning investor Third Prime. The round also received participation from Hana Ventures which is the venture arm of Hana Financial Group in Korea, Parkwood Corp. and the endowments of Vanderbilt University and University of Illinois Foundation. The company plans to use the new funds to grow its product offerings and strengthen its presence in existing markets Malaysia and South Korea. Paywatch is also looking to accelerate its expansion efforts into new markets including the Philippines and Hong Kong where it expects…

Payment gateway provider iPay88 announced that it has appointed Zainol Zainuddin as its new Chief Technology Officer (CTO). In his new role at iPay88, Zainol will be in charge of development, innovation and transformation of IT strategies. Additionally, he will also lead the development of IT solutions while ensuring enhanced customer experiences. Zainol has over 25 years of experience in IT with expertise and leadership experience in the fintech and telco industries. Prior to his appointment at iPay88, Zainol was the CTO at Malaysian money services business provider Merchantrade for 4 years until September 2022. He also held several IT…

Versa Asia, a Malaysian digital cash management platform, announced the expansion of its suite of digital investment offerings today through the launch of Versa REITs and Versa Gold. Customers can start investing in both Versa REITs and Versa Gold with a minimum of RM100. Versa REITs is a fund that invests in multiple real estate sectors such as shopping malls, offices, data centres, business parks, factories and warehouses located across the Asia Pacific (ex-Japan) region, that are managed by Asia’s top real estate companies. The underlying fund of Versa REITs is the Affin Hwang Select Asia Pacific (ex-Japan) REITs fund. …

FWD Group, a a pan-Asian life insurance business, announced the launch of a RM45 million fund in collaboration with Malaysian venture capital firm Artem Ventures. The fund, TIM Ventures, will be investing in emerging startups in the insurtech and Islamic fintech space in Malaysia. The fund has already invested into four startups so far, including winners from the FWD Start-Up Studio, a pre-accelerator programme launched in 2021 to support insurtech and takafultech startups in Malaysia. The four startups include on-demand subscription-based insurance company Senang, digital solutions provider for Islamic inheritance planning Pewarisan, Malaysian fintech Du-It and zero-deposit insurance agency Blueduck.…

Al Rajhi Bank Malaysia (ARBM) announced that it has officially launched its digital bank arm Rize today where a wide range of its services are already available and more will be rolled out progressively. Rize’s product offerings are pretty standard for that of a bank – deposits, withdrawals, and transfers, account management and personal finance management, debit card application, purchase, and maintenance, ATM services and e-statements as well as personal financing. The digital bank said that its personal financing offering is personalised according to a customer’s life goals. The Personal Financing-i by Rize requires only four steps during the application…

Islamic digital bank consortium ACS Digital Berhad has appointed Raja Teh Maimunah Raja Abdul Aziz as its Chief Executive Officer effective today onwards. The official announcement confirms Fintech News Malaysia’s report on her appointment in October. Prior to joining the Consortium, Raja Teh was the Managing Director of Wholesale Banking at AmBank Group. The seasoned banker had held various positions in the past, including Chief Executive Officer and Managing Director of Hong Leong Islamic Bank, Chief Operations Officer of Digital Innovation and Transaction Banking, Hong Leong Group. She also served in Pengurusan Danaharta Nasional Berhad (Malaysia’s national asset management and…

foodpanda has tied up with insurtech platform PolicyStreet to digitise the insurance processes for tens of thousands of its delivery partners’ to close the protection gap among gig workers. Through PolicyStreet’s latest digital solution– the Gig Workers’ Claims Portal, delivery partners can monitor their insurance coverage status, submit, and monitor their claims’ progress while on the go. foodpanda Malaysia’s delivery partners can do this by logging onto foodpanda-claims.policystreet.com. The proprietary technology can be rolled out to p-hailing companies nationwide in Malaysia and neighbouring countries such as Singapore and Australia. “With the launch of this new solution, we hope to work…