Bahamas Mandates Bank Integration to Boost Sand Dollar CBDC Adoption
The Bahamas will require commercial banks to facilitate access to its “Sand Dollar” CBDC to boost adoption, aiming to enhance its use in everyday transactions. This regulatory move underscores the country’s leadership in the global shift towards digital currencies. 1 July 2024 – The Bahamas, the first country to issue a central bank digital currency (CBDC), is set to introduce regulations requiring commercial banks...
BIS Advances Global Payment Connectivity with Project Nexus Phase Four Expansion
The BIS and partners have completed the blueprint for phase three of Project Nexus, moving closer to seamless global instant payment connectivity. Phase four will see India’s UPI joining, significantly expanding the user base. 1 July 2024 – The Bank for International Settlements (BIS) and its partners have successfully completed the comprehensive blueprint for phase three of Project Nexus, marking a significant step...
Retail Giant Mydin Launches MydinPay
Mydin has launched MydinPay, Malaysia’s first e-wallet app by a wholesaler and retailer chain, offering RM5 vouchers and cashback incentives to early users. Powered by Wavpay, MydinPay aims to enhance customer convenience and engagement through personalized promotions and seamless digital transactions. 29 June 2024 – Mydin Mohamed Holdings Berhad (Mydin) has officially introduced MydinPay, a cutting-edge e-wallet app poised to...
Malaysian Consumers Rapidly Adopting Cashless Payments, Led by Gen Z and Gen Y
A Visa study indicates that over two-thirds of Malaysian consumers are adopting cashless payments, driven primarily by Gen Z and Gen Y. The shift is supported by increased merchant acceptance of digital payments, with contactless payments being the most popular method. 19 June 2024 – A recent study by Visa reveals that more than two-thirds of Malaysian consumers are making strides towards a cashless lifestyle, with Gen Z and Gen...
Berrypay Targets Global Growth with Focus on Digital Remittance and MasterCard Partnership
Berrypay, a fintech company, is set to expand rapidly by focusing on digital remittance and underserved markets, leveraging a partnership with MasterCard to enhance global reach and security for international money transfers. The company aims to broaden its services into digital banking and other payment systems, targeting growth in GCC and Asia-Pacific regions. 19 June 2024 – Fintech company Berrypay is poised for significant...
Digital Remittances Drive Growth in Asia Pacific Amid Global Economic Challenges, Reports Visa
Visa’s “Money Travels: 2024 Digital Remittances Adoption” report highlights the resilience of remittance flows in Asia Pacific, driven by digital platforms and robust markets like India, China, and the Philippines. Despite global economic challenges, digital remittances are growing, supported by partnerships and a strong focus on financial inclusion and efficiency. 18 June 2024 – Visa’s latest...
PUC Bhd to Acquire Alevate Capital and Alevate Solutions for RM200 Million in Strategic Fintech Expansion
PUC Bhd has agreed to acquire Alevate Capital Sdn Bhd and Alevate Solutions Sdn Bhd for RM200 million, aiming to enhance its fintech capabilities and expand its market presence. 10 June 2024 – PUC Bhd has entered into a heads of agreement to acquire the entire equity stakes in Alevate Capital Sdn Bhd and Alevate Solutions Sdn Bhd for RM200 million, a deal to be settled in cash and shares. The vendors of the companies, Eatcosys...
Malaysia Welcomes Digital Nomads with All-In-One Cashless Payment Solutions from Axaipay
Axaipay introduces a comprehensive cashless payment solution to support local businesses and digital nomads. This initiative aims to enhance Malaysia’s global appeal and boost the local economy. 8 June 2024 – Malaysia, a country celebrated for its cultural diversity and multilingual population, has introduced an innovative initiative to attract global professionals: the Digital Nomad Pass. This new program aims to foster...
Visa’s Tokenization Technology Boosts E-commerce by $40 Billion and Slashes Fraud by $650 Million
Visa’s tokenization technology has driven $40 billion in incremental e-commerce revenue and prevented $650 million in fraud over the past year, with over 10 billion tokens issued since 2014. This technology enhances payment security and offers a future where consumers have greater control over their data. 5 June 2024 – Visa has announced a significant milestone with its tokenization technology, reporting that Visa tokens...
GHL and BSN Partner to Launch 0% EasyPay Plan Across 7,000 Malaysian Merchants
GHL Systems Berhad has introduced BSN’s 0% EasyPay Plan to over 7,000 merchant terminals in Malaysia, offering flexible and interest-free instalment payments to consumers, enhancing their purchasing power and boosting merchant sales. This strategic partnership underscores a commitment to providing seamless, convenient payment options and supporting businesses in a dynamic market. 5 June 2024 – GHL Systems Berhad (GHL) has...
Curlec by Razorpay and TNG Digital Partner to Enhance Financial Inclusion with Recurring Payments in Malaysia
Curlec by Razorpay has partnered with TNG Digital to offer recurring payments through TNG eWallet, enhancing financial accessibility for underserved markets including SMEs and unbanked individuals in Malaysia. This collaboration supports Bank Negara Malaysia’s goal to advance digital financial services and promote a cashless society. 29 May 2024 – Curlec by Razorpay, Malaysia’s foremost FinTech payment gateway,...
DSGPay Showcases Innovation and Expertise at Money20/20 Asia 2024, Elevating Presence in Bangkok
DSGPay made a significant impact at Money20/20 Asia 2024 in Bangkok, showcasing its cross-border payment solutions and engaging with industry leaders through innovative booth activities and insightful discussions. The company’s successful debut highlights its commitment to driving innovation and expanding its presence in the global fintech landscape. 28 May 2024 – DSGPay, a leading provider of cross-border payment...
NTT DATA Acquires Majority Stake in GHL Systems to Boost Payment Services in Southeast Asia
NTT DATA has announced the acquisition of a 58.7% stake in GHL Systems Berhad, aiming to strengthen its payment services in the ASEAN region and enhance omni-channel payment solutions in collaboration with iPay88 Malaysia. This strategic move will bolster NTT DATA’s presence and capabilities in the cashless payment ecosystem across Southeast Asia. 27 May 2024 – NTT DATA, a global leader in digital business and IT services,...
UnionPay Partners with Leading Merchants to Enable Seamless Online Payments for Global Cardholders
UnionPay has partnered with over 60 major online merchants to enable seamless and secure online payments for UnionPay cards issued outside mainland China, enhancing accessibility for international users through Project Excellence 2024. The initiative aims to support diverse online payment scenarios and improve the global payment experience. 23 May 2024 – UnionPay has recently partnered with over 60 online merchants, including...
Habib Jewels Slapped with RM96,250 Fine for AMLA Violation: BNM’s Crackdown on Financial Crime
Habib Jewels Sdn. Bhd. was fined RM96,250 by BNM for failing to report suspicious transactions as required by AMLA, despite internal red flags. The incident highlights the importance of prompt reporting to mitigate financial crimes and underscores the need for strict compliance within the industry. 10 May 2024 – Bank Negara Malaysia (BNM) has imposed a compound of RM96,250 on Habib Jewels Sdn. Bhd. for its failure to promptly...
Google Wallet Expands Services to Include Maybank Cards for Offline and Online Payment
Google Wallet now supports Maybank credit and debit cards, enabling customers to make offline and online payments, including on platforms like Shopee. Maybank is offering a cashback promotion on the first Google Wallet transaction using its cards until July 8, 2024. 8 May 2024 – Google Wallet has expanded its services to include support for Maybank credit and debit cards, allowing customers of the local bank to add their cards...
Visa Introduces New AI Tool to Combat Card Testing Attacks
Visa launches the Visa Account Attack Intelligence (VAAI) Score, a new AI tool to combat enumeration attacks in card-not-present transactions, reducing fraud losses and operational expenses. The VAAI Score utilizes generative AI to provide real-time risk scoring, significantly improving fraud detection while minimizing disruptions to legitimate transactions. 8 May 2024 – Visa, a global leader in digital payments, has unveiled a...
Malaysia’s Credit and Charge Card Market Set to Grow by 8.2% in 2024, Driven by Rising Consumer Spending
The Malaysian credit and charge card market is expected to grow by 8.2% in 2024, reaching RM230.5 billion ($50.5 billion), driven by increasing consumer spending and a shift towards cashless transactions. Factors such as a growing payment infrastructure and e-commerce sector, alongside government initiatives, contribute to the rising popularity of credit and charge cards. 3 May 2024 – The Malaysian credit and charge card market...
UnionPay International Teams Up with JD PAY to Enhance Cross-Border Shopping on JD.com
UnionPay International (UPI) partners with JD PAY to enable customers worldwide to use their local UnionPay cards on JD.com, enhancing the cross-border shopping experience. This collaboration streamlines international payments, empowers businesses, and aims to provide a safer and more efficient shopping experience for customers globally. 27 April 2024 – UnionPay International (UPI) has joined forces with JD PAY, JD.com’s...
Money20/20 Asia 2024: Unveiling Groundbreaking Innovations and Insights in Finance and Technology
Money20/20 Asia 2024 concluded with groundbreaking innovations and insights into finance and technology, featuring key announcements from EFT Solutions, GLN International, and Mox Bank, along with enlightening sessions on payment solutions, Malaysia’s fintech revolution, and the transformative power of Web3. 26 April 2024 – Money20/20 Asia 2024 concluded its final day with a flourish, revealing cutting-edge advancements...
