BNM and Bank Indonesia Renew RM24 Billion Bilateral Currency Swap to Strengthen Economic Collaboration
Bank Negara Malaysia and Bank Indonesia renewed their Local Currency Bilateral Swap Agreement, extending the RM24 billion/IDR 82 trillion exchange arrangement for five years to strengthen economic ties and promote local currency use in trade. The renewal highlights the ongoing cooperation between the two central banks. 27 September 2024 – Today, Bank Negara Malaysia (BNM) and Bank Indonesia (BI) held a high-level bilateral...
Malaysia and Cambodia Unite with New Cross-Border QR Payment Linkage Launched
Bank Negara Malaysia and the National Bank of Cambodia have launched a cross-border QR payment linkage, allowing instant payments between the two countries. This initiative, which began with a memorandum signed in February 2024, aims to enhance trade, boost tourism, and promote financial inclusion for millions of merchants. 19 September 2024 – Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC) have officially...
London Hosts MIFC-UK Forum to Drive Green Investments and Islamic Finance Solutions
The MIFC-UK Business Forum in London brought together Malaysian and UK financial stakeholders to explore the role of Islamic finance in green investments and cross-border partnerships. Key discussions focused on leveraging Islamic finance for sustainability, with both nations committed to advancing their economic and environmental goals. 11 September 2024 – Today, London was the venue for the MIFC-UK Business Forum, a pivotal...
MDEC Opens Applications for 2024 Digital Content, Catalyst, and Export Grants to Boost Malaysia’s Digital Economy
MDEC has opened applications for the Digital Content Grant (DCG), Malaysia Digital Catalyst Grant (MDCG), and Malaysia Digital Export Grant (MDXG) to support local innovation, digital content creation, and global expansion of Malaysian companies. These grants provide significant funding opportunities for eligible businesses and will remain open until fully committed. 10 September 2024 – The Malaysia Digital Economy Corporation...
GamBit Custody Secures DAC Status, Revolutionizes SME Fundraising and Digital Asset Solutions in Malaysia
GamBit Custody, recently approved by Malaysia’s Securities Commission as a Digital Asset Custodian, is driving secure and affordable digital asset solutions for SMEs, including the country’s first Token Crowdfunding wallet. GamBit Group has also launched a RM100 million fund to fuel its expansion, focusing on supporting regional SMEs, especially in Sarawak, to access emerging financial technologies. 6 September 2024 – As...
Mastercard Introduces Biometric Payment Passkey Service Globally, Pilots in India to Boost Online Security
Mastercard has globally launched its Payment Passkey Service, beginning with a pilot in India, to enhance online shopping security through biometric authentication and tokenization. This innovative service replaces traditional passwords and OTPs, offering consumers faster, more secure checkouts. 2 September 2024 – At the Global Fintech Fest in Mumbai, Mastercard unveiled its new Payment Passkey Service, aiming to revolutionize...
BNM Launches National Fraud Platform to Bolster Scam Response and Financial Security in Malaysia
Bank Negara Malaysia, in collaboration with PayNet and financial institutions, launched the National Fraud Platform to enhance scam prevention and recovery efforts by the National Scam Response Centre. The platform automates fraud management, promotes industry-wide collaboration, and supports BNM’s broader anti-scam strategies. 21 August 2024 – Bank Negara Malaysia (BNM), in collaboration with Payments Network Malaysia...
Horizon 2023/2024 Launches with Strategic Insights and Global Collaboration
The Ministry of Digital and MDEC have launched Horizon 2023/2024, a publication offering comprehensive insights into Malaysia’s digital economy, while also signing an MoU with the International Trade Centre to enhance digital policy collaboration. The publication provides strategic perspectives for businesses, investors, and society, focusing on emerging digital trends and technologies. 21 August 2024 – The Ministry of...
Bank Islam and Mastercard Launch Malaysia’s First Islamic Pay with Rewards Program
Bank Islam has partnered with Mastercard to launch Malaysia’s first Islamic Pay with Rewards program, allowing cardholders to redeem points for purchases globally. The program is accompanied by a promotional campaign offering various rewards, including TruPoints, gadgets, and a trip to Istanbul. 14 August 2024 – Bank Islam Malaysia Berhad, the nation’s leading Islamic bank, has partnered with Mastercard to introduce the Bank...
BNM Fines Maybank RM4.32 Million for Non-Compliance in Technology Risk Management
Bank Negara Malaysia imposed a RM4.32 million penalty on Maybank for failing to comply with technology risk management regulations, resulting in multiple service disruptions. Maybank has since taken steps to address the issues and prevent future non-compliance. 14 August 2024 – Bank Negara Malaysia (BNM) levied an Administrative Monetary Penalty (AMP) of RM4.32 million on Malayan Banking Berhad and Maybank Islamic Berhad,...
GHL Systems Partners with ShopBack to Revolutionize Cashback Rewards for Malaysian Shoppers
GHL Systems Berhad has partnered with ShopBack to offer Malaysian consumers the ability to earn cashback rewards and access exclusive promotions at GHL-powered retail outlets, enhancing both the shopping experience and merchant sales. 13 August 2024 – GHL Systems Berhad (GHL), a leading electronic payment provider in Malaysia, has entered into a strategic partnership with ShopBack, the Asia Pacific region’s premier...
Khazanah Nasional Establishes RM1 Billion Fund to Boost Malaysia’s VC Ecosystem
Khazanah Nasional Bhd has completed the acquisition of Malaysia Venture Capital Management (Mavcap) and Penjana Kapital (PK) to establish a national fund-of-funds (NFOF) with an initial RM1 billion allocation. This move aims to bolster Malaysia’s VC ecosystem and position the country as a preferred regional VC hub by 2030. 31 July 2024 – Khazanah Nasional Bhd has announced the successful acquisition of Malaysia Venture...
Webull Launches 24-Hour US Stock Trading for Malaysian Investors, Revolutionizing Market Acces
Webull Corporation has introduced a 24-hour stock trading feature for Malaysian customers, significantly enhancing their access to US financial markets. This initiative underscores Webull’s commitment to innovation and accessibility, catering to the growing interest of Malaysian investors in US equities and ETFs. 22 July 2024 – Webull Corporation (“Webull”), the esteemed US-based trading platform and innovative...
Aurum Theatre Partners with Mastercard to Launch Luxurious ‘Mastercard Lux Suite I by Getha
Aurum Theatre, The Exchange TRX, in collaboration with Mastercard, has launched the “Mastercard Lux Suite I by Getha,” offering a luxurious cinema experience with exclusive privileges for Mastercard users, including discounts and seamless payment options. This partnership aims to elevate the standard of entertainment and hospitality. 17 July 2024 – Aurum Theatre, The Exchange TRX, renowned for offering the largest...
Webull Malaysia Welcomes Fintech Veteran Farah Jaafar to Board as Independent Non-Executive Director
Webull Malaysia has appointed Farah Jaafar as an Independent Non-Executive Director, bringing extensive fintech and financial services experience to the board. Her expertise will support Webull Malaysia’s mission to enhance investor education and inclusion through advanced fintech solutions. 17 July 2024 – Webull Securities (Malaysia) Sdn. Bhd. (“Webull Malaysia”) is delighted to announce the appointment of...
Raiz to Cease Malaysian Operations After Strategic Review, Focus Shifts to Australian Market
Raiz, the micro-investing platform operated by Permodalan Nasional Bhd in partnership with Raiz Invest Limited, will shut down in Malaysia after four years following a strategic business review. The closure will allow Raiz to focus on its Australian operations, with a structured process in place to handle the wind-down. 9 July 2024 – Permodalan Nasional Bhd’s (PNB) micro-investing and fintech platform, Raiz, will cease...
BNM Introduces Co-Payment Options to Combat Rising Medical Costs in Malaysia
Bank Negara Malaysia has mandated that, starting September 2024, insurance and takaful operators must offer medical and health insurance products with a co-payment option to address rising medical cost inflation. The policy aims to make insurance more affordable while controlling health service overuse, with exemptions for emergency and critical illness treatments. 9 July 2024 – Bank Negara Malaysia (BNM) has issued a...
Taiwan’s FinTechSpace Forges Stronger Ties with Malaysia’s Fintech Ecosystem
FinTechSpace led a delegation of Taiwanese fintech startups to Malaysia, culminating in a resource cooperation MOU with the Fintech Association of Malaysia and co-hosting the “Taiwan Fintech Day” with MDEC. This visit aims to enhance industrial matchmaking, connect with local resources, and expand Taiwan’s fintech presence globally. 5 July 2024 – Taiwan’s premier fintech innovation platform, FinTechSpace, founded by...
Moomoo Malaysia to Launch Unit Trust Fund Distribution via Investment App
Moomoo Malaysia will start offering unit trust funds through its investment app within the next two months, having rapidly expanded its offerings since launching in February. The app, already used by 100,000 investors, will soon allow users to invest in unit trust funds. 5 July 2024 – Moomoo Malaysia is set to begin distributing unit trust funds via its online investment and trading app within the next one to two months,...
Over RM6.44 Billion Cryptocurrency Theft in First Half of 2024
Cryptocurrency thefts in the first half of 2024 more than doubled from the previous year, driven by rising crypto prices and large-scale attacks, with over RM6.44 billion stolen. Despite no fundamental changes in security, the increased value of tokens has made cybercriminals more motivated. 5 July 2024 – According to blockchain researchers TRM Labs, the global amount of cryptocurrency stolen in hacks more than doubled in the...
