Author: Fintech News Malaysia

Bank Negara Malaysia (BNM) has accepted the findings of the security assessment provided by Experian Information Services (Malaysia) Sdn Bhd (Experian) and is restoring Experian’s access to the Central Credit Reference Information System (CCRIS) on 25 October 2021, with immediate effect. Experian’s services and reports containing CCRIS data will then be available as normal to all businesses and consumers. On 30 September 2021, BNM issued a temporary suspension of CCRIS access to all Credit Reporting Agencies (CRAs) including Experian as a proactive and precautionary measure due to a credible cyber threat. In line with BNM’s directive, Experian conducted an extensive…

In the recent release of the Capital Market Masterplan 3 by Securities Commission Malaysia (SC), it was highlighted that Malaysia continues to be a prominent global Islamic Capital Market (ICM) hub, with Islamic assets under management (AUM) growing 2.7 times. Additionally, shariah-compliant assets amounted to RM 2.3 trillion as of the end of 2020, having grown from RM 1.1 trillion in 2010. Malaysia also recorded the largest market share of global sukuk issuance in 2020 at 39.2%, according to RAM. Overall, the global sukuk issuance increased by 16.8% to USD 152.6 billion in that year, compared to USD 130.6 billion…

Novatti, an Australian Securities Exchange-listed payments firm, announced that it has acquired Malaysian fintech ATX for AUD 9.5 million (US$7.1 million) according to MarketScreener. ATX’s management team, including the founders who will be filling in as CEO and director for strategy, will stay on after the deal concludes. This acquisition will enable Novatti to utilise its environment and assets to grow the current ATX business in Malaysia which includes its e-wallet. Novatti will also be able to dispatch extra services by offering other value-added items to ATX’s client base. ATX offers a variety of B2B and B2C payment services with…

MYTHEO, a robo-advisor regulated by the Securities Commission Malaysia, has launched a fully AI-based Environmental, Social and Governance (ESG) themed portfolio known as the MYTHEO Global ESG. The firm claims to be the first in the country to do so. The portfolio will invest primarily in ESG-related equity ETFs, particularly those that has an investment policy of taking into consideration the environment, social and corporate governance such as having a right balance of executives and directors with strong elements of gender and racial diversity, strict anti-corruption policies and strong internal controls in place. This will allow investors to align their…

Malaysian fintech startup MoneyMatch announced today a strategic and multi-pronged partnership with microLEAP, a Shariah-compliant and Conventional P2P (Peer-to-Peer) Financing Platform, regulated by the Securities Commission of Malaysia. This strategic partnership will entail both MoneyMatch accessing microLEAP’s strong base of local investors seeking Shariah-compliant investment opportunities, while assisting MSMEs seeking business financing, as well as microLEAP being able to offer their market-leading Islamic financing solutions directly to MoneyMatch’s over three thousand active small-medium enterprise customers. MoneyMatch’s Shariah-compliant investment note of MYR 1 million is the largest deal ever completed on microLEAP’s platform, since its inception, and is one of the…

HSBC Malaysia has recently enhanced its mobile app with a new feature, a “Wealth on Mobile” dashboard so customers can to invest and track their portfolios at the tap of a button. The mobile wealth dashboard provides a snapshot of the customer’s wealth landscape with HSBC, allowing customers to review clear and concise account information, activities and investment transactions in an easy-to-read format. The dashboard can be used as a reference when customers need to make their next key decisions on their investments. Using this dashboard, customers are also able to access global market insights and easily make investments in…

After the completion of MoneyLion’s public listing on the NYSE, the company’s co-founder Foong Chee Mun becomes the first Malaysia fintech founder to be on the New York Stock Exchange. Foong who also serves as MoneyLion’s CTO announced plans to bolster the company’s Kuala Lumpur-based technology center of excellence. The center currently employs over 250 technologists in the areas of data science and machine learning, product management, product engineering and cybersecurity and expects to double the size of its Malaysian office in the next 12 months. Foong said that he has dedicated the operations in Malaysia to serve as the research…

Multinational low-cost airline AirAsia has been recognised as one of three Malaysian unicorns according to a report by Credit Suisse. The other two Malaysian unicorns are car e-commerce platform Carsome and Axiata’s Edotco, a regional integrated telecommunications infrastructure services company, the report said. Tony Fernandes, AirAsia’s Group CEO said that AirAsia’s digital businesses managed to clinch the unicorn status in “record time of under two years” since the company had expanded its focus to include other non-airline verticals during the pandemic. This move is part of AirAsia’s plan to morph into a digital services group. The group had announced plans…

Amanah Saham Nasional Berhad (ASNB), the wholly owned unit trust management company of Permodalan Nasional Berhad (PNB), announced the launch of its mobile registration and digital onboarding feature (e-KYC), as well as a new goal-based investing function in the myASNB mobile application. The new mobile onboarding feature allows Malaysians to open accounts via the myASNB app, without having to visit ASNB branches or its agents. Likewise, existing customers can set up their myASNB portal and mobile app accounts, or update their personal details directly through the portal or app, enabling them to begin investing from the comfort of their homes.…

GrabPay announced that it has recently strengthened its safety and security features designed to protect its users from fraud and security risks. The in-app wallet of superapp Grab has multi-layer security features will enable users to perform real-time digital transactions on the platform securely. One of the improved safety measures includes a two-factor authentication (2FA) with Grab PIN and biometrics which is encouraged for all GrabPay users. The 2FA has been an existing feature on GrabPay that protects users when their mobile phone is compromised. All GrabPay users are required to create a six-digit PIN if they have not done…

Bank Islam Malaysia has become the first full-fledged Islamic financial institution to be listed in the main market of Bursa Malaysia today, taking over the listing status from BIMB Holdings Berhad (BHB). The listing marks the completion of the BHB Group’s restructuring exercise, which entails a private placement exercise, a scheme of arrangement to settle outstanding warrants, and the internal reorganisation of subsidiaries. The internal business realignment measures also include distribution and capital repayment exercise involving distributing BHB’s entire shareholdings in Bank Islam and Takaful Malaysia, to the shareholders of BHB, and lastly, the transfer of listing status of BHB…

Merchantrade Asia, a Malaysian money services business provider, has partnered with MCIS Insurance (MCIS Life) for a life insurance plan along with Celcom Axiata. This launch is part of the Perlindungan Tenang Voucher Programme (PTV) is an initiative by the Malaysian government to expand social protection for B40 group. Under this programme, a RM50 voucher is allocated for eligible Bantuan Prihatin Rakyat (BPR) recipients to help them purchase Perlindungan Tenang products from licensed insurers and takaful operators. Through this partnership, the Merchantrade Insure Life plan can be redeemed using the RM50 PTV as announced in the 2021 national budget. This…

Following information received from the public, the Securities Commission Malaysia (SC) has issued a cease and desist order to RimauSwap for operating a Decentralized Exchange (DEX) without authorisation from the SC. The SC will also seek the assistance of the Malaysian Communications and Multimedia Commission (MCMC) to block RimauSwap’s website. Additionally, RimauSwap has been placed on the SC’s Investor Alert List. DEX is a peer-to-peer exchange that allows individuals to swap digital assets directly with one another without an intermediary. Transactions in these exchanges are operated through an automatic protocol mechanism known as smart contracts. The SC has not authorised any…

Digital banks found that financial wellness and digital money management tools are at the forefront of growing market share in the new era of engagement banking. A recent Backbase commissioned study, conducted by Forrester Consulting revealed that 64% of Malaysian retail banking decision makers said their company is increasing spending on digital and engagement financial wellness initiatives – the highest figure in the APAC region; more than Singapore, Japan or Australia. Bank Negara Malaysia is currently in the process of reviewing applications to grant five digital banking licenses in the first half of 2022. Malaysia’s retail banking sector seems to be…

Homegrown e-wallet player MyMy announced its partnership for a principal membership from Mastercard to add prepaid physical and virtual cards to their offering. MyMy said in a statement that it is the only Malaysian startup that was able to receive this approval from Mastercard. It also added a further raised RM 4 million in funding from an undisclosed source, bringing the company’s total funding to RM23 million. MyMy had previously received conditional approval for a large scheme Electronic Money License from Bank Negara Malaysia and plans to launch its services in early 2022. Users can now pre-register to join MyMy.…

Razer Merchant Services (RMS), the B2B arm of Razer Fintech, has partnered with Payments Network Malaysia (PayNet) to launch the MyDebit Tap-On-Phone (TOP) feature on the RMS Virtual Terminal (RMS VT) mobile application. Through the RMS and PayNet collaboration, merchant smartphones can be converted into payment terminals, enabling smaller merchants to accept MyDebit payments without incurring rental and monthly maintenance fees for card payment terminals. The MyDebit TOP feature was enabled by Soft Space. Consumers merely need to tap their MyDebit ATM cards on merchants’ Android Near-Field Communication (NFC) devices to transact purchases below RM 250 securely, while RMS has…

Maybank has launched Maybank2u Biz, a mobile-first application for small and medium sized enterprises (SMEs) to help ease their business operations. The app was developed to cater to the needs of busy business owners, who are always on the go and managing multiple tasks. The bank said that the app is suitable for partnerships, private limited companies, professional firms, educational institutions, clubs, society and associations. With its simple and intuitive interface, banking transactions can be performed easily, anytime and anywhere via the application. The “Maker-Checker” authorisation process for transactions have also been simplified for efficient on-the-go approving without compromising on…

HSBC Malaysia has launched Visa Instalments, a new credit option to establish fixed repayment terms for select purchases over a set period of time on e-commerce platforms. The bank said that its Visa cardholders can now instantly select to pay for their purchases in equal instalments at participating merchant websites. HSBC added that the instalment plans are offered with 0% interest-rate and range from 3 months for minimum purchases of RM300 and up to 36 months for purchases of RM2000 and above. All instalment plans selected for the purchase amount within an eligible HSBC customers’ total credit limit will be…

Shariah-compliant payment gateway PayHalal has partnered with Buy Now Pay Later platform Atome, to enable seamless Murabaha buy now pay later (iBNPL) acceptance across the former’s merchant touchpoints in Malaysia. Murabaha is also known as cost-plus financing, an Islamic financing structure in which the seller and buyer agree to the cost and markup of an asset. A murabaha is not an interest-bearing loan as the markup takes place of interest which is illegal in Islamic law. By partnering Atome to introduce iBNPL across PayHalal’s merchant touchpoints, shoppers will now have access to a flexible, convenient and secure payment option that…

In a technological landscape where speed to market has become a distinct competitive advantage, technical debt can seriously impede an organisation’s ability to innovate. Technical debt refers to shortcuts taken and gaps left unaddressed, as organisations race to cut down on time to market for their applications. These could take place in terms of IT architecture and infrastructure, or the code itself. They require modifications later on, meaning that organisations have to commit additional resources to patching up imperfect built software. A report by OutSystems on ‘The Growing Threat of Technical Debt’ notes that business leaders are aware that building…