Digital Transformation

Bank Negara Malaysia Unveils New eKYC Guidelines Ahead of Its Virtual Banking Framework

Bank Negara Malaysia issued its policy document on Electronic Know-Your-Customer (e-KYC) on Tuesday, which follows their earlier exposure draft in December 2019. This new policy is in effect immediately for all financial institutions including banks, insurers, remmitance companies, money changers

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Gig Economy Challenge: How Can We Solve Pressing Issues Faced By Gig Workers?

The importance of the gig economy has always seen a steady growth trajectory, but nothing has made its importance clearer to everyone than the COVID-19 pandemic — from delivering essential services to providing side income for those affected. Which is

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Bank Islam’s Subsidiary Launches “Robo-Intelligent” Investment App

BIMB Investment Management Berhad (“BIMB Investment”), a wholly-owned subsidiary of Bank Islam Malaysia Berhad, today announced the launch of BEST Invest online investment mobile application (BEST Invest app), what they described as its “first Robo-Intelligence Sustainable Shariah-ESG investing online platform.”

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What Malaysia Can Learn from China in Battling COVID-19 Using Digital Technologies

The novel coronavirus, now known as Covid-19, was first discovered in the city of Wuhan, China, in December 2019. In the short span of three months, it has spread like wildfire. Concerned by the alarming levels of spread and severity,

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Why TM ONE is Going Big on Blockchain to Eliminate Passwords

Early this year, the business solutions arm of Telekom Malaysia Berhad (TM), TM ONE announced a collaboration with Korean-based blockchain firm, FNS Value Co. Limited (FSNV). The agreement between the two parties will position TM ONE as the sole distributor

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eKYC to Be Introduced to Banks Soon

Bank Negara Malaysia issued on Monday the much anticipated eKYC exposure draft for financial institutions in Malaysia, this draft when in effect, will be applicable across the industry to include banks, insurers, takaful operators, development financial institutions, and more. This

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UOB Finlab’s Jom Transform Programme Sees 30% Increase in Productivity for its SME Cohort

UOB Malaysia and Finlab announced Wednesday that the SMEs that have completed their Jom Transform Programme are expected to see productivity rise up to 30% through digitalisation Launched in June 2019, The Jom Transform Programme is a business transformation programme

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How Are Malaysia’s 5 Largest Banks Responding to Fintech in 2019

Banks are often punching bags when one thinks of industries that are not innovating quick enough. When the term fintech entered our public consciousness many would often say that fintechs will eat the bank’s lunch and some even bold enough

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A Glance at Malaysia’s Fintech Friendly Budget 2020

Malaysia’s Budget 2020 was tabled last Friday, charting the economic direction of the nation. Broadly speaking, there were some hits and misses but many agree that there was there is a bigger focus of building a digital economy. Surina Shukri,

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UOB and The Finlab Selects 16 Local SMEs for Their Jom Transform Programme

United Overseas Bank (Malaysia) Bhd (UOB Malaysia) today announced the 16 businesses selected to participate in The FinLab’s Jom Transform Programme. The businesses selected to participate in the Jom Transform Programme are from a wide range of sectors including food

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