Boost, the fintech arm of Axiata Group, has launched Boost SME, an all-in-one digital banking platform for Malaysian businesses. Businesses can open an account in under five minutes without visiting a branch, then access banking, payments and financing, including Boost Bank’s previously launched Biz Loan facility, from a single app. Once set up, businesses get a single view of their finances, role-based account management, and payment acceptance through DuitNow QR, cards and online channels. Settlements happen the same day, including weekends and public holidays. Boost SME offers two propositions depending on what a business needs. Boost Grow on the one…
Author: Fintech News Malaysia
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Visa has launched two premium card tiers in Malaysia as affluent customers spend more on travel and lifestyle experiences. The new Visa Infinite Privilege and Visa Infinite Private cards expand its existing offering into a three-tier range. Each tier comes with a different level of benefits and services. Visa Infinite offers everyday benefits alongside travel and lifestyle rewards. The Privilege tier provides access to a broader selection of experiences, while the invitation-only Private card targets ultra-high-net-worth individuals. The cards also support higher transaction limits, smart authorisation, cross-border issuance and round-the-clock security. Cardholders can access Infinite Tastes: Beyond the Menu, a…
UBB Investment Bank paid an RM10 million fine after regulators uncovered failures in suspicious transaction reporting and customer due diligence. Bank Negara Malaysia (BNM) and the Labuan Financial Services Authority (LFSA) identified the breaches during a joint examination in August 2024. Investigations found that the LFSA-licensed Labuan investment bank failed to promptly report 53 suspicious transactions conducted between 2023 and 2024. This breached Malaysia’s anti-money laundering law. A separate LFSA investigation found that the bank failed to properly identify and verify a customer during onboarding in 2023. The lapse affected its ability to assess the customer’s potential involvement in illicit…
Former MoneyHero Group CEO Rohith Murthy has joined bolttech as its new General Manager for Malaysia. Based in Kuala Lumpur, Rohith will oversee the insurtech company’s Malaysian operations and growth strategy. His responsibilities include managing partner relationships, developing distribution opportunities and expanding its insurance and protection offerings. Rohith has more than 20 years of experience in digital financial services, banking and product development across Asia and Europe. Prior to leading MoneyHero Group, he held senior roles at Citibank, Siam Commercial Bank and Standard Chartered Bank. Emma Butler, bolttech’s Regional General Manager for Indonesia, Malaysia and Vietnam, said, “Rohith is an…
Malaysia has issued new sustainability reporting guidance for banks, insurers and takaful operators as it prepares to adopt the ASEAN taxonomy in 2028. The Joint Committee on Climate Change (JC3) announced the guidance following its meeting on 6 August 2026. JC3 is co-chaired by Madelena Mohamed, Assistant Governor of Bank Negara Malaysia, and Neetasha Rauf, Chief Sustainability Officer of the Securities Commission Malaysia. It covers risk and opportunity assessments, strategy disclosures, metrics and targets. Capacity-building programmes will begin in October. JC3 members also agreed to adopt the ASEAN Taxonomy for Sustainable Finance as the basis for the Malaysia Taxonomy. The…
Ryt Bank customers can now activate and fund their accounts through ATMs and bank branches. The bank described the new option as a first among Malaysian digital banks. Customers can open an account and complete electronic Know Your Customer (eKYC) checks through the Ryt Bank app. Previously, activation required an initial transfer from another bank through online banking. Ryt Bank introduced the additional route through its participation in the Interbank GIRO (IBG) network. “Digital banking should be accessible to everyone, regardless of how they choose to bank. For many Malaysians, banking still happens at an ATM or bank branch. By…
RHB has launched Sound Box Plus to let Malaysian merchants accept DuitNow QR and debit and credit card payments through one device. It comes with near-field communication technology (NFC) and built-in SIM connectivity. Real-time voice alerts confirm successful transactions and can help merchants verify payments and reduce the risk of fraudulent payment claims. Sound Box Plus expands RHB’s existing range of Static and Dynamic DuitNow QR Sound Box products. The bank said it is a more cost-efficient alternative to conventional card terminals. Nurjesmi Mohd Nashir, Managing Director, Group Wholesale Banking, RHB Bank, said, “Sound Box Plus reflects our continued commitment…
Malaysian fintech BLOX has raised US$1 million in seed funding to expand its ringgit-backed stablecoin MYRC. The round was led by Kivo Technology, the technology investment arm of a Singapore-based venture fund, with participation from new and existing investors. BLOX plans to use the funding to grow MYRC, develop products for businesses and institutions, support regulatory engagement and fund its broader expansion. The company reported that cumulative transaction volume for MYRC increased more than 33-fold over the past 12 months. BLOX previously demonstrated MYRC as part of a proof of concept for domestic blockchain payments. BLOX CEO Ethan Chung said,…
Halogen Capital has launched a platform that lets financial advisers offer managed multi-asset portfolios from RM1,000. The Halogen Partner Portfolios platform gives clients access to global equities, fixed income, gold and digital assets. Halogen Capital manages the asset allocation and ongoing portfolio monitoring. The company offers three core portfolios. Its Conservative portfolio allocates 1% to 5% to crypto alongside Malaysian income funds, global equities and gold, with targeted annual returns of 5% to 6%. The Balanced portfolio has a 5% to 10% crypto allocation alongside fixed income, equities and gold. It targets annual returns of 6% to 10%. The Growth…
Bank Negara Malaysia (BNM) is backing a new RM10 billion guarantee scheme aimed at helping more SMEs secure financing. Developed with Credit Guarantee Corporation Malaysia (CGC), it targets microenterprises, startups and firms investing in sustainability, innovation, strategic sectors, food security and external resilience. Governor Abdul Rasheed Ghaffour announced the BNM-CGC Guarantee Scheme at the 31st CGC Awards. It is intended to support viable businesses that may fall short under conventional credit assessments. This includes younger firms with limited credit histories and asset-light companies with little collateral. The guarantees will allow financial institutions to share risk while maintaining existing credit standards…
Malaysia has launched Rakyat Digital to give more local youths access to AI tools and digital skills training. Digital Minister Gobind Singh Deo announced the platform at AI Malaysia Takeover 2026 as part of the government’s push to build AI capabilities and support its goal of becoming an AI nation by 2030. Rakyat Digital brings several learning initiatives under one platform, including the Digital Literacy Hub. It also features a hybrid AI Builders Hub where users can learn, experiment and develop practical AI applications. The platform will also provide access to more than 16,000 Coursera courses and professional certifications. From…
The Hong Kong Trade Development Council (HKTDC) hosted its flagship event, Think Business Think Hong Kong 2026 (TBTHK), in Kuala Lumpur today. The symposium brought together around 1,600 individuals from Hong Kong and Malaysia, including government and business leaders and professional service providers from Hong Kong. The Think Business, Think Hong Kong 2026 event provided opportunities for Malaysian businesses to expand into the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), the wider Chinese mainland, and global markets via Hong Kong. The opening ceremony was officiated by Prof Frederick Ma, Chairman of HKTDC, Algernon Yau, Secretary for Commerce and Economic Development of the…
Former Binance Australia chief Jeff Yew is exploring plans for a new technology campus at Forest City focused on local and global talent. Bloomberg reported that Yew has begun early talks with Balaji Srinivasan’s team about the potential project. The proposal follows the closure of Network School, the technology community founded by former Coinbase chief technology officer Srinivasan. The Iskandar Puteri City Council revoked its business and advertising licences and ordered operations to stop from 22 July over breaches of local licensing requirements. The scrutiny began after allegations that Israeli nationals were among the participants. An immigration inspection subsequently found…
Shopee users in Malaysia can now pay with TNG eWallet through DuitNow QR. At checkout, shoppers can select DuitNow QR as their payment method and complete the transaction using TNG eWallet. They can either save or screenshot the QR code generated by Shopee and open it in TNG eWallet, or scan it directly using the app’s Universal Scan feature. TNG eWallet will then display the payment amount and Shopee Marketplace as the merchant before the user confirms the transaction. Users can also earn cashback on eligible Shopee purchases through TNG eWallet’s Shop & Earn feature. The current offer gives users…
Malaysian insurtech, healthtech and medtech startups can now apply for Generali Malaysia’s new GROW 2026 accelerator, with applications open until 31 August 2026. The Generali Growth & Innovation Programme is the insurer’s first accelerator developed specifically for the Malaysian market. It is also open to startups working on adjacent technologies that can demonstrate insurance-related outcomes. Selected startups will take part in workshops and receive mentorship from Generali executives and industry specialists. The programme will cover product refinement, the insurance value chain, go-to-market strategy, compliance, governance, financial planning and fundraising. “Launching GROW 2026 as our first programme of its kind in…
Eligible Muslim Pro users in Malaysia can finance Umrah packages over 12 to 24 months through Ant International’s Bettr. The Shariah-compliant service lets users browse packages from participating partners and apply digitally, subject to eligibility requirements and applicable terms. Muslim Pro has more than 190 million downloads worldwide. Packages may cover flights, accommodation, meals and ground transportation for individuals or families, with early settlement also available. The financing uses a Tawarruq structure facilitated through AS-SIDQ, SEDANIA As Salam Capital’s digital commodity trading platform for Tawarruq or Commodity Murabahah transactions. Islamic finance consultancy Masryef Advisory Sdn. Bhd. has endorsed the structure…
Merchantrade has been approved to handle digital wage payments for foreign workers in Sarawak from 1 August 2026 to 31 July 2029. More than 3,000 employers nationwide, including 40 publicly listed companies, use the Merchantrade Payroll portal for monthly wage payments. Employers can pay salaries through DuitNow, instant bank transfers or directly into workers’ Merchantrade Money e-wallets. Merchantrade said the service can reduce reliance on cash-based payroll while giving employers electronic transaction records. The company manages its Sarawak operations through a regional hub in Kuching, which handles onboarding, compliance and business portal integrations. Workers receiving wages through the Merchantrade Money…
Banking is experiencing its most disruptive decade yet, and it is becoming increasingly hard to cut through the noise given the rapid pace of change we are seeing. So what would it take for Malaysian banks to win in the next decade? Recorded in Kuala Lumpur and hosted with OneConnect, the technology arm of Ping An, this roundtable brings together senior leaders from Maybank, CIMB, RHB, Hong Leong Bank, GX Bank, Boost Bank and KAF Digital Bank. Topics include: The growing allergy to innovation theatre in banking Malaysia’s open finance pilot Trust in agentic commerce The role of banks in…
NTT DATA has launched an agentic AI solution for insurers to support underwriting, claims and customer service workflows. Built on its AIVista platform, the solution combines configurable AI agents with insurance-specific data models. It also includes workflow orchestration and governance controls for regulated insurance environments. The solution can integrate with existing insurer systems without locking carriers into a core platform. It can also route tasks across different foundation models, reducing dependence on a single model. It can be configured around an insurer’s products, processes and regulatory requirements while maintaining auditability and human oversight. NTT DATA’s 2026 Global AI Report found…
A viral poster claiming all Malaysian adults will receive RM100 under SARA is false, according to the Ministry of Finance (MOF). The poster claims that all Malaysians aged 18 and above will receive a one-off RM100 Sumbangan Asas Rahmah (SARA) allocation in conjunction with National Day. It also states that the assistance would be credited through MyKad from 15 August to 31 August 2026 and could be used to buy essential goods at 4,100 stores. MOF has rejected the claims and said no official announcement has been made on such a payment. SARA is a government assistance programme that provides…