Boost and RHB’s Boost Bank Gains Regulatory Approval, Paving the Way for Malaysia’s First Homegrown Digital Bank
Boost, the fintech arm of Axiata Group, in partnership with RHB Banking Group, has secured regulatory approval from Bank Negara and the Finance Ministry to commence operations as Boost Bank, a digital bank, starting January 15, 2024. The consortium, marking the first primarily Malaysian-owned digital bank, plans to address financial inclusion gaps and will undergo alpha testing before the public launch. 8 January 2024 – Boost,...
GHL Introduces Mastercard Click to Pay for Seamless and Secure Checkout Experiences
GHL Systems Berhad introduces Mastercard Click to Pay for 2,000 e-commerce merchants, offering swift and secure checkout experiences. The innovative solution, aligning with modern consumer expectations, enhances conversion rates, and integrates seamlessly across card networks. 8 January 2024 – GHL Systems Berhad (GHL), a prominent player in payment solutions, has rolled out Mastercard Click to Pay to empower 2,000 e-commerce...
ManagePay Systems Unveils Cross-Border White Label E-Wallet with Finnet Indonesia – Introducing Finpay Money Migrant
ManagePay Systems collaborates with Finnet Indonesia to introduce “Finpay Money Migrant,” a white-label e-wallet and mobile application, providing dual-currency functionality. The reciprocal partnership allows MPay to issue its white-label e-wallet in Indonesia. Finpay Money Migrant offers various features, including outbound remittances and social security contributions, targeting the Indonesian market. 6 January 2024...
Frasers Hospitality Elevates Guest Experience with Adyen’s Cutting-Edge Fintech Across Global Properties
Frasers Hospitality has strengthened its partnership with Adyen to implement the fintech platform’s single-platform solution across its global properties. The collaboration aims to enhance payment processes, providing guests with diverse payment options and streamlining operations for Frasers Hospitality. Adyen’s solution integrates with third-party providers, optimizing operations and reducing complexity for the global...
Ant Group Advances Western Foothold with MultiSafepay Acquisition in $200 Million Deal
Ant Group, an affiliate of Alibaba, is on the verge of acquiring Dutch payments firm MultiSafepay for around $200 million, as part of its strategic expansion into Western payment markets. The deal, subject to regulatory approval, follows Ant Group’s previous acquisitions, signaling its commitment to strengthening its position in the global financial technology landscape. 6 January 2024 – Ant Group, an affiliate of Alibaba...
TNG Digital Revolutionizes Cross-Border Transactions: Touch ‘n Go eWallet Now Covers 50+ Countries with GOremit
TNG Digital, the force behind Touch ‘n Go eWallet, has expanded its cross-border remittance service, GOremit, to over 50 countries in response to user demand. The service allows users to conduct quick and secure overseas money transfers, offering various options including bank transfers, cash pick-up, and transfers to destination country eWallets. The expansion, covering regions such as Hong Kong, Japan, the UK, and Europe, is...
Funding Societies Secures Major Investments to Propel MSME Financial Inclusion and Expansion Across Malaysia
Funding Societies Malaysia, a leading fintech firm, has secured strategic investments from Khazanah Nasional Bhd and CGC Digital Sdn Bhd to extend its services beyond major cities, with a goal to serve over 25,000 micro, small, and medium enterprises (MSMEs) in Malaysia by the end of 2025. This capital infusion aims to address a substantial RM90 billion (US$19 billion) funding gap for MSMEs and enhance financial inclusion through...
YouTrip Elevates User Experience with Increased Wallet Limits and Robust Security Measures, Launches Exciting ‘Trip It to Win It’ Campaign
YouTrip, the favored multi-currency e-wallet in Singapore, unveils elevated wallet limits and advanced security measures, setting a new standard for user convenience and protection during cross-border transactions. 3 January 2024 – YouTrip, the preferred multi-currency e-wallet in Singapore, has unveiled significant improvements to its digital wallet, introducing elevated stock and flow cap limits and reinforcing security...
Mastercard and Razer Merchant Services Revolutionize Online Payments with Click to Pay in Malaysia
Mastercard collaborates with Razer Merchant Services to introduce Mastercard Click to Pay in Malaysia, offering a secure and swift online checkout experience for cardholders. The innovative solution eliminates the need for password entry and enhances security measures, aligning with Malaysia’s digital lifestyle shift. 28 December 2023 – Mastercard has joined forces with Razer Merchant Services (RMS), a division of Razer...
MAS Implements Temporary Ban on Non-Bank Channels for Singapore-China Remittances Amidst Frozen Account Concerns
Singapore’s MAS issues a 3-month suspension on non-bank channels for remittances to China due to concerns over frozen accounts. The directive aims to protect consumers, prompting remittance companies to exclusively use banks or card networks. MAS advises the public to use alternative channels during the 14-day adjustment period. 20 December 2023 – The Monetary Authority of Singapore (MAS) has issued a notice instructing...
Shopee Expands Influence in Brazil with Strategic Acquisition of Blu’s Local Credit Arm
Shopee, the Singapore-based e-commerce giant, has acquired the local credit arm of Brazilian fintech Blu, marking a strategic move to provide direct credit services in Latin America’s largest economy. The deal, with preliminary approval from Brazil’s antitrust regulator Cade, follows Shopee’s aim to enhance its Brazilian operations and reduce costs, as highlighted in a November legal filing. 19 December 2023 –...
Kaspersky Survey Reveals Gamers Spearhead Growing Acceptance of Cryptocurrency in Everyday Transactions
A global survey by Kaspersky reveals a significant increase in consumer acceptance of cryptocurrency, particularly among gamers. The study indicates a growing understanding of digital currencies, with 81 percent of gamers owning cryptocurrency and 55 percent of respondents considering themselves ‘very’ or ‘extremely’ knowledgeable. The survey also highlights shifting attitudes toward using cryptocurrency for...
MY TouristPay App Revolutionizes Payment Experience for International Visitors in Malaysia
PayNet introduces the “MY TouristPay App,” the first mobile payment app in Malaysia for international visitors. The app enables tourists to use the DuitNow QR code for secure payments at over 1.9 million merchants across Malaysia. This initiative is expected to boost sales for small and medium-sized businesses and aligns with PayNet Cambah, an ESG program driving sustainable communities through digital payments. 14...
AmBank Pioneers Digital Payments with Google Pay Integration, Leading Malaysia’s Cashless Evolution
AmBank has integrated Google Pay into its cashless services, allowing customers with AmBank Visa and Mastercard Credit Card/-i to make secure, seamless, and contactless payments. This move supports Malaysia’s goal of achieving a 90% cashless payment target by 2025. AmBank aims to lead in providing innovative and convenient contactless payment solutions, contributing to the nation’s digital transformation. 14 December 2023...
FOMO Pay and Zand Bank Forge Strategic Alliance for Seamless Cross-Border Payments Between Asia and MENA
Singapore’s FOMO Pay and UAE’s Zand Bank have formed a strategic partnership to enable seamless cross-border payments between Asia and the Middle East and North Africa. The collaboration aims to enhance efficiency in B2B transactions, offering businesses streamlined digital payment solutions and banking services for improved connectivity between the two dynamic regions. 14 December 2023 – FOMO Pay, a leading digital...
Motorola Chooses VTEX and PayU to Elevate Digital Commerce Experience in India
Motorola India has partnered with VTEX, the global digital commerce platform, to enhance its digital-first strategy and strengthen its direct-to-consumer (D2C) approach. Leveraging VTEX’s responsive platform and a collaboration with PayU, Motorola has implemented affordability schemes and streamlined payment methods, experiencing exceptional growth and doubling its business every month since going live in July 2022. 5 December...
Unveiling the First Actively Managed Robo-Advisor for Personalized Financial Success
Airo, Malaysia’s pioneering robo-advisor, officially enters the fintech arena, offering actively managed digital investment solutions with a focus on mitigating market risks. The platform, equipped with a Digital Investment Manager license, aims to provide accessible and personalised financial solutions for Malaysians, addressing the financial challenges faced by a significant percentage of the population. Airo’s proactive...
GCash Unveils Enhanced International Services and Explores Enterprise Solutions at Singapore Fintech Festival 2023
GCash, the Philippines’ leading finance super app, introduces enhanced international services at the Singapore Fintech Festival 2023. The app now features real-time foreign exchange rates for select countries, reinforcing its position for Filipino travelers and overseas residents. With expanded capabilities and a focus on enterprise services, GCash continues to evolve beyond its core money transfer business. 21 November 2023...
Visa and Tencent Forge Alliance to Transform Cross-Border Remittances for Weixin Users
Visa has partnered with Tencent Financial Technology to facilitate inbound remittances for Weixin users in Mainland China, extending the reach of the Visa Direct network to over one billion users. This collaboration caters to the growing demand for seamless cross-border transactions, leveraging digital wallets and enhancing convenience and security for users and businesses. 17 November 2023 – Visa, a global leader in digital...
Singapore’s MAS Unveils Groundbreaking Initiatives for a Digital Money Future
The Monetary Authority of Singapore (MAS) has introduced three key initiatives, including a digital Singapore dollar blueprint, expanded digital money trials, and the issuance of a “live” CBDC for wholesale settlement, signaling a significant advancement in the country’s digital monetary landscape. These initiatives aim to ensure secure and innovative digital money utilization, encompassing components such as...
