Boost Bank has launched a new savings campaign that allows customers to bid for rates of up to 20% per annum with daily interest. Called Bid at Boost, the campaign runs weekly from 5 August 2026 to 6 January 2027 and uses a bidding format tied to funds placed in a dedicated Bidding Jar. Every Wednesday between 8pm and midnight, customers can place a unique amount of between RM1,000 and RM10,000 into the jar. The funds remain there for one week and earn 3.0% per annum interest during the bidding period. Each week, the five highest unique amounts are selected…
Author: Fintech News Malaysia
Author
RHB Pay has launched in Malaysia, giving businesses a single gateway for card, FPX and DuitNow Pay transactions. Developed and operated by RHB Bank, the service settles funds directly into RHB accounts and includes automated reconciliation. RHB Bank describes RHB Pay as Malaysia’s first bank-owned unified online payment gateway. It is aimed at mid-sized enterprises, commercial businesses, corporates and government-related institutions. RHB plans to add e-wallets, QR payments, Direct Debit and Auto Debit in a second phase targeted for the fourth quarter of 2026. Dato’ Mohd Rashid Mohamad, Group Managing Director and Group CEO of RHB Banking Group, said, “As…
MNRB Holdings plans to sell its Takaful Ikhlas businesses to Bank Rakyat for RM1.64 billion in cash, subject to adjustments and regulatory approvals. Bank Rakyat-owned Rakyat Nominees will acquire MNRB’s entire stakes in Takaful Ikhlas Family Berhad and Takaful Ikhlas General Berhad. The deal also requires MNRB shareholder approval at an extraordinary general meeting. The approvals needed before the final sale agreements are signed must be obtained within 12 months unless the parties agree to extend the period. If completed, the two takaful businesses will cease to be subsidiaries of MNRB. The divestment will allow MNRB to focus on its…
MBSB Bank now supports Samsung Wallet and Google Pay for customers using its Visa Debit Card-i. Cardholders can add the card to either wallet and make contactless payments on eligible Android devices at participating Visa merchants in Malaysia and overseas. Transactions are authenticated through the customer’s device, while tokenisation replaces actual card details with a unique digital identifier. The rollout comes as cashless payments continue to grow in Malaysia. Electronic payment transactions reached 18.4 billion in 2025, up 25% from the previous year, with an average of 538 cashless payments made per person. Usman Ghouse, Group Chief Consumer Banking Officer,…
For the first time, more than half of TNG Digital’s revenue comes from outside payments. So what is Malaysia’s largest e-wallet actually turning into? Alan Ni joined FNN to answer that. He was employee number three at TNG Digital and now runs it as CEO, growing the business from a toll-and-parking wallet into a platform with more than 26 million verified users. In 2025 the company delivered its first full year of profit and became Malaysia’s first fintech unicorn. We got into how the business changed, where the growth is really coming from, and a few things that surprised us.…
The bank of 2030 will not be built around branches, fragmented services or siloed channels. It will need to fit into how people actually live, spend, save and make financial decisions. The decisions leaders make today will shape whether their banks stay relevant by the end of the decade. This session looks at what leading banks are building now, and what needs to change. This webinar will bring together thought leaders to explore: What will customers expect by 2030, and where do banks still fall short? Where can AI make banking more personal and responsive when customers need it most?…
SAP has appointed Ellian Teo as Country Managing Director for Malaysia, succeeding Vipin Chandran. Ellian will lead SAP Malaysia’s strategy, operations and customer success, with a focus on cloud, data and artificial intelligence. She will report to Liher Urbizu, President and Managing Director of SAP Southeast Asia. Ellianbrings more than 20 years of enterprise technology experience across financial services, telecommunications, manufacturing and large Malaysian organisations. Her career has included working with boards, senior executives, regulators and policymakers on transformation programmes. Ellian is also involved with the 30% Club community and mentors women pursuing careers in cloud, data and AI. Chandran…
Maybank has struck a RM4.83 billion deal to fully own the holding company behind Etiqa’s Malaysia and Singapore businesses. The bank will acquire Ageas Insurance International NV’s remaining 30.95% stake in Maybank Ageas Holdings Berhad (MAHB). Maybank currently owns 69.05%. MAHB houses Etiqa’s insurance and takaful businesses in Malaysia and Singapore. Maybank expects full ownership to give it greater flexibility to expand bancassurance, wealth and takaful offerings across the region. MAHB is currently the fourth-largest takaful provider globally, according to the bank. The deal is also expected to be immediately accretive to Maybank’s profit after tax and minority interests, earnings…
China has tested faster cross-border settlement with Malaysia using a 43,000 yuan (US$6,360) digital yuan payment for a fresh durian shipment, according to the South China Morning Post. The transaction settled in about 30 minutes. China Construction Bank’s Xiamen and Labuan branches processed the payment. The channel allows recipients to convert e-CNY directly into Malaysian ringgit without additional intermediary fees. China and Malaysia had previously tested an inbound e-CNY transaction in January. The mechanism enables direct settlement without routing payments through multiple intermediary banks. In June, 26 financial institutions signed agreements to participate directly in Cross-border e-CNY Transfer Services, or…
Gurudutt Joglekar has been appointed Country President of Chubb Malaysia, effective immediately. Joglekar succeeds Jon Longmore, who will move into a new role within Chubb. The company said further details on Longmore’s appointment will be announced later. He will lead Chubb Malaysia’s general insurance business across Personal Lines, Accident & Health, and Commercial Property & Casualty. Joglekar will report to Marcos Gunn, Regional President for Asia Pacific. He joined Chubb as Deputy Country President in June 2026 and has more than 20 years of insurance experience across Malaysia, Hong Kong and India. His background includes motor and commercial property and…
Malaysia is using guarantees and targeted financing schemes to improve credit access for underserved SMEs. Bank Negara Malaysia Assistant Governor Suhaimi Ali told The Star that overall SME financing conditions remain broadly supportive, even as some businesses continue to face funding gaps. Nearly 80% of SME financing applications were approved between January and May 2026. By the end of May, banks had RM442 billion in outstanding financing to SMEs, up 5.3% from a year earlier. This represented about half of all business financing. Access can be more difficult for micro enterprises, startups and companies with limited credit histories or insufficient…
Alliance Bank has upgraded its Visa Virtual Credit Card with supplementary cards and instant rewards redemption. Primary cardholders can now extend spending access to family members while setting limits and monitoring transactions through the allianceonline mobile app. Users can also redeem rewards instantly at more than 60 participating merchants instead of accumulating points for later use. The card uses dynamic numbers for one-time purchases and recurring subscriptions. It also supports Flexi Payment Plans of up to 12 months and can be frozen or reactivated through the app. The virtual card does not require a physical card and can be applied…
Funding Societies has secured a new financing facility from Malaysia Debt Ventures (MDV) to expand funding for technology-driven and underserved SMEs in Malaysia. The multi-year working capital facility will be deployed through Funding Societies’ digital financing platform. Its size was not disclosed. The deal builds on a relationship that began in 2022, when MDV first participated on the platform to support technology-based SMEs. Funding Societies uses alternative data and digital credit assessment to extend financing to underserved SMEs. SMEs account for 96.1% of business establishments in Malaysia and contribute close to 39% of gross domestic product. Funding Societies has disbursed…
Merchantrade Money cardholders can now make contactless payments through Google Wallet and Samsung Wallet using their smartphones. The company said it is the first homegrown non-bank e-money issuer in Malaysia to support native tap-to-pay transactions across both wallets. Users can add their Merchantrade Money Visa Prepaid cards to either wallet and pay at contactless Visa terminals in Malaysia and overseas. Payments can be deducted from supported foreign currencies that users have converted in advance through the platform’s multi-currency wallet. Users will not incur foreign transaction fee markups when spending from those balances. The service can also be used on supported…
Bursa Malaysia led ASEAN in IPO activity with 36 listings that raised RM5.4 billion in the first half of 2026. The IPOs, spread across the Main, ACE and LEAP markets, added RM26.1 billion in market capitalisation during the six months ended 30 June. Bursa Malaysia raised its 2026 IPO market capitalisation target to RM34 billion from RM28 billion, citing its first-half performance and current listing pipeline. The exchange operator also reported a 15.2% increase in profit after tax, zakat and minority interest to RM144.6 million, from RM125.5 million a year earlier. Operating revenue rose 19.6% to RM411.7 million, driven mainly…
MediAsas is set for independent oversight as Bank Negara Malaysia (BNM) seeks to keep it affordable amid rising healthcare costs. An independent board representing several stakeholder groups will oversee the proposed framework, according to Bernama. BNM Deputy Governor Aznan Abdul Aziz noted that the framework would support regular reviews of MediAsas’ features and affordability as medical costs continue to rise. The base medical and health insurance and takaful product entered its pilot phase at the Sasana Symposium 2026 on 29 July. It remains on track for a public launch in January 2027. The pilot will test enrolment, underwriting, claims, guarantee…
Eligible government pensioners can receive their payments through TNG eWallet when they cannot access them through their existing bank accounts. TNG Digital is supporting a Public Service Department initiative that provides an alternative to conventional banking channels. This includes pensioners whose accounts have been frozen or restricted, including after they fall victim to financial scams. Eligible pensioners who select TNG eWallet under the initiative may also apply for a fee-waived TNG eWallet Visa Card. The card is linked to their TNG eWallet balance and can be used for cash withdrawals at ATMs and payments at Visa merchants worldwide. TNG Digital…
Ramssol has tapped CTOS to expand the reach of its earned wage access platform, Pay Day Now, according to a Bursa Malaysia filing. Under a two-year agreement signed on 28 July, CTOS Data Systems will introduce the platform to employers and clients within its network. Ramssol’s indirect wholly owned subsidiary Rams Fintech will onboard referred employers, operate the platform and support participating companies and employees. Pay Day Now allows employees to access part of their earned wages before payday. Rams Fintech will charge a withdrawal fee and pay CTOS a commission on qualifying referrals and transactions. The companies may also…
Bank Negara Malaysia (BNM) has fined The Pacific Insurance Berhad RM336,000 after its CEO position remained vacant for 16 months. The insurer did not have an approved CEO between 21 November 2024 and 23 March 2026, breaching a requirement under the Financial Services Act 2013 to maintain a CEO at all times. BNM attributed the breach to inadequate succession planning, which delayed the identification and submission of a suitable candidate for approval. Pacific Insurance appointed a representative during the vacancy, while its board continued to oversee operations. These measures prevented any material disruption to its day-to-day business. The insurer appointed…
Wise has connected directly to Malaysia’s PayNet network, enabling DuitNow QR payments and MYR transfers through its app. Malaysia is the ninth market globally and fifth in Asia Pacific where Wise has gained direct access to a domestic payment system. Its other connections include Singapore, Australia, the Philippines, Japan, the UK, Europe, Hungary and Brazil. Wise users in Malaysia can now scan DuitNow QR codes and pay directly through the app. The feature is being rolled out gradually and is expected to support all DuitNow QR codes nationwide in the coming weeks. Users can also make DuitNow transfers using a…