Posts From Vincent Fong

MOF, BNM, SC Task Force Seeks Feedback for BNPL Regulation

The Consumer Credit Oversight Board Task Force today issued the Consumer Credit Act consultation paper, the new act seeks to regulate and consolidate all consumer credit activities under its umbrella, and to promote fair lending and responsible conduct by credit

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How Malaysia’s Oldest Islamic Bank Is Reinventing Itself Against the Wave of Digibanks

The Malaysian financial services space is undergoing an interesting phase in its evolution, shifting consumer behaviors and entrants of new players are giving incumbent banks reasons to rethink their digital strategy. Many of Malaysia’s incumbent banks are actively looking at

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Bank Negara Malaysia Announces Much Anticipated Digital Banking Licenses

After a month of delay, Bank Negara Malaysia (BNM) finally announced the list of successful applicants. The framework which was first issued on 30th December 2020, was hotly contested and attracted 29 parties to bid for the licenses. The central

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Digitisation a Key Agenda in Bank Negara’s Malaysia New Financial Sector Blueprint

Bank Negara Malaysia (BNM) today announced the launch of Malaysia’s five-year financial sector blueprint during the opening of MyFintechWeek 2022. The central bank has identified five strategic thrust that will anchor its efforts in the blueprint which includes; funding Malaysia’s

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Navigating the Evolution of Malaysia’s Financial Services in 2022

As we close the curtains on a turbulent year, it seemed fitting to reconnect with old friends, reflect on learnings for the year, and contemplate how to navigate a hopefully post-pandemic 2022. Which is why it was timely when the

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Insiders Reveal the Key Reasons Behind Razer Pay’s Demise

When there are too many holes on a ship, plugging one does little – water continues flowing in from the rest. Over time, these holes collectively bring down the ship. When Razer announced last week it was suspending its e-wallet

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Binance and CZ Faces Enforcement Action from SC For Illegal Crypto Activities in Malaysia

The Securities Commission Malaysia (SC) today announced enforcement actions against Binance for illegally operating a crypto exchange in Malaysia. The regulator ordered Binance to immediately disable access to its website and app within 14 days from 26th July 2021, immediately

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Here Are All The Digital Banking Contenders in Malaysia (So Far)

Editor’s Note: This article was first written on 29th June 2021, was last updated at 11:00 am 5th August 2021 to include new developments.   With the deadline for Malaysia’s digital banking license application being less than a day away,

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Bank Negara Malaysia Received 29 Applications for Digital Banking License

Bank Negara Malaysia confirmed today in a statement that it has received 29 applications for a digital bank licence under the Financial Services Act 2013 and the Islamic Financial Services Act 2013, following a 6-month application period, which ended on

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Grab Confirms Digital Banking Bid in Malaysia with Singtel and “Malaysian Investors”

Following statements issued by Singtel to Singaporean press, Grab confirms that it has applied for a digital banking license through a joint venture between Grab and Singtel as part of a consortium of other Malaysian investors. The Grab-Singtel consortium had

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