Regtech/Regulation
CIMB Rolls Out eKYC for Its First Fully-Digital Islamic Savings Account ‘OctoSavers’
CIMB Bank and CIMB Islamic Bank have launched the CIMB OctoSavers Savings Account-i, its first all-digital Islamic account where the account opening and onboarding process is self-executed entirely online. New customers will receive the newly launched Octo Debit Mastercard through
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UOB Malaysia Rolls Out in-App Digital Account Opening
UOB Malaysia announced the launch of a digital account opening service that enable customers to open a personal bank account anytime, anywhere via the bank’s UOB Mighty app. The bank said that its customers can now complete the onboarding process
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Innov8tif’s eKYC Solution Granted Patent to Verify Malaysian IC Microprints
The Intellectual Property Corporation of Malaysia (MyIPO) has granted Innov8tif Solutions a patent for its method of verifying the authenticity of a Malaysian identity document using a computer vision algorithm known as microprint detection technique. Microprint is a security feature
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How Securities Commission Malaysia Balances Innovation and Risk in Regulating Fintech
Innovation in fintech is happening at breakneck speed and for entrepreneurs to be able to thrive and introduce these innovations, the right environment has to be set in place. This unenviable task often lands on the desks of regulators who
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eKYC Startup WISE AI Receives Funding From Sunway’s Venture Firm Sun SEA Capital
WISE AI, a startup providing eKYC and digital identity solutions, has raised an undisclosed amount of funding from Sun SEA Capital, a venture capital backed by Sunway Group. This news follows Bank Negara Malaysia’s approval of the eKYC framework in
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Banks Should Turn to Using AI in eKYC in the Digital Arms Race
There’s an old joke on how on the internet nobody knows that you’re a dog, which speaks to how the internet has become synonymous with anonymity. While anonymity is fine in many instances, in an increasingly digital world it has
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MyCash Money Picks Onfido to Power its eKYC
Onfido bags MyCash Money as its latest customer in the region, providing the company identity verification and authentication services. Besides MyCash, Onfido also counts fintechs like BigPay and MoneyMatch among its base of customers in Malaysia. MyCash Money, is an
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Securities Commission Inks Fintech Cooperation Agreement With OJK Indonesia
The Securities Commission Malaysia (SC) signed a fintech cooperation agreement with Indonesia’s Otoritas Jasa Keuangan (OJK) to establish a collaborative framework to develop the fintech ecosystem in both markets. OJK Indonesia is an Indonesian government agency that regulates and supervises
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Securities Commission and Bursa Malaysia Sets up a Regulatory Subsidiary
The Securities Commission Malaysia (“SC”) and Bursa Malaysia Berhad (“Bursa Malaysia”) announced Tuesday that Bursa Malaysia will establish a wholly-owned subsidiary (“Bursa RegSub”) to assume the regulatory functions currently undertaken by Bursa Malaysia. SC’s chairman, Datuk Syed Zaid Albar shared
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BNM Issues e-KYC Exposure Draft for Money Changers
Following the introduction of e-KYC guidelines for remittance companies in 2017, Bank Negara Malaysia issued an exposure draft which expands similar e-KYC guidelines for money changers in Malaysia. The draft outlines proposed mininum requirements and standards that a licensed money
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