In an increasingly digital world, the Malaysian capital market is taking bold steps to embrace technological innovation and foster growth among smaller players. At the forefront of this initiative is the Digital Innovation Fund (DIGID), a groundbreaking programme established by the Securities Commission Malaysia (SC) to co-fund innovative projects that leverage technology to create competitive propositions in the Malaysian capital market. Fintech News Malaysia spoke with Dr Wong Huei Ching, Executive Director of the Digital Strategy and Innovation division and DIGID Chairperson, along with two DIGID award recipients: Ang Xing Xian, Co-founder and CEO of CapBay Sdn Bhd, and Raevendren…

The digital payment landscape is transforming, making payment solutions more crucial than ever and placing small and medium enterprises (SMEs) at the forefront of this payments-driven change. As consumer preferences evolve and the demand for convenient, secure, and diverse payment options grows, SMEs must adapt to remain competitive. While QR payments have gained traction recently, they are not the only SME payment solution available. Virtual terminals, such as the Fiuu Virtual Terminal (Fiuu VT), can potentially change how SMEs accept digital payments. By offering a comprehensive, flexible, and cost-effective SME payment solution, virtual terminals empower SMEs to embrace the future of…

Digital innovation is rapidly reshaping the financial landscape,  today’s Islamic banking institutions face the challenge of adapting traditional principles to modern technologies. Bank Islam Malaysia Berhad, an Islamic financial institution in Malaysia, is embracing the digital transformation sweeping through the banking sector. As technology reshapes financial services, Bank Islam is adapting to meet its customers’ evolving needs. Notably, Bank Islam was the first incumbent bank in Malaysia to launch a digital bank, setting a precedent in the industry before AEON’s entry. This move underscores the bank’s role in integrating modern technology with Islamic financial principles. Noor Farilla Abdullah, Group Chief…

In a landmark move to reshape Malaysia’s insurance landscape, Bank Negara Malaysia (BNM) unveiled a comprehensive framework for Digital Insurers and Takaful Operators (DITOs). This approach addresses critical protection gaps, fosters innovation, and enhances financial inclusion in the sector. As Malaysia steps into this new era of digital insurance, the DITO framework promises to revolutionise how insurance and takaful products are designed, distributed, and consumed. The digital-first imperative for the DITO framework The DITO framework is based on a fundamental shift in operational philosophy. These new entrants are required to conduct their business “wholly or almost wholly through digital or…

Bank Negara Malaysia (BNM) has released an Exposure Draft outlining proposed requirements for a new Basic Banking Services (BBS) policy. This draft sets forth expectations that financial service providers (FSPs) must meet to ensure financial consumers can access essential banking services at minimal cost. Aligned with the vision of the 2nd Financial Inclusion Framework 2023-2026, this initiative aims to enhance the accessibility and inclusiveness of Malaysia’s financial ecosystem, focusing on serving the unserved and underserved segments of the population. BNM actively seeks written feedback on the proposed requirements, inviting suggestions for areas needing clarification and alternative proposals that could achieve…

Embracing digital transformation offers significant promise for Micro, Small, and Medium Enterprises (MSMEs) in Malaysia. By adopting digital payments, MSMEs can better integrate into the formal economy, expand their market reach, and access financial services more easily. This shift not only promotes a cashless society but also extends financial inclusion to remote and underserved areas, unlocking economic benefits and enhancing community well-being. In recent years, Malaysia has made notable strides in financial inclusion by leveraging digital technology to bring banking services to the masses. However, as the nation rapidly moves towards a cashless future, questions arise about those left behind…

The rapid digitalisation of the banking sector in Southeast Asia has brought about unprecedented convenience for customers, allowing them to access financial services at their fingertips. However, this increased reliance on digital platforms has also exposed the challenges financial institutions (FIs) face in maintaining reliable and uninterrupted services. A series of service disruptions across the region has raised concerns among customers and regulators, prompting a closer examination of the root causes and potential solutions to enhance operational resilience. Recent incidents in Malaysia, where the two largest banks faced outages highlight the importance of addressing these disruptions promptly and effectively. Bank…

In Malaysia, there’s a proverb that goes, “Sedikit-sedikit, lama-lama jadi bukit.” It translates to “Little by little, in time, it becomes a hill.” This phrase aptly captures the essence of investing and financial planning. For many Malaysians, however, this term is more of a challenging riddle than a clear concept. There’s often a gap when making informed investment decisions and financial planning. This gap, left unaddressed, can lead to unnecessary financial mistakes, lost opportunities, or even financial setbacks. In today’s unpredictable economic climate, where job landscapes are ever-changing and unexpected financial challenges are always lurking, understanding one’s financial realm is…

As we honour Women’s Day, it is paramount to spotlight the transformative leadership of Pei Si Lai, CEO of GXBank, whose embodiment of inclusivity, empowerment, and forward-thinking is reshaping the contours of digital banking. In a realm where technology and finance herald unprecedented opportunities and challenges, Pei Si’s stewardship at GXBank offers profound insights into nurturing leadership that champions innovation and steadfastly promotes financial inclusivity. Cultivating an empowered and inclusive culture Pei Si’s leadership ethos is deeply rooted in the belief that empowerment and inclusivity are not merely corporate buzzwords but the foundation upon which transformative organisations are built. She…

As the world marks International Women’s Day, we spotlight the journey of Fozia Amanulla, whose ascent to the helm of Boost Bank as CEO is a narrative of breaking barriers and forging new paths in the predominantly male-dominated banking sector.  Her leadership embodies a bridge between the analytical rigour of investment banking and the dynamic innovation of digital finance, offering a glimpse into the transformative potential of inclusivity and technology in reshaping banking for the digital era.  Fozia’s story is not merely one of personal achievement but a testament to the evolving role of women in leading and innovating within…

As we commemorate International Women’s Day, our focus turns to Rafiza Ghazali, the CEO behind KAF Investment Bank’s Islamic digital banking venture. With a career that spans across technology, startups, and banking, Rafiza stands as a testament to how diverse experiences can mould a leader adept at navigating the complexities of the modern financial landscape. This exploration delves into Rafiza’s journey, shedding light on her innovative approach to leading KAF’s Islamic digital bank—a role that leverages her unique blend of industry insights to challenge traditional banking paradigms and advocate for financial inclusion and digital transformation. A confluence of diverse experiences…

In the banking industry, where change is rapid and impactful, Raja Teh Maimunah Raja Abdul Aziz stands out as the Chief Executive Officer of AEON Bank. Her journey offers insight into the evolving nature of banking, marked by an increasing shift towards digital solutions and a greater emphasis on inclusivity.  As the world marks Women’s Day, it’s worth looking at how Raja Teh’s leadership reflects broader trends in banking, combining technological advancement with efforts to create a more diverse and welcoming industry.  Raja Teh’s serendipitous digital banking journey Raja Teh’s career trajectory is a testament to her resilience, foresight, and unwavering…

The Shariah Advisory Council (SAC) of Bank Negara Malaysia has taken significant strides in marrying the convenience of modern financial mechanisms like Buy Now Pay Later (BNPL) facilities with the rigorous principles of Shariah law. Through its comprehensive deliberations during the 220th, 228th, and 231st meetings, the SAC has meticulously sculpted guidelines that harmonise these modern financial solutions with the rich traditions of Islamic finance. Understanding the SAC rulings In its 220th meeting on 24th January 2022, the SAC ruled that BNPL facilities are permissible under Shariah principles, provided they adhere to appropriate Shariah contracts. Islamic financial service providers must…

As inclusivity shapes global finance, Islamic banking gains momentum, providing an alternative to traditional models in line with Shariah principles.  Australia, known for its multicultural and economic prowess, is set to welcome its inaugural Islamic bank, marking a significant step towards financial diversity. In entering its pilot phase, Islamic Bank Australia plans to offer Shariah-compliant services to the Muslim community and others, filling a niche yet crucial gap in the Australian banking landscape.  This presents a business opportunity and underlines Australia’s commitment to cultural diversity and tailored financial offerings. In an interview with Fintech News Malaysia, Dean Gillespie, CEO of…

In 2024, Malaysia is set to see significant growth in its fintech industry. This is primarily due to increased digital adoption in the country, supported by government regulations, substantial funding, and a growing talent pool. These factors are vital contributors to the emerging fintech trends in Malaysia. The fintech landscape in Malaysia is evolving dynamically, marked by the innovation of local startups and global players introducing new business models, products, and services. Various segments within fintech, such as digital banking, Islamic fintech, insurtech, wealthtech, and payments, are experiencing rapid development. The adoption of fintech solutions among Malaysian consumers and businesses…

In an era dominated by digitalisation, where technology weaves its way into the very fabric of society, the imperative for robust digital identity verification has become increasingly pronounced. In response to this increasing need, Malaysia has initiated the National Digital ID (IDN) project, supported by the Malaysian government. This development in the digital space is intended to offer a secure and efficient means of online identity verification for Malaysian citizens, potentially reshaping how individuals interact with digital services. Understanding the Malaysia Digital ID Project Unlike traditional methods that require users to manage multiple usernames and passwords, the Malaysia Digital ID…

In a dynamic and ever-changing financial landscape, the concept of embedded finance has emerged as a powerful force shaping the future of financial services.  During a recent fireside chat, a panel of experts delved deep into the intricacies of embedded finance, its immense potential, and its transformative impact.  The panellists included Sheyantha Abeykoon, Group CEO of Boost; Arnost Micek, Chief Strategy Officer at Tonik and Todd Schweitzer, Co-founder and CEO of Brankas. Guiding this discussion was Vincent Fong, Chief Editor of Fintech News Malaysia. The fireside chat titled ‘Embedded Finance – Seizing the Multi-Trillion Dollar Opportunity’ provided a platform for…

Embarking on a second startup journey can be a thrilling yet daunting experience, especially after the roller-coaster ride of founding the first venture. This sentiment was profoundly echoed by Ooi Hann Liew, a seasoned fintech entrepreneur, during his speech at “The Fintech Frontiers Conference 2023”. But Hann Liew’s keynote, aptly titled ‘Start, Scale, Repeat: The Second Startup Journey’, was more than just a walk down memory lane. Instead, it was a candid exploration of his evolutions and a treasure trove of insights for budding entrepreneurs on the nuances of embarking on a second venture. Starting from the beginning Born and…

In the world of business and entrepreneurship, the story of Funding Societies and its co-founders is noteworthy. Wong Kah Meng, a Co-founder and Group Chief Operating Officer at the platform, recently solidified his commitment by clinching the Founder of the Year award at the Fintech Frontiers Awards 2023. This honour is a testament to years of dedication, determination, and a vision to revolutionise the financial landscape. In a Fireside Chat hosted by Roshan Kanesan, this conversation takes us deep into the heart of Wong Kah Meng’s entrepreneurial odyssey, revealing the struggles, triumphs, and invaluable lessons gleaned from a decade at…

In a Fireside Chat held at the Fintech Frontiers Conference Malaysia 2023, Alan Ni, CEO of TNG Digital, shared insights into the remarkable journey of his company, which was recently awarded the title of Fintech of the Year.  Moderated by Vincent Fong, Chief Editor of Fintech News, the conversation provided a unique window into the growth and evolution of TNG Digital, tracing its trajectory from a pilot project to a significant player in Malaysia’s fintech landscape.  TNG Digital embarked on its journey during a challenging period, characterised by the arduous task of moving from inception to a prominent fintech contender. …