Author: Rebecca Oi

Shopee has broadened its range of digital financial services to incorporate a personal loan product named SLoan. While currently only accessible to a limited group of users, the service is expected to become available to more users. Users’ credit limit will be pre-established, determined by factors such as their credit utilisation and payment history, among other considerations. It will not be possible to apply for an increase in the SLoan credit limit. However, Shopee may review users’ accounts periodically and adjust the credit limit at their discretion. The latest SLoan service will offer loans with a repayment tenure of three,…

The ease of digital banking is no longer an exception; consumers expect it. Additionally, they expect omnichannel and cross-border access to secure banking wherever they are, especially with the increasing fintech offerings available in the market. One of ASEAN’s most experienced digital banking solution providers is WIDE Technologies.   WIDE Technologies: Deep experience in digital banking WIDE Technologies started over two decades earlier as software company PT Aprisma Indonesia serving the financial and telecommunication industry in 2000. Aprisma became a wholly-owned subsidiary of Wirecard AG in 2013 and changed its name to PT Wirecard Technologies Indonesia in 2019.  In 2021, PT…

”The “Buy Now, Pay Later” (BNPL) phenomenon has taken the world by storm. The concept is simple: customers can purchase and pay for items later, in installments, without accruing interest. BNPL has been a godsend for many people, allowing them to buy items they otherwise couldn’t afford. However, as with anything, there is a downside to BNPL. Some people have entered into debt using BNPL, and it can be challenging to break the cycle. According to a report, BNPL payment adoption is expected to grow in Malaysia steadily over the forecast period, recording a CAGR of 35.4 percent from 2022 to…

Buy now pay later, or BNPL, solutions have recently gained traction. These solutions allow customers to purchase items and pay for them later, either in installments or full. A Juniper Research report predicts that BNPL users will surpass 900 million globally by 2027; increasing from 360 million in 2022. There are different BNPL providers, each with its terms and conditions. However, the concept is the same: you can get the items you want now and pay for them over time.  However, founders Dylan Tan hailing from Malaysia, and Vishvesh Suriyanarayanan, from India, in an interview with Fintech News Malaysia, said…

Superapp Grab has added updates to its “buy now, pay later” (BNPL) feature PayLater by extending the payment option to in-store purchases. With this extension, shoppers now have more flexibility to pay for their purchases over time. Additionally, Grab will be collaborating with CTOS to provide PayLater as a payment option for non-active Grab users.  Anyone can now apply to use PayLater postpaid and instalments, effective November 30, 2022, by providing the necessary information via the Grab app so that CTOS can conduct the necessary credit checks. If deemed eligible, applicants will receive a notification to activate PayLater. Since the…

The COVID pandemic has forever changed how businesses operate, from digitising operations, and remote working, to loan financings and banking digitally. While the impact of the pandemic has been felt across sectors of various sizes, Malaysian Small and Medium Enterprises (SMEs) have been hit the hardest, with sales, revenues, and profits taking a nose dive from the pre-COVID market situation. Arguably the most significant shortfall for many SMEs is their inability to obtain loans from traditional banks to stay afloat and balance the books. Before the COVID pandemic, poor documentation and financial credibility have already denied most SMEs from getting…

Two Malaysian fintech companies’ co-founders and CEOs received the ASEAN FinTech Leaders awards at the recent Singapore Fintech Festival (SFF) Global FinTech Awards 2022.  They were Eddy Wong Kok Hoe, Co-Founder, CEO, and Managing Director of VSure Group; and Salim Dhanani, Co-Founder and CEO of BigPay. This is a momentous achievement for the Malaysian fintech scene, with Eddy and Salim taking home two of the four ASEAN FinTech Leader Awards. VSure Group  VSure Group claims to be the country’s first insurtech company to have secured approval from Bank Negara Malaysia to introduce on-demand insurance and protection plans for the masses.…

The global Islamic fintech industry is worth an estimated RM372.56 billion ($79 billion) and is growing rapidly. Southeast Asia is one of the most promising markets for Islamic fintech, with a sizeable Muslim population and a growing middle class. There are several opportunities for Islamic fintech companies in Southeast Asia, including providing Shariah-compliant solutions for payments, lending, and investments.  The Islamic fintech industry has a higher growth projection at 21% CAGR by 2025 than conventional fintechs at 15% CAGR. The market is projected to reach RM603.65 billion (US$128 billion) by 2025. According to the ‘Global Islamic Fintech Report’ (produced by…