Malaysian online equities broker Rakuten Trade has introduced fractional trading for shares listed on Nasdaq and the New York Stock Exchange (NYSE). The fractional share trading starts from 0.01 unit (buy) or 0.0001 unit (sell) for US stocks, ADRs and ETFs tradeable on Rakuten Trade where the brokerage fees range from RM1 to RM100. This is the second enhancement to Rakuten Trade’s U.S. trading platform as it had previously announced its foreign currency settlement services enabling investors to choose to trade in either Ringgit Malaysia or in US Dollar. Rakuten Trade reported that it had activated almost 265,000 accounts and…
Author: Fintech News Malaysia
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The Securities Commission Malaysia (SC) has taken action against crypto trading platform Huobi Global, and its CEO Leon Li for operating a digital asset exchange (DAX) in Malaysia without registration. The SC is urging Malaysian investors who have been using Huobi Global to immediately cease trading through its platform, withdraw all their investments, and close their accounts. The commission has ordered Huobi Global to stop its operations in the country, including to disable its website and mobile application on Apple Store, Google Play and any other digital application platform. Huobi Global has also been directed to cease circulating, publishing or…
Hong Kong-based Futu Holdings will be expanding its investment platform moomoo to Malaysia, its second Southeast Asian market following its Singapore launch in June 2021. The company’s wholly-owned Malaysian subsidiary had recently received the Approval-In-Principle (AIP) for the Capital Markets Services license (CMS) from the Securities Commission Malaysia (SC). Futu offers market data, financial news, interactive social features, and investor education on its proprietary one-stop digital platforms, Futubull and moomoo. Its subsidiaries provide clients with investing services, including trading and clearing services for the United States, Hong Kong SAR, China Connect, Singapore, and Australia stocks, margin financing, and securities lending,…
Tyro Payments announced that its merchant partners in Australia will now be able to accept in-person contactless payments with Apple’s Tap to Pay on iPhone using the new Tyro BYO app. The Tyro BYO App is a customised SoftPOS merchant application developed with Malaysian fintech company Soft Space. Tap to Pay on iPhone accepts contactless payments, including Apple Pay, contactless credit and debit cards and other digital wallets, using only an iPhone and the Tyro BYO app where no additional hardware or payments terminal are needed. At checkout, customers will need to hold their iPhone or Apple Watch to pay…
In recent years, the Asia-Pacific (APAC) region has been at the forefront of the FinTech revolution, with many innovative companies disrupting traditional financial services. For APAC FinTech founders and their investors, the decision to raise capital through an initial public offering (IPO) is a significant milestone in their journey toward growth and expansion. The London Stock Exchange (LSE) remains a popular option for international companies looking to access global capital markets. Approximately 40 percent of the companies listed in London are international in nature. A listing on the LSE can be an option for growth companies seeking to raise capital and achieve…
Razer Merchant Services (RMS), the B2B arm of Razer Fintech, has emerged as the first merchant acquirer to migrate FPX to DuitNow Online Banking/Wallets (DuitNow OBW), a new service on the real-time payments platform (RPP) from PayNet. FPX is an existing version of PayNet’s e-commerce payment services, whereas DuitNow OBW is the enhanced version which allows customers to securely authenticate their purchases respectively without the use of OTPs. RPP enables seamless e-commerce purchases experience. RMS is also now the first merchant acquirer to enable all three channels for PayNet’s RPP (DuitNow payment solutions), allowing both online e-commerce and offline physical…
Hong Leong Bank Berhad’s (HLBB) Group Managing Director and CEO Domenic Fuda will be retiring effective 30 June 2023. He will be succeeded by Kevin Lam Sai Yoke on 1 July 2023. Domenic joined Hong Leong in 2016 and under his leadership, the organisation has seen transformation in delivery channels, strong compliance and risk management foundations as well as strategic initiatives in ESG and more. Domenic said, “I believe that now is a good time to hand over the leadership of the Bank as it embarks on its next phase of growth. It’s been a privilege to lead HLBB through…
Payment solutions provider Revenue Group plans to acquire a controlling stake of 51% in Innov8tif Holdings from glove maker Hong Seng for RM36 million in a total cash purchase. Innov8tif Holdings is an investment holding company that owns Innov8tif Solutions Group and Xendity which are collectively known as the Innov8tif Group. The group focuses on AI-powered digital identity solutions and claims to have over 70% market share in Malaysia. Hong Seng had previously acquired the 51 percent equity interest in Innov8tif Holdings for RM30.85 million back in January this year. According to the Bursa Malaysia filing, Innov8tif Group’s digital ID…
The Fintech Association of Malaysia (FAOM) had recently held its Annual General Meeting and Wilson Beh has been reelected as the President while a new committee was ushered in for the 2023/2025 term. The association reported a growth of 40 new members via its extensive outreach programmes with more than 40 engagements over the year. It is worth noting that the meeting also passed a resolution to bring under its umbrella the Malaysian Youth Fintech Association, which will now be recognised as the official youth vertical under FAOM. The members had also voted to extend the tenure of Exco and…
Global economies are becoming increasingly connected. More significantly, the cross-border payments industry has undergone an accelerated revolution, thanks to the Covid-19 pandemic that transformed transacting patterns. Digital payments, in particular, are supercharging the movement of money across borders. In 2022, the cross-border payment industry recorded US$156 trillion, with a YOY increase of US$7 and US$8 trillion. The Boston Consulting Group, in a report, expects this value to hit US$250 trillion by 2027. Businesses, especially smaller ones, are expanding outwards. A 2022 survey revealed that 75% of small businesses want to take their businesses internationally. However, the survey also found: 45%…
Mastercard has set up a data and services (D&S) hub in Kuala Lumpur to support its clients across the Asia Pacific region with a suite of offerings beyond transactions including solutions in the areas of cybersecurity, credit risk, and data analytics. The new hub will also provide career opportunities and upskilling for emerging talent and graduates in Malaysia and across the region across a range of capabilities focusing on data science, product development and payments consulting. Mastercard’s D&S experts globally work with nearly 4,000 clients in over 120 countries to offer solutions ranging from hyper-personalised loyalty programmes, to product prototyping,…
Digital technology is increasingly transforming financial services. In the era of mobile devices, digital services through mobile apps have become part of our daily lives. The question now is whether one can trust the system to manage their assets and money via virtual services? With a zero trust architecture, the internet is never trusted, and digital financial services aim to always verify and authenticate information. Authentication is the most significant element of a digital service structure. TOPPAN IDGATE, a Taiwan-based company, joined the TOPPAN group in 2020 and has focused on digital identity authentication for more than 10 years. Part…
Bank Negara Malaysia (BNM) and Bank Indonesia (BI) today announced that the cross-border QR payment linkage between both countries has officially gone live. This will enable more Indonesians and Malaysians to make instant retail payments in either country by scanning Quick Response Code Indonesian Standard (QRIS) or DuitNow QR codes at physical stores or online merchants using services offered by participating financial institutions. The commercial launch of this linkage sees the number of participating financial institutions which include non-banks increase. The full list of issuers and acquirers from both countries is available here. The launch of this linkage follows from…
Malaysian retail brand AEON has partnered with insurtech bolttech to roll out a new comprehensive protection programme ‘AEON SAFEGUARD; which combines device insurance and support services for all mobile devices and home appliances purchased at all 35 AEON stores nationwide. The insurance coverage, underwritten by Tune Insurance Malaysia, protects customers’ new devices against accidental and liquid damage, as well as provides extended warranty for all insured devices. AEON SAFEGUARD’s device support services include device trade-in service for used smartphones and tablets, 24/7 technical support service for usage issues, ‘new-in-the-market’ repair concierge service, and door-to-door device pick-up and delivery service. The…
Malaysia’s Insurtech Startup PolicyStreet has experienced exponential growth in FY22, with its topline increasing fivefold compared to FY21 and a sum insured of over US$6 billion. Despite challenging market conditions, the company has continued to innovate, delivering tailor-made insurance products and services to customers by leveraging technology and industry expertise. Since obtaining the Reinsurer and General Insurer license from the Labuan Financial Services Authority (LFSA) in 2021, PolicyStreet has been the reinsurer in its partnerships with onshore insurers, enabling the launch of innovative insurance solutions. Key drivers of this growth include the Digital HR Solution and Gig Worker’s Claims Platform…
The fintech space is experiencing unprecedented challenges when it comes to anti-money laundering (AML) compliance. From a global pandemic that shifted users online to economic downturns and sanctions resulting from geopolitical conflicts, fintech firms face daunting challenges that can harm their operations. With the fintech industry expected to grow by US$305.7 billion in 2023, compliance with AML regulations is more crucial than ever to avoid reputational damage and monetary losses. Financial data specialist Refinitiv in collaboration with Fintrail has interviewed fintech experts to understand the AML challenges facing the industry. The resulting whitepaper delves into the cause and effect of rising AML…
Southeast Asia fintech BigPay, a venture of Capital A, has named Zubin Rada Krishnan as its acting Group CEO. Zubin, who previously served as Malaysia Country Head for BigPay, takes over from Salim Dhanani who stepped down in February to pursue other opportunities. With Salim exiting the role, all of the founding BigPay team members which included then-CEO Chris Davison and former COO Navin Rajagopalan have now left the organisation. Reflecting on his time at the company, Salim commented, “I trust that the amazing team I’ve had the privilege to work with will ensure that we have a sustainable business…
Citi Malaysia announced that Vikram Singh will become its new Chief Executive Officer (CEO), effective 1 May 2023. As CEO, Vikram will be responsible for leading the country team of Citi’s Malaysian franchise and overseeing the Citi Solutions Centers throughout the nation. He will report directly to Amol Gupte, Citi’s Head of South Asia and ASEAN. Vikram brings a wealth of experience to his new role, having been with Citi since 1994. Over the course of his 24-year career in corporate banking, he has managed operations across 18 markets in the Asia Pacific region. His diverse background includes leadership positions…
In a world where fintech has revolutionized the way we conduct business, the Philippines has emerged as the premier destination for outsourcing fintech support services. As the fintech industry continues to evolve, companies worldwide are seeking solutions that drive growth, maximize efficiency, and optimize customer experiences. The Philippines, with its remarkable blend of talent, infrastructure, and cost-effectiveness, has become the answer to the fintech outsourcing equation, offering undeniable advantages that make perfect business sense. At the heart of the Philippines’ fintech outsourcing success lies a highly skilled and adaptable workforce. The country boasts a young and well-educated labor pool, with…
Global cryptocurrency company Luno announced that David Low will be stepping down as APAC General Manager and succeeded by Aaron Tang was most recently the Country Manager for Luno Malaysia. The appointment will take effect on 15th May 2023. As part of the pioneering team in Malaysia, Aaron has been working hand-in-hand with David in building the firm’s local presence, and in leading and obtaining Luno Malaysia’s regulatory approval from the Securities Commission Malaysia (SC). He has since expanded the local team to more than 60 employees, with over 800,000 Malaysians currently signed up with the platform. As Luno’s APAC…