Author: Fintech News Malaysia

Maybank has introduced the ‘Kill Switch’ feature via Maybank2u (M2U) web and the MAE app as part of its efforts to combat online scams. The kill switch feature enables customers to immediately deactivate their M2U access with a click of a button if believe that they have been scammed. During the deactivation period, customers will not be able to log into M2U and reactivation can only be done after successful verification via the branch or the Maybank Group Customer Care. Customers will still be able to withdraw cash from ATMs and make purchases using their Maybank debit or credit cards.…

Singaporean tech conglomerate Sea announced that it will be creating more than 2,000 in Malaysia as part of its expanded investment plan in the country. Sea operates three core businesses across digital entertainment, e-commerce, as well as digital payments and financial services known as Garena, Shopee, and SeaMoney. ShopeePay is SeaMoney’s mobile wallet available in Indonesia, Singapore, Malaysia, Vietnam, the Philippines, and Thailand. The proposed expansion plans in Malaysia involves the setting up of cloud services, data hosting and processing, as well as a new logistics e-commerce warehouse. This decision was shared with the Minister of International Trade and Industry…

CIMB Bank and CIMB Islamic Bank has introduced a self-service ‘Lock Clicks ID’ feature which acts as a ‘kill switch’ for both its CIMB Clicks and CIMB OCTO apps. The new feature will enable customers to immediately freeze their online banking ID in-app if they detect any unusual or suspicious transactions or suspect that their account has been compromised. Once the Lock Clicks ID is activated, users will be automatically logged out of the app(s) and any new out-going transactions cannot be performed. In order to unlock it, users will be required to contact CIMB’s contact centre and perform the…

Touch ‘n Go Group has partnered with Visa to launch a corporate social responsibility (CSR)-linked numberless prepaid card with a maximum transaction limit of RM5000 per day. With this card acting as a complementary payment channel to the Touch ‘n Go eWallet, users will be able to make payments even at merchants who do not have a DuitNow QR code. The card also permits users to withdraw cash at automated teller machines (ATMs) and perform online and offline payments internationally. However, users will not be able to use the new Visa card to pay at highway tolls or car parks…

The growth of internet usage, online banking, and digitalization of financial services has increased cybercrime and cyber criminals’ attack surface. Financial institutions are a prime target for cyber-attacks due to the large amounts of data and money they hold.  In the past few years, there has been a rise in cybercrime in financial institutions, with the Singaporean bank breach being one of the most prominent.  The cost of any breach can be pretty staggering, considering the cost of litigation and the reputational damage the banks might face. During Fintech Fireside Asia’s latest panel discussion, high-powered executives representing SC Ventures, Bank…

BigPay, a Capital A venture company, has launched the prepaid mobile top-up feature so its Malaysian users can now top-up directly from their e-wallet balance. The feature is available for local telecom providers including Celcom, Digi, Hotlink, TuneTalk, U Mobile, and XOX. BigPay said that the addition of this feature allows users to better track their overall spending and manage their finances through the app. Additionally, prepaid top-ups via BigPay will entitle users to 1 airasia reward points for every RM20 spent. For the month of January, the first 1,000 users to make a minimum of RM10 top-up can receive…

Payment solutions provider GHL Systems will continue the rollout of Grab’s Buy Now, Pay Later (BNPL) service for its in-store merchants following the enablement of PayLater back in 2021 for online purchases. PayLater by Grab gives consumers the flexibility of making payment in the following month or in four monthly instalments with 0% interest. Through this expanded partnership with Grab Malaysia, merchants using GHL’s terminals can now offer their shoppers more payment options when making purchases in physical stores. Consumers can also earn GrabRewards for every PayLater transaction for more benefits and savings on Grab’s platform. Kevin Lee, CEO of…

Ouch!, a tech-enabled insurance platform has announced a fully subscribed six figures pre-series A round and is set to continue this momentum with Ouch! exercising Its over-allotment for additional investors to come on board. This follows their RM 1.5 Million seed funding announced just a year ago. Following the investment Ouch! is now looking to acquire final approval from Bank Negara Malaysia (BNM) to operate in its regulatory sandbox. The company said that this comes as a prelude to their mission to become Malaysia’s first digital Takaful operator with the planned launch of its new digital Takaful product within the…

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…