Close to seven in 10 Malaysian small and medium enterprises (SMEs) expressed their interest in engaging with digital banks, according to Visa’s SMB Digital Banking Study. This is quite timely given the Bank Negara Malaysia’s recent announcement on the five digital banking licenses being awarded. Digital banking could potentially address the top-of-mind challenges faced by almost nine in 10 Malaysian SMEs, including access to financing due to complicated application procedures (37%), high interest rates (36%), and loan approvals (29%). Based on the study, SMEs shared that the top reasons for wanting to use services offered by digital banks include having…
Author: Fintech News Malaysia
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Despite realizing the opportunities brought about data and analytics, banks and financial institutions in Asia-Pacific (APAC) are still struggling to draw critical insights from their data in an effective and timely manner. This is one of the findings drawn from a new study by tech provider InterSystems and data analyst firm Vitreous World. The survey, which polled 176 line of business leaders in APAC, sought to uncover the biggest technology and data challenges faced by financial services organization across the region, as well as their key data initiatives and priorities for the coming year. Results show that while most financial institutions have…
Luno, a licensed digital asset exchange, will be available in the Malay language and roll out more localised content to support Malaysians on their crypto learning journey. This is a part of its latest campaign ‘Move with Luno’ which aims to empower Malaysians to build their understanding of digital assets and investing as part of financial literacy, and will use education to dispel common misconceptions around cryptocurrencies. To showcase the campaign, Luno has appointed national athletes Pandelela Rinong (Olympic diver) and Mohamad Zaquan Adha (professional footballer) as its brand ambassadors. The athletes will spearhead ‘Move with Luno’, sharing their personal…
Malaysia has emerged as one of the most sophisticated real-time markets in the world, according to the third edition of the “Prime-Time for Real Time 2022” report. The report was published by ACI Worldwide, in partnership with GlobalData, a data and analytics company, and the Center for Economics and Business Research (Cebr). According to the report, Malaysia’s real-time payments journey has been fast, distinctive, and sophisticated. It encompasses speedy adoption built on low-value transactions, rapid evolution towards more sophisticated and value-added services, and a government focused on driving adoption. Much of the country’s success comes from a concerted effort by…
The pandemic has accelerated the growth of non-face-to-face interactions, forcing banks, merchants and others to swiftly deploy digital tools to accurately verify the identity of the person on the other end of a digital transaction. A 2021 study by advisory firm Aite-Novarica looked at ten vendors in the document identification and verification (ID&V) space, highlighting a notable growth in the demand for document ID&V solutions. Within the next two years, 90% of financial institutions surveyed by the firm shared plans to implement mobile identity document capture and verification solutions. These trends are reflective of the changing face of customer expectations and behaviors…
Ethis Group, an ethical investment and social finance platform operator, is collaborating with venture capital firm Gobi Partners to structure and set up a US$20 million Shariah-compliant seed fund. The fund, which is targeted to have its first closing by the end of this year, is Ethis Group’s first move into the venture fund space as well as Gobi Partners’ first-ever fully Shariah-compliant fund. Once launched, the joint fund will invest in Shariah-compliant startups globally with an initial geographic focus in the MENA as well as the ASEAN regions. The fund will also focus on the broader ethical investment agenda…
In Singapore, small and medium-sized enterprises (SMEs) are struggling to secure sufficient financing from traditional lenders, with most still largely relying on their personal networks to support their business, findings from a new study by cloud banking startup Mambu show. The Small Business, Big Growth report draws on results of a survey of 1,000+ SME owners globally who set up their company and applied for a business loan in the last five years. The study, which sought to understand SMEs’ most pressing challenges, found that SMEs in Singapore face an uphill struggle when it comes to securing financing. In the last five…
BigPay, a Capital A venture company, announced the launch of its Cash Pickup services in Indonesia and the Philippines, as an added feature to its existing remittance feature. The Cash Pickup feature is available to all BigPay users in Malaysia and Singapore with over 14,000 pick-up locations across the Philippines and Indonesia. BigPay said that it seeks to bridge the technology gap and help families gain access to their funds without the need for a bank account through this launch. To send money via the BigPay app, senders simply need to select the amount to remit and the pickup location…
Digital asset exchange Luno today announced that it is the first to be approved by the Securities Commission Malaysia to offer Chainlink (LINK) and Uniswap (UNI) for trading on its platform. Users can now buy, sell and store LINK and UNI on the Luno app and website, alongside its existing cryptocurrency offerings. As part of the launch of the new coins, investors will get 50% off Instant Buy and Sell and reduced Luno Exchange fees for both Chainlink and Uniswap from now till 20 July 2022. Additionally, Luno has also launched its USDC Savings Wallet and the two new crypto…
UOB Malaysia and The FinLab announced the launch of the fourth edition of its innovation accelerator Jom Transform Programme (JTP) which will be conducted virtually on The FinLab Online. The FinLab Online is a regional digital platform launched on 17 July 2020 to help small and medium-sized enterprises (SMEs) and startups tap the expertise of industry mentors from UOB and its regional ecosystem partners virtually. The theme for this year is ‘JTP: Womenpreneur Edition’ which aims to support female entrepreneurs through digital solutions that drive productivity, save costs and grow revenue. The first cohort will undergo a three-week business transformation…
Southeast Asian digital wealth manager StashAway launched Flexible Portfolios, its first product in Malaysia that offers investors the choice to customise their portfolios. Flexible Portfolios allows investors to pick the asset classes they want, decide their exact allocations, and change them at any time. According to StashAway, the Flexible Portfolios product was highly requested by its clients who want to control their investments based on their own market views and holdings outside its app. Flexible Portfolios has two features that make these customised investments different from brokerages. Firstly, investors are able to easily customise their portfolios by picking their desired…
The “airasia Super App” has rolled out its e-wallet “airasia pocket” to create a seamless in-app payment experience that is available to all of its users in Malaysia. airasia pocket enables users to reload and make payments for all the products and services on the app while being rewarded at the same time. They will be able to earn airasia points upon activation as well as receive an extra 10% off all AirAsia flight bookings and 10x airasia points with every airasia food order on weekends. There are two types of airasia pocket accounts that are available – the Lite…
Invest Hong Kong (InvestHK) has announced the launch of Global Fast Track 2022, a programme that helps fintech companies leverage the unique advantages of Hong Kong to scale in Asia while building a solid foundation for long-term growth. Returning for its third year, Global Fast Track will be a standalone flagship programme that runs throughout the year and is now open for applications from global and local fintech companies until September. Given that fintech firms have varying needs throughout the business cycle, the year-long programme will enable InvestHK, corporates, investors and partners to provide long-term, tailored and holistic support for…
Bank Negara Malaysia (BNM) steps up collaboration with banks and law enforcement agencies to combat the rapidly evolving threat financial fraudsters. The central bank said that it requires all licensed banks to adopt high standards of security, particularly for internet and mobile banking services. This includes routine security reviews and advisories issued by BNM to financial institutions to enhance existing controls and ensure adequate protection against latest threats, while maintaining efficient services for customers. BNM has been collaborating with Polis Diraja Malaysia (PDRM), Malaysian Communications and Multimedia Commission (MCMC) and the financial industry to coordinate efforts in combating financial fraud…
Razer Fintech, the financial technology arm of Razer, announced the acquisition of PT E2Pay Global Utama (E2Pay), an Indonesian B2B2C digital payment facilitators and e-money player. Founded in 2012, E2Pay provides a breadth of payment solutions to merchants and financial institutions, including payment gateway, e-money, and remittance services licenses in Indonesia. These services complement Razer Merchant Services, Razer Fintech’s business-to-business arm regionally, as it facilitates cross-border payments for its 60,000 merchants to Indonesia. E2Pay’s payment gateway supports high-growth e-commerce verticals, including online marketplaces, professional services, travel and tourism, as well as other segments throughout Indonesia, with some of E2Pay’s most…
The United Nations Office on Drugs and Crime (UNODC) and the Royal Malaysia Police (RMP) have jointly opened Southeast Asia’s first Cryptocurrency Analysis Laboratory in Kuala Lumpur. The laboratory will facilitate RMP’s operation in conducting investigation and analysis of cryptocurrency-related crimes. Its capacity will be used to improve skills and deliver training to RMP investigating officers dealing with cryptocurrency issues. Prior to the opening of the laboratory, UNODC and RMP worked closely to set up the facility, funded by the Government of Japan. Located at the Commercial Crime Department, the laboratory enables RMP to more efficiently conduct investigations, analyses, seizures…
In Malaysia, banks are stepping up in their journey into more sustainable financing and operating practices, making efforts to integrate environmental, social and corporate governance (ESG) considerations into their governance, business strategy, operations and risks management. Consulting firm PwC conducted a survey last year to gauge the Malaysian banking sector’s readiness for ESG. Results from the study were released recently and showed that financial institutions in the country have woken up to the ESG imperative, with most sharing concerns about climate change, environmental and social risks. Of the 14 Malaysian banks polled, 90% indicated having assigned a department to operationalize…
Versa Asia, a Malaysian digital cash management platform, announced that it is expanding its product range to introduce “Versa Invest” to offer affordable wealth management in partnership with Affin Hwang Asset Management (AHAM). Versa Invest offers three different types of low to high risk investment funds — Versa Conservative, Versa Moderate and Versa Growth. Through a pooled investment fund managed by top global fund managers such as Blackrock, PIMCO, Vanguard and HSBC, users are able to diversify their investments across active and passive funds, allowing them to benefit from investment instruments that were once only available to the high net…
COVID-19 accelerated trends toward remote banking and digitalisation, forcing financial institutions to embrace new technologies and processes to keep their businesses functional despite social distancing restrictions. Now, with more and more people relying on digital solutions for interactions and transactions, the industry is turning to the next set of challenges, actively seeking to reimagine customer journeys to not only differentiate themselves from competitors, but also capture new generations of tech-savvy customers. In a new paper, cybersecurity technology firm OneSpan explores how e-signatures, digital identity verification and authentication technologies can unlock new opportunities for financial institutions, highlighting what it believes are the top…
Tune Protect Malaysia, the general insurance arm of Tune Protect Group, announced the appointment of Jubin Mehta as its Chief Executive Officer effective 5 May 2022. The group said in a statement that Jubin will be responsible for transforming Tune Protect Malaysia into a technologically progressive organisation, aligned to its aspiration of simplifying insurance for its customers. Jubin has more than 18 years’ experience in the banking industry, particularly in India, Vietnam, and Malaysia. His experience in the last 5 years, notably in the financial technology field includes bootstrapping a data analytics company as well as consulting with Axiata Digital…