Author: Fintech News Malaysia

Malaysian digital insurer VSure Group has partnered with PickTenants, a proptech company offering a tenant-screening and management platform, to launch an embedded insurance solution for landlords. The landlord insurance plans offered is only available on the PickTenants platform where they would be able to select coverage amounts starting at RM 0.55 per day. Landlords will be able to choose from five affordable plans with coverage levels ranging from RM1,000 to RM5,000 as additional financial protection. On the other hand, the tenants will also benefit from this offering as they would be paying lower security deposits. “We are thrilled to partner…

Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) announced the establishment of the Malaysia International Islamic Financial Centre (MIFC) Leadership Council. The council serves as a platform to provide industry stewardship in enhancing Malaysia’s proposition as a global marketplace and an international gateway for Islamic finance. The roles of the MIFC Leadership Council include providing thought leadership as well as driving strategy formulation and monitoring industry initiatives. The council is expected to catalyse industry developments towards nurturing new ideas, deepen and diversify strategic linkages with international partners and strengthen MIFC global advocacy. Tan Sri Azman Mokhtar will lead…

Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) awarded Umar Abdullah Mahmud Munshi, the Co-founder and Group Managing Director of Ethis Group with the Emerging Leader Prize in conjunction with The Royal Award for Islamic Finance 2022. The prize recognises young international talent who have made outstanding contributions in advancing innovative ideas in the field of Islamic finance. Umar is involved in fintech, impact investment, and Islamic crowdfunding platforms and which has facilitated impact investments from over 50 countries to fund small and medium enterprises (SMEs) and social housing projects. He is also the president of the Islamic…

Visa has launched two new initiatives designed to help young Malaysians improve their financial literacy through interactive gameplay. The first initiative is a local financial literacy program in partnership with GProvision, a gamification-based financial literacy educational institution. The programme will include a combination of educational talks, gameplay using a board game called Money Quotient, and discussions at 10 universities and colleges in Malaysia. The three-month programme will run until year-end and will help young undergraduates who are seeking ways to make informed and effective decisions regarding their personal finances. Moreover, the board game will enable youths to experience real-life simulated…

Customer demand for integrated experiences, changing regulations and advances in technology are shaking up the traditional banking industry. At the same time, bigtechs, telcos and technology startups are making aggressive foray into finance, putting increased pressure on banking institutions. In this evolving landscape, super apps have risen to become the latest tech trend adopted by incumbents in a bid to win over mobile-first consumers. Though many are betting on the prospects of an all-encompassing self-contained commerce and communication online platform, top executives from the banking and tech sectors believe the super app model is no silver bullet. During Fintech Fireside…

The Royal Award for Islamic Finance 2022 was bestowed to Tan Sri Dr. Mohd Daud Bakar by the Yang di-Pertuan Agong at an award presentation ceremony held in Kuala Lumpur today. Established in 2010, The Royal Award a biennial award jointly organised by Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC). It is part of the Malaysia International Islamic Financial Centre’s (MIFC) initiative to recognise and honour individuals who have excelled in advancing Islamic finance globally through their contributions and achievements. Tan Sri Dr. Mohd Daud Bakar currently serves as Chairman of the Shariah Advisory Council for both…

Hong Leong Bank (HLB) is organising its “Can You Hack It” hackathon focused on re-imagining banking experiences through hyper-personalisation and the metaverse. This fully physical hackathon will be open to Malaysian residents where participants who are interested in joining should form a three-member team and choose one problem statement to solve. HLB said that participants are expected to create unique and personalised customer experiences that exploit the full potential of what the metaverse has to offer to drive increased customer engagement and stickiness. The top forty teams who make it to the semi-finals will have the chance to work with and…

CIMB and CIMB Islamic Bank announced that it is on track to fully implement the enhanced security measures against scam as announced recently by Bank Negara Malaysia (BNM). The bank has already implemented SecureTAC approval via its CIMB Clicks app for online activities, fund transfers and payments, as well as changes to personal information and account settings. SMS One Time Passwords (OTPs) and Transaction Authorisation Codes (TAC) are currently only available as a fallback option for customers without the Clicks App or for FPX transactions. The bank will fully cease the alternative option of using SMS OTPs or TAC and…

Maybank announced that it will fully migrate to a more secure authentication method via Secure2u by June 2023. This applies to online activities or transactions relating to account opening, fund transfers and payments as well as changes to personal information and account settings. This move is in line with Bank Negara Malaysia’s push for additional security measures to combat rising financial scams. Currently, Maybank only allows one Secure2u device per account holder to minimise the possibility of a customer’s online banking details being compromised or used by any third party. As an added security measure, Maybank alerts a customer via…

Across the globe, financial institutions are under increasing pressure to remain competitive in a rapidly changing financial services landscape. Challenger banks and fintechs are leveraging modern technology stacks and agile operating models to innovate at speed and build modern, customer-centric financial solutions that consumers have come to expect. Meanwhile, many incumbents remain in a holding pattern, running legacy core platforms which, apart from being expensive and time consuming to maintain, can seriously hamper their ability to remain competitive. And it’s not only pressure from within the financial services industry causing sleepless nights for many incumbents; tech giants with seriously deep…

There will be five additional measures that will be undertaken by the banking industry to combat financial scams, says Governor of Bank Negara Malaysia (BNM), Tan Sri Nor Shamsiah Mohd Yunus. The Governor announced this at a virtual exhibition by BNM Museum and Art Gallery launched by the central bank and the Royal Malaysia Police (RMP). The ‘Financial Crime Exhibition’ was held to educate members of the public against financial scams. The exhibition lays out various types of financial crimes seen in Malaysia and how they have evolved over time. It features interactive exhibits that allow the public to simulate financial…

Payments firm Instapay Technologies announced that it has raised US$4.75 million (RM 21.5 million) in Series A funding round. This round was led by Daiwa ACA APAC Growth I with participation from Spiral Ventures Asia Fund I as well as existing investors. The new funding will enable Instapay to further enhance its technology platforms and introduce innovative product features for its customers. Instapay also intends to use the new funds to expand into new markets in South East Asia and the Middle East. The firm started its market operations in Malaysia about two years ago as a banking alternative for…

Malaysian fintech Revenue Monster Group announced that it has secured RM30 million in funding from private equity firm The SEA Capital, its second round of capital injection from the investor, following a recent restructuring exercise. The group has also formed a partnership with The SEA Capital, local fintech solutions provider Fullrich Malaysia and their local licensed e-wallet brand TaPay as well as software developer, Allied Protocol. TaPay was launched by Fullrich in 2017 and is licensed by Bank Negara Malaysia (BNM), providing users with a secure payment system. Meanwhile, Allied Protocol provides software and hardware solutions for merchants in various…

The pandemic accelerated digitalisation to levels never before seen, forcing the financial sector to evolve quickly or risk being left behind. In addition to pivoting to a remote workforce, financial sector also embraced digital banking and open application programming interfaces (API) in a race to compete with upstart fintechs. TM One, the enterprise and government sector arm of Telekom Malaysia Berhad (TM), was on hand to help its clients in the financial sector using their Zero Trust Network Access (ZTNA) concept – which TM One calls Secure Access Service Edge, (SASE) or pronounced “sassy”, to quickly secure their clients’ business…

CIMB Group announced that it is doubling its sustainable finance target to RM60 billion by 2024 under its Green, Social, Sustainable Impact Products and Services (GSSIPS) framework. The increased target was announced during the opening of CIMB’s flagship The Cooler Earth Sustainability Summit 2022 themed ‘Facilitating a Just Transition’. The increased commitment of RM60 billion was made as CIMB has already mobilised its earlier announced target of RM30 billion two years ahead of plan, guided by its GSSIPS Framework. CIMB’s sustainable finance commitment includes, among others, green, social and sustainable, as well as sustainability-linked, retail, corporate and commercial financing, trade…

Pan-Asian venture capital firm Gobi Partners announced the closing of its US$10 million Gobi SuperSeed II (Gobi SSII) Fund following the participation of Allianz Malaysia as a Limited Partner (LP). Other LPs backing the Gobi SSII Fund are institutional investors Malaysia Venture Capital Management (MAVCAP) and Sunway Group. The Gobi SSII Fund targets early-stage local startups focused on artificial intelligence, big data, cloud, e-commerce, fintech, internet of things, and halal-economy. Since its launch in late 2020, the Gobi SSII Fund has already invested in four Malaysian startups namely the innovation arm of Sunway Group and Sunway University, Sunway Innovation Labs;…

After two years of stasis, the pent-up demand to cross international borders again has breathed new life into the travel industry. The UNWTO reported that global international tourist arrivals more than doubled (+130%) in January 2022 compared to 2021, amounting to 18 million more visitors worldwide. This has contributed to the rise in cross-border business payments. The frequency of this has meant the increase of cash transactions between everyone involved, from customers and business owners to suppliers and agents. Like any business looking to grow and evolve, this section of your business would benefit from a solid and stable foundation.…

The COVID-19 pandemic has led to a spike in demand for digital banking experiences, a shift which banks and financial services institutions around the world have responded promptly to by accelerating product roadmaps and enabling new digital experiences. But despite a clear surge in digital banking and transactions, industry stakeholders believe that customers still value the human connection in financial services, especially when it comes to more complex products. During Fintech News Singapore’s latest Fintech Fireside Asia panel session, top executives representing Standard Chartered Bank, Tune Protect Group, Kenanga Investment Bank, and OneSpan Australia and New Zealand, discussed the digitalization of…

UOB Malaysia is partnering Syarikat Jaminan Pembiayaan Perniagaan Malaysia (SJPP) to launch the U-Green Financing programme, which will support small and medium-sized enterprises (SMEs) in embracing sustainability. The bank has allocated RM1 billion for this programme, and SJPP will be guaranteeing up to 80 percent of the loans through its PEMULIH Government Guarantee Scheme (PGGS). UOB Malaysia is the first bank to tie up with SJPP on a green financing programme. U-Green Financing is available to eligible SMEs and mid-sized companies from all industries looking to contribute to smart sustainable cities. Companies will also be eligible if they want to…

Digital asset exchange Luno will be adding two cryptocurrencies to its platform: Cardano (ADA) on 21 September 2022 and Solana (SOL) on 6 October 2022. This comes after the addition of Chainlink (LINK) and Uniswap (UNI) earlier this year, bringing the total number of coin offerings that Malaysian users can buy, sell and store on Luno to nine. Cardano aims to be the most scalable and sustainable platform for running decentralised applications (dApps), while Solana claims to be the fastest blockchain in the world and the fastest growing ecosystem in crypto. However, according to Luno, while ADA and SOL meet…