Author: Rebecca Oi

In recent years, the insurance landscape in Malaysia has undergone a transformation driven by digital innovation, of which the introduction of Bank Negara Malaysia’s digital insurer and takaful operators (DITO) framework is expected to be a game changer. The emergence of a new breed of digital insurance and digital takaful products has the potential to address significant protection gaps, enhance financial literacy, and make insurance more accessible to a broader range of Malaysians.  To explore this topic further, a panel discussion was held during the ‘Fintech Frontiers Conference Malaysia 2023’. It featured prominent figures in the industry, including Lau Chin…

The wealth management landscape has significantly transformed in Malaysia and worldwide. The advent of digital technology and changing investor behaviours have opened up new opportunities for wealth managers.  This panel discussion, titled “Reshaping the Future of Digital Wealth in Malaysia,” brings together industry experts to illuminate this evolving landscape.  Moderated by Roshan Kanesan, the panel at the Fintech Frontiers Conference featured insights from Mohd Azlan Masood, Chief Operating Officer of Amanah Saham Nasional Berhad (ASNB); Scarlett Chai, Country Manager of Luno Malaysia; Ian W. Lloyd, Chief Digital Officer of Kenanga Investment Bank Berhad; and Wong Wai Ken, Country Manager of…

The Malaysia Budget 2024, tabled by Prime Minister Datuk Seri Anwar Ibrahim, outlines the country’s largest-ever financial blueprint, amounting to RM393.8 billion. Titled “Ekonomi MADANI: Memperkasa Rakyat,” this budget promises to prioritise and serve the ‘rakyat’ (people) with policies that tie into the nation’s broader economic strategies, such as the National Energy Transition Roadmap, New Industrial Master Plan 2030, and the Mid-Term Review of the Twelfth Malaysia Plan. For the fintech industry, this budget heralds significant opportunities and challenges. This piece will take a closer look at the critical elements of this budget that impact Malaysia’s fintech sector. Let’s delve…

Boost, in a collaborative effort with CelcomDigi and Mastercard, has rolled out the Beyond Card in Malaysia. This card facilitates payments from the Boost wallet balance or through a pre-approved ‘Pay Later’ credit line, introducing an innovative payment concept to Malaysia. Commencing 9 October, a curated group of Celcom customers will be the first to apply for the card via the Boost app. This opportunity will subsequently be available to Digi subscribers. Notably, the card will incorporate a Shariah-compliant Pay Later mechanism called Boost PayFlex, echoing the initiative’s dedication to broadening financial inclusion in Malaysia. It is also the only…

In the realm of wealth management, the concept of personalisation has rapidly evolved from being a mere preference to becoming a necessity.  This transformation has been expedited by the increasing demand for customised financial strategies, emphasising the significance of tailored portfolios for investors worldwide.  With the support of data-driven insights, wealth management firms realise that a generic approach no longer suffices, propelling the industry into an era of highly individualised services. As wealth generation and accumulation continue to accelerate, particularly in burgeoning markets such as Asia, clients’ affluence, adoption of digital technologies, and intricate financial requirements have sculpted the wealth…

The world of finance, like many industries, is undergoing rapid transformation, spurred mainly by technological advancements even in emerging markets. One such country embracing this transformation is Malaysia, which was the backdrop for insights shared at the Financial Planning Association of Malaysia (FPAM) Annual Signature Financial Planning Symposium 2023 by Dato’ Seri Dr. Awang Adek Hussin, Chairman of the Securities Commission Malaysia. A glimpse into Malaysia’s economic resilience In the wake of a global pandemic, the economic tenacity of nations was truly tested. Malaysia’s resilience was evident in its post-pandemic recovery, achieving a year-on-year GDP growth of 4.2 percent in…

On August 16, 2023, Payments Network Malaysia Sdn Bhd (PayNet) hosted the annual Malaysia Excellence in E-Payments Awards (MEEA) to recognise and celebrate the efforts of PayNet’s ecosystem of banks, non-bank participants, businesses, and government agencies for their contributions to the nation’s cashless agenda. As part of the event, a panel from both the financial and tech worlds gathered for a discussion around Collaboration, Innovation, Inclusivity, and Customer-Centricity and how these themes will impact the nation’s transformation journey. This panel featured Farhan Ahmad, Group CEO of PayNet;  YM Raja Teh Maimunah, CEO of AEON Digital Bank; Shailesh Grover, Chief Digital…

In the ever-evolving landscape of fintech and digital assets, Malaysia has emerged as a promising hub for cryptocurrency and digital asset trading. Among the pioneers leading this transformation is Luno Malaysia, the first to obtain regulatory approval from the Securities Commission (SC). With its user-centric approach, robust regulatory compliance, and commitment to education, Luno has fostered a safe and secure environment for digital asset trading in Malaysia. As Luno celebrates its 10th anniversary this year, it is evident that Malaysia’s supportive regulatory framework, tech-savvy population, strategic positioning, and collaborative efforts have positioned it as a favourable destination for digital asset…

In the rapidly changing world of fintech, an unexpected development occurred in Malaysia in 2023. Several renowned co-founders leaving their positions have grabbed attention and sparked discussions about the industry’s future. While these departures may seem unrelated, they might signify a significant shift within the fintech landscape. This disruption has attracted scrutiny and speculation, which has fascinated both observers and industry insiders. Could these exits indicate a significant change in industry leadership, direction, and innovation? Is this exodus a manifestation of the dynamic nature of fintech, which is constantly evolving? In this article, we will spotlight the departure of five…

In today’s world, where many individuals live paycheque to paycheque, there is often a struggle to make ends meet before the next payday arrives. This financial challenge is not limited to the underbanked and unbanked populations but extends to those in more affluent societies.  Recognising this issue, companies such as PayWatch located in Malaysia, offer solutions through Earned Wage Access (EWA), allowing individuals to access a portion of their earned wages before the traditional payday. In an interview with Richard Kim, CEO and co-founder of PayWatch, he spoke of how earned wage access solutions work and the benefits it provides…

The global financial landscape has witnessed a paradigm shift over the past few decades, with Islamic finance emerging as a key player in the industry.  The Islamic banking system parallels conventional banking, functioning as an intermediary institution that aggregates surplus public funds for redistribution to those needing funding. Its distinctiveness emerges from how transactions are treated and how banks generate income.  Conventional banks profit via interest income, while Islamic banks garner earnings from fee-based income, markup, and profit-sharing mechanisms. Islamic banks, operating without any riba (interest), adhere strictly to Islamic Law. Malaysia and Indonesia, two countries in Southeast Asia with…

In an age where financial services are evolving to match the pace of consumers’ dynamic lifestyles, embedded insurance is gaining traction as a transformative approach to offering protection.  Unlike the traditional standalone policies, the essence of embedded insurance lies in integrating insurance protection into everyday transactions or activities, making it more accessible and less intrusive to consumers. In an interview with Fintech News Malaysia, Wilson Beh, Co-founder and Chief Operating Officer of PolicyStreet, shared how the company embraces embedded insurance and protection and what this means for its customers. The insurtech, which also recently secured US$15.3 million (RM67 million) in…

The rapid adoption of digital payments has revolutionized how we make transactions, offering benefits such as speed, affordability, and seamless experiences. This shift towards digital payments is not limited to domestic markets but has extended to cross-border transactions, with the ASEAN region witnessing significant activity in this space.  However, as digital payments continue to grow, so do the risks associated with fraud and cyber threats. Maintaining public confidence in digital payments requires the collective efforts of financial institutions, authorities, and industry players.  To address these concerns and explore the future of digitalization in payments, a panel session titled ‘Going Digital…

Malaysia’s agricultural sector isn’t just a patchwork of fields and farms, but a vital powerhouse for the nation’s economic growth and prosperity.  Not only does it bolster the country’s income and create employment opportunities, but it also serves as an important source of export earnings. However, in the midst of changing global dynamics and evolving market demands, the sector’s contribution to Malaysia’s Gross Domestic Product (GDP) has experienced a gradual decline. This calls for immediate attention to ensure food security, promote sustainability, and build resilience within the agriculture industry. Through its flagship initiative, SCxSC, the Securities Commission Malaysia (SC) acknowledges…

Digital payments have emerged as a transformative force in the financial landscape, revolutionizing how people transact and interact with money. As technology continues to advance and consumer preferences shift, the future of digital payments holds immense potential for growth and innovation. During a fireside chat at the ‘Everything Payments Summit’ of the PayNet Digital Payments Week moderated by Vincent Fong, Chief Editor of Fintech News Malaysia, Farhan Ahmad, Group CEO of PayNet, discussed the future of digital payments in the country. Drawing from his experience in start-ups and expertise in the payments industry, Farhan shared valuable insights on his experience…

In the rapidly evolving world of cryptocurrency, Malaysia faces unique challenges and opportunities in meeting the growing demand for digital assets.  Luno, a cryptocurrency exchange platform, is aiming to address these challenges head-on while ensuring a conducive and sustainable environment for crypto trading. Recently, the platform has recently appointed Aaron Tang as the APAC General Manager and welcomed Scarlett Chai as the new Country Manager for Malaysia. Luno has experienced substantial growth, with over 800,000 Malaysian users recorded by the end of 2022, representing an impressive year-on-year increase of 11.3 percent.  Expanding crypto education and awareness Recognizing the significance of…

In the ever-shifting world of financial technology, the trajectory of a company can sometimes resemble a roller coaster ride. The sector is marked by continuous change, offering a blend of challenges and opportunities for those daring to innovate. In this dynamic arena, the story of IOUPay, a fintech firm based in Malaysia, presents a cautionary tale. Not too long ago, IOUPay was merely one of the many players in the fintech scene, operating in the realm of digital commerce software solutions. However, a turn of events has thrust the firm into the spotlight. The company’s downward spiral began with allegations…

As the world faces the alarming consequences of climate change, Malaysia is launching the Greening Value Chain Programme (GVC) with the support of Bank Negara Malaysia (BNM) and strategic partners. Announced at COP-27 in Egypt, the GVC programme aims to assist and incentivize carbon emission management among the country’s small and medium enterprises (SMEs). With the help of fintech solutions and initiatives such as the GVC programme, businesses can now measure their GHG emissions and work towards a greener future. The GVC represents a significant step forward in Malaysia’s efforts to address climate change and clearly demonstrates the country’s commitment…

The digital banking industry in Malaysia has undergone rapid evolution in recent years, revolutionizing the country’s financial sector by providing customers with fast, secure, and convenient banking services.  Technological advancements and changing customer preferences have driven the growth of Malaysia’s digital economy, which currently contributes 22.6 percent to the country’s GDP, which is expected to rise to 25.5 percent by 2025, according to the Malaysia Digital Economy Corporation (MDEC) report. One of the significant developments in the Malaysian banking industry is the increase in gender diversity, particularly in leadership positions.  Women are increasingly taking up leadership roles and driving the sector’s transformation in…

Financial inclusion is a vital aspect of economic growth, and it is critical to ensure that all individuals have access to financial services. Unfortunately, in Malaysia, many people from the B40 group (the bottom 40 percent of income earners) still face financial exclusion.  Industry findings estimate 55 percent of the country’s adult population is under-banked, and just 39 percent of Malaysians can get a loan from their banks. The lack of access to financial services severely affects the B40 group, as they are more likely to rely on informal and unregulated financial services, which often come with high-interest rates and…