If there is one clear mark that the pandemic has left on the banking industry, it is evident in the acceleration in the adoption of online and mobile banking solutions among customers, leaving a decreased footfall in physical bank branches. In a report published by strategy consulting firm Roland Berger, it is estimated that by 2030, 567 bank branches will be closed down in Malaysia, and the number of physical branches will reduce from 2,467 in 2020 to about 1,900 in 2030. From 2010 to 2015, data from Roland Berger also revealed that there were 252 new branches opened in…
Author: Fintech News Malaysia
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UniTeller, an international remittance payments processor based in the United States, has extended its remittance services to more customers in Asia Pacific by partnering with Malaysian cross-border payments specialist Tranglo. The partnership with Tranglo will allow UniTeller to further expand its services in 13 Asia Pacific markets including Bangladesh, India, Indonesia and Nepal. This will also add more than 58,000 cash pick-up points, more than 1,100 account deposit banks and 9 e-wallet platforms to its existing paying network. The collaboration also gives UniTeller access to RippleNet, the global financial network of Ripple which had agreed to acquire a 40% stake…
Axiata Digital’s e-wallet Boost recently added a new food ordering platform called Boost Makan to help its food and beverage (F&B) merchants bring their businesses online. This includes cafes, restaurants, home businesses, hawkers, food court stalls and even food trucks. Existing merchants can easily access Boost Makan directly within the Boost Biz merchant app and sign up for the food ordering platform with no onboarding fees imposed for a limited time. With the launch of Boost Makan, the e-wallet joins AirAsia and Shopee in joining the already crowded food delivery space. According to Boost, merchants will have access to a user-friendly…
CTOS IDGuard an application fraud bureau, said that it has prevented confirmed fraudulent credit applications to the tune of RM28 million in the first 12 months of operation. Additionally, CTOS IDGuard had also flagged a further RM51 million in suspicious applications to its partners. The initial participating group of Maybank, RHB, CIMB, Alliance Bank and Ambank has been joined by BMW Financial Services, while Hong Leong and six other banks are in the midst of implementation. CTOS IDGuard’s data from the past one year shows that the majority of applications being flagged are credit card applications, which make up 52%…
Malaysian conglomerate Berjaya Corporation (BCorp) announced that it has sold off 30 percent of its equity interest in Razer Fintech to Razer Midas for US$53.57 million (approximately RM223.89 million). BCorp will be holding on to the remaining 19 percent stake in Razer Fintech. Prior to this, BCorp held a 49 percent stake in Razer Fintech while Razer Midas owned the controlling 51 percent stake. Jalil Rasheed, CEO of BCorp told Bernama that the divestments of its interests in Razer Fintech is part of its transformation strategy to streamline operations and focus on higher growth opportunities across its core businesses. “In…
MCIS Insurance (MCIS Life) has taken up a 4.99% stake in Merchantrade Asia, a Malaysian money services business provider, for an undisclosed sum. The acquisition is set to accelerate MCIS Life’s digital transformation journey and leverage on Merchantrade’s digital capabilities, access to extensive network of over 1,000 physical touchpoints throughout the country and their three million customers. The synergies between the two companies will be further supported by Merchantrade’s technology solutions as well as its foray into the payment space. MCIS Life aims to roll out more inclusive, simple and affordable solutions to Merchantrade’s underserved customer base such as Malaysia’s…
As the technologies that power the world of banking and financial services grow more sophisticated, so are the threats vectors affecting them. And although financial service providers are leaning heavily on technology to power next-gen products and services, perhaps the same cannot be said for fraud prevention and anti-money laundering (AML) efforts. In this context, companies need to seriously consider taking an integrated approach that brings fraud prevention and AML (or FRAML) together to create robust security mechanisms, with a view of preventing fraud before it can take place. The cost of fraud reached US$42 billion, according to a 2020…
CTOS’ access to the Central Credit Reference System (CCRIS) has been restored by Bank Negara Malaysia (BNM) effective Wednesday onwards. On 30 September 2021, BNM issued a temporary suspension of CCRIS’ access to all Credit Reporting Agencies as a precaution against what was described as a “credible threat”. CTOS said that it has concluded a comprehensive and detailed review with independent global cybersecurity experts as required by the central bank. After nearly two months of losing access to CCRIS, users can finally purchase their credit score reports from CTOS. On October 25th, Experian was the first to have its access…
Malaysian insurtech platform Fatberry.com announced that it has expanded its footprint to Thailand through the acquisition of Bangkok based MooMoo Non-Life Insurance Broker (MooMoo) for an undisclosed amount. MooMoo started as a non-life insurance broker in 2014, offering motor insurance from its 16 partnered underwriters to over 6000 customers in Thailand. The move was made possible through a collaboration with Fatberry.com’s majority investor, ASEAN Fintech Group (AFG). By adopting Fatberry.com’s insurtech platform and processes, they said its Thailand entity is set to accelerate its growth in the local market. In parallel, the company will now expand its offerings to include…
Southeast Asian SME digital financing platform Funding Societies has partnered with MUFG Bank Malaysia, a subsidiary of Mitsubishi UFJ Financial Group to launch a Referral Scheme Programme exclusively for the bank’s corporate clients in the country. The collaboration aims to propagate the economic recovery of the country through the referral scheme programme by leveraging the digital financing solutions to empower small and medium enterprises (SMEs). Amongst the notable key features of the Referral Scheme includes extended credit terms for SME buyers and accelerated payment for MUFG’s corporate clients. Additionally, credit will be made available to SMEs to fund and purchase…
Standard Chartered’s customers in Malaysia now have the option to avail 0% instalment options on credit cards at any offline point-of-sale powered by merchant commerce platform Pine Labs. The over 25,000 merchant outlets in Malaysia that run on Pine Labs POS terminals will be equipped to process these Buy Now Pay Later (BNPL) transactions. Pine Labs, which is backed by Mastercard, had previously launched its BNPL services in Malaysia in March 2021. “We are very excited to partner with Standard Chartered to provide their customers unique affordability solutions. We are also planning to periodically roll out other important value-added…
Bank Negara Malaysia (BNM) announced today that it is driving inter-agency efforts to enact the Consumer Credit Act in 2022. Datuk Nor Shamsiah Mohd Yunus, Governor of BNM said that this will strengthen regulatory arrangements for all consumer credit activities including providers of Buy Now Pay Later (BNPL) schemes. Bank Negara said it will be working together with the Securities Commission Malaysia and also the Ministry of Finance to enforce the act. “These schemes have been on the rise, not just in Malaysia, but also in other countries and there are legitimate concerns that such schemes may encourage consumers to…
Bank Negara Malaysia (BNM) and Payments Network Malaysia (PayNet) will be participating in Project Nexus by collaborating with international partners on a proof-of-concept (PoC) to improve the cost and speed of cross-border payments. Project Nexus will explore the feasibility of linking the real-time payment systems in Malaysia, Singapore and the euro area. This comprises the Real-time Retail Payments Platform (RPP/DuitNow) in Malaysia, the Fast and Secure Transfers (FAST/PayNow) in Singapore, and the Target Instant Payment Settlement (TIPS) in the euro area. Led by the Bank for International Settlements (BIS) Innovation Hub, Project Nexus is closely aligned with the G20 Roadmap…
Regional payment gateway provider iPay88 announced that it has formed a partnership with buy now, pay later (BNPL) platform Atome. This enables iPay88 to expand BNPL acceptance across its merchant touchpoints in Malaysia. The move is timely as BNPL is expected to more than double its market share by 2024 according to the 2021 Global Payments Report by FIS-Worldpay. As part of the NTT Data corporation, a Japanese system integration company, iPay88 offers ecommerce, online and retail payment solutions to more than 35,000 merchants globally. Today, the company also has presence in Indonesia, Philippines, Cambodia, Thailand and Singapore and currently…
Shariah-compliant P2P (Peer-to-Peer) financing platform microLEAP has announced their collaboration with Bank Pembangunan Malaysia Berhad (BPMB) to finance Malaysia Digital Economy Corporation’s (MDEC’s) Digital Agtech Programme. The programme has been allocated with RM10 million in Shariah-compliant microfinancing for Malaysia’s agriculture community. The collaboration was struck at MDEC’s AI and Data Week (AIDW) 2021 event, where a virtual MOU was signed between BPMB and MDEC. The collaboration will feature funding support from BPMB to drive digitalisation initiatives in the country and will be deployed through microLEAP’s financing platform. With this financing, all parties are hoping to help the farming community thrive…
Torum, a crypto startup who describes itself as a SocialFI Metaverse ecosystem for cryptocurrency users and projects announced today that they have secured a undisclosed sum of strategic investment from KuCoin Labs, the US$ 50 Million incubator and research of KuCoin. As part of this strategic investment, Torum will be building an immersive and interactive SocialFi Metaverse ecosystem, where cryptocurrency users around the world can access Social, Decentralized Finance, NFT and Metaverse all in one place. The partnership with KuCoin Labs will empower Torum with the connection to exclusive partners and access to premium services (blockchain technical support, legal advice)…
Bank Negara Malaysia (BNM) announced that it is organising the second edition of MyFintech Week 2022 (MyFW 2022) virtually from 24 to 28 January 2022 and is expecting more global participation. With the theme ‘Advancing Digitalisation for Recovery, Sustainability and Inclusion, the event will bring a focus on the importance of sustainability and digital technology in reorienting the role of finance to help economies rebuild towards a more inclusive, resilient, and sustainable future. It will also coincide with the launch of the Financial Sector Blueprint 2022-2026, which will chart the priorities of Malaysia’s financial sector in the next five years. MyFW…
Tranglo, a cross-border payment firm, has announced the launch of its brand new payment corridor to Mongolia. The company said in a statement that it will aim to improve the cross-border payment services in Mongolia via a single connection to regional corridors and local partners. Tranglo’s payment channels in Mongolia include direct-to-bank transfers and cash pickups. Additionally, ongoing improvements that may make their way there include blockchain integration through RippleNet, as a result of its partnership with Ripple. Tranglo helps financial institutions and businesses pay globally through Tranglo Connect, its proprietary cross-border payments solution. It integrates payout and partner services…
Kenanga Investors Berhad has announced the launch of the “Kenanga Sustainability Series: Frontier Fund” with an initial offer period is from 27th October through 3rd December 2021. The fund feeds into the Ericsenz Frontier Fund and is suitable for sophisticated investors who have medium to long-term investment horizons and is available in both MYR and USD classes so investors can choose to invest in their preferred currency. The fund aims to invest primarily in equity securities of global innovative companies with long-term sustainable growth potential, are on the cusps of initial public offerings, and have or will develop products and…
Touch ‘n Go has partnered with Visa to develop a prepaid card solution tied to its e-wallet which is expected to be available to users in 2022. The Touch ‘n Go-Visa Prepaid Card will enable the e-wallet to offer additional cash-out options with last-mile withdrawals at Visa-enabled ATMs domestically and globally. The card complements Touch ‘n Go eWallet’s existing network of QR merchants in Malaysia with Visa’s broad network of more than 70 million merchant locations globally. Touch ‘n Go eWallet will also join Visa’s Fintech Fast Track Programme, allowing it to directly access the payment giant’s global network of…