Author: Johanan Devanesan

The digital payments industry has witnessed significant growth and transformation in recent years, driven by technological advancements, changing consumer behaviour, and evolving regulatory landscapes.  To explore the path forward, a panel discussion was held during the Everything Payments Summit as a part of PayNet Digital Payments Week 2023, featuring notable industry leaders Qaiser Iskandar Anwarudin, Director of the Payments Services Policy Department at Bank Negara Malaysia; Dr. Siew Chan Cheong, Group Chief Strategy Officer at Maybank; Lai Pei Si, the CEO Designate of Grab Malaysia digital bank; and Shankar Kanabiran, Deputy Consulting Leader & FS Consulting Leader at EY Malaysia. …

The landscape of Environmental, Social and Governance (ESG) investment in Malaysia has seen significant growth in recent years. Companies forced to prioritise the ESG agenda in part due to strong regulatory guidance on trajectory of ESG investing in Malaysia, and bolstered by the efforts of large, influential funds including the Employees Provident Fund (EPF) and the country’s sovereign wealth fund Khazanah Nasional Bhd. Strengthening climate change frameworks There are numerous guidelines and policies at play to guide ESG and support longer-term sustainable and transition finance in Malaysia. Some of the government-led ESG initiatives, which include various policies and programmes to…

Boost Holdings Sdn. Bhd., a fintech unit of Malaysia’s Axiata Group Bhd., is considering raising between US$50 million to US$100 million in a new funding round, according to anonymous sources familiar with the matter. Boost Holdings is working with a financial adviser on the potential fundraising, which could value the startup at several hundred million dollars, the sources said. The funds raised would be used to expand the company’s digital banking operations, according to the people who asked not to be identified due to the confidentiality of the information. Boost is the regional fintech unit of Axiata, Malaysia’s biggest wireless…

The Islamic digital economy is rapidly expanding in Malaysia, presenting a range of opportunities for businesses and entrepreneurs alike. The country has long been at the forefront of Islamic finance, and its well-established infrastructure and regulatory framework make it an ideal location for the development of Islamic digital financial services. One of the key areas of opportunity within the Islamic digital economy is the creation of innovative financial products and services that cater to the specific needs and requirements of the Muslim community — but also have the potential to attract non-Muslim customers who value ethical and socially responsible investments.…

Digitalisation has been pegged as a key attribute to spur economic recovery in Malaysia, and is being touted as a major force for continued growth in the latest World Bank Malaysia Economic Monitor report released last month. Titled ‘Expanding Malaysia’s Digital Frontier’, the study projected the country’s economic growth to expand by 4% this year, amid an expected slowdown in external demand and following a stronger-than-expected recovery of 7.8% in 2022.  But economic gains in Malaysia can further be realised by seizing upon the advantages of digitalisation, according to Bank Negara Malaysia (BNM) Deputy Governor Datuk Abdul Rasheed Ghaffour, in…

The revised Budget 2023, with a theme of ‘Developing Malaysia Madani’ was officially presented last week by Prime Minister Datuk Seri Anwar Ibrahim. The comprehensive budget spanned a wide range of determinations for Malaysia in 2023, with an allocation of RM388.1 billion to be spread out over 12 key thrusts, as Malaysia recovers from the prolonged aftereffects of the COVID-19 pandemic, a tumultuous economic climate, and a need to rebuild certain sectors and institutions in an effort to boost the confidence of the populace and investors alike. Malaysia’s economy is expected to expand by 4% this year, but Fitch Solutions…

During the cryptocurrency frenzy of the mid- to late-2010s, the HelloGold gold savings app was launched in Malaysia to a curious public. Allowing savings in gold for as low as RM 1, many wondered if this alternative business model would actually empower financial inclusion for low- to medium-income users. Officially launched in 2017, the HelloGold app outlasted many expectations and was recognised for its innovative application of blockchain, becoming the world’s first Shariah-compliant certified online digital gold platform. But HelloGold announced late last month that it was shutting down its consumer app unit in both Malaysia and Thailand – and…

Malaysian-based fintech HelloGold, a savings app that blended gold trading with blockchain technologies, has become the latest casualty of adverse market forces and will be closing down its core business in Malaysia and Thailand. Users are given until 2nd February 2023 to withdraw their funds, any gold that remains on their platform after the deadline will be sold and funds will be transferred back to users within 5 working days. Founded in 2015 and officially launched in 2017, the app made use of blockchain innovation to enable customers to save money using gold for as low as RM 1. The…

Luno was the first digital assets exchange to be approved by the Securities Commission in Malaysia, opening the door for Malaysians to trade and store cryptocurrency assets in a more regulated setting. But as challenging macroeconomic factors adversely impact sectoral growth across the board, the tech industry overall and the cryptocurrency industry have been hit by waves of layoffs as companies struggle to find ways to rebalance their business plans towards more conservative outlooks for 2023. Luno became the latest to announce workforce reductions yesterday, saying it would cut 35% of its team globally. In an internal message to employees,…

Malaysian payments network and infrastructure provider PayNet has appointed Gary Yeoh as its new Chief Commercial Officer. The new appointment to oversee PayNet’s commercial operations follows an eventful year for Yeoh, a veteran of the Malaysian payments scene who had quick stints at both payments platform Fave and buy now pay later (BNPL) operator Atome in 2022. Yeoh brings a lot of varied experience to the table. As a pioneering member of the Berjaya Loyalty program (Bcard), Yeoh led the business development of Bcard to achieve massive growth with a base of over 4.5 million card holders with over 100…

2022 was set to be a transformative year for the fintech space in Malaysia. The long-awaited reveal of the five awardees for the first digital banking licences in the country finally took place to kick the year off, and it was followed by other developments that saw a fresh regulatory landscape for several sectors associated with fintech in the country. Here’s a look at some of the top stories Fintech News Network covered around Malaysia in 2022. Digital banking license winners revealed Over a year after the original digital banking framework was issued by Bank Negara Malaysia (BNM), the 29…