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...
Experience Financial Security with FWD Max Wealth by FWD Insurance Berhad
FWD Insurance Berhad introduces FWD Max Wealth, allowing customers to maximize wealth while celebrating life milestones with increasing cash payments. The plan offers flexibility in premium payments, additional benefits for significant events, and enhanced protection, emphasizing a customer-centric approach. 6 May 2024 – FWD Insurance Berhad has unveiled its latest product, FWD Max Wealth, aimed at helping customers maximize...
Tether Strengthens Monitoring to Combat Illicit Finance Amid Controversy
Tether, the leading stablecoin, is enhancing its monitoring of token usage to combat illicit finance, partnering with Chainalysis to develop tools targeting transactions linked to sanctioned entities. Despite controversies, Tether has reached a circulation of $100 billion, driven by its use as a dollar alternative in emerging markets. 3 May 2024 – Tether, the world’s largest stablecoin, has announced an intensified effort...
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...
Luno Expands Cryptocurrency Offerings in Malaysia with Cosmos and Polkadot
Luno, a regulated digital asset exchange in Malaysia, has added Cosmos (ATOM) and Polkadot (DOT) to its platform, providing users with more cryptocurrency investment options. 3 May 2024 – Luno, a regulated digital asset exchange (DAX) under the Securities Commission Malaysia, has broadened its cryptocurrency offerings with the introduction of Cosmos (ATOM) and Polkadot (DOT) to its platform. Cosmos, a decentralized network,...
Censof’s Digital Insurance Platform insureKU Receives Bank Negara Malaysia Approval
Censof Holdings Bhd’s insureKU, an all-digital insurance and takaful platform, has received approval from Bank Negara Malaysia (BNM) to commence operations. Set to launch officially later this year, insureKU offers integrated insurance and takaful solutions and is the first of its kind in Malaysia. 1 May 2024 – Censof Holdings Bhd has announced that its all-digital insurance and takaful platform, insureKU, has received...
SC Malaysia and IsDB Group Forge Collaboration to Boost Islamic Capital Market and Fintech Initiatives
The Securities Commission Malaysia and the Islamic Development Bank Group have signed a memorandum of understanding (MoU) to enhance cooperation in Islamic capital market (ICM) and fintech, focusing on waqf development. The collaboration aims to promote innovation, social finance, and investment, benefiting both Malaysia and other IsDB member countries. 1 May 2024 – The Securities Commission Malaysia (SC) and the Islamic...
Ministry of Finance and Bank Negara Malaysia to Host Global Forum of Islamic Economics and Finance (GFIEF) in Kuala Lumpur
The Ministry of Finance and Bank Negara Malaysia will host the Global Forum of Islamic Economics and Finance (GFIEF) in Kuala Lumpur from May 28 to 29, 2024. GFIEF aims to foster discussions and collaboration among global stakeholders to shape a resilient global Islamic economy through values-based reforms, featuring distinguished speakers and opportunities for engagement with various exhibitors. 29 April 2024 – The Ministry of...
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...
Visa Partners with AWS to Streamline Digital Payments for Fintech Startups
Visa joins forces with AWS to bring its services to the AWS Partner Network, simplifying transactions and offering easier access to Visa solutions for clients, especially cloud-native fintechs. 25 April 2024 – Visa, a leading global digital payments company, has announced its collaboration with AWS (Amazon Web Services) to bring its services to the AWS Partner Network (APN). This partnership aims to streamline transactions and...
BNM Deputy Governor Urges Malaysia and Indonesia to Collaborate in Islamic Finance and Fintech for ASEAN Growth
BNM deputy governor urges Malaysia and Indonesia to collaborate in Islamic finance and fintech, highlighting bright prospects and the need for harmonization within ASEAN. 25 April 2024 – Bank Negara Malaysia (BNM) deputy governor Adnan Zaylani has called for closer collaboration between leading Islamic finance countries in the ASEAN region, particularly Malaysia and Indonesia. Adnan emphasizes the bright prospects for both...
Money20/20 Asia 2024: A Deep Dive into Fintech Trends and Strategies
Money20/20 Asia 2024 in Bangkok has featured insightful sessions, keynotes, and announcements, highlighting fintech innovation, collaboration, and strategies for financial inclusion and fraud prevention. 24 April 2024 – Money20/20 Asia 2024, the premier event in the fintech calendar, is currently unfolding in Bangkok, Thailand, from April 23rd to April 25th. This highly anticipated three-day event has drawn industry leaders,...
Mox Bank Named Among Fastest-Growing Digital Banks Globally by Oliver Wyman
Mox Bank Limited has been recognized as one of the fastest-growing digital banks globally by Oliver Wyman. The acknowledgment highlights Mox’s remarkable growth and innovative product offerings, with its CEO emphasizing a commitment to customer needs and agility in delivering solutions. 23 April 2024 – Mox Bank Limited (“Mox”) has earned recognition from global management consulting firm Oliver Wyman as one of...
Islamic Banking on the Rise: Mambu Study Reveals Growing Trend Among Millennials and Gen Z in Southeast Asia
Mambu’s research reveals that millennial and Gen Z Muslims in Southeast Asia, particularly in Malaysia and Indonesia, are increasingly embracing Islamic banking, with significant interest in Shariah-compliant products. The study underscores the importance of technology and ethical investments in banking services. 23 April 2024 – A recent study conducted by Mambu, a leading SaaS cloud banking platform, has unveiled a...
Intix Showcases Innovative Payment Data Management Solutions at Money 20/20 Asia
Intix, a payment data management expert, will exhibit its solutions at Money 20/20 Asia, emphasizing efficiency and transparency in payment operations. 23 April 2024 – Intix, a leading expert in payment transaction data management, is set to showcase its innovative solutions at this year’s Money 20/20 Asia event. With a booth located at Kiosk K16, the Intix team will engage attendees in discussions on enhancing efficiency...
Axaipay Introduces Enterprise Payment Solution for Enhanced Business Efficiency and Security
Axaipay introduces an advanced enterprise payment solution catering to large businesses’ complex needs, offering enhanced control and security measures. With seamless integration and robust support, Axaipay reaffirms its commitment to empowering businesses in the digital economy. 22 April 2024 – Axaipay, a leading payment solution provider founded by Malaysians for Malaysians, has unveiled its latest innovation tailored...
Ant International to Create 500 Jobs with New Digital Business Center in Malaysia
Ant International announces plans to establish a digital business center in Malaysia, creating 500 jobs in its first year and focusing on tech roles such as software development engineers. Through partnerships with organizations like MDEC, the company aims to accelerate fintech innovation while contributing to Malaysia’s digital economy objectives. 19 April 2024 – Ant International, a leading digital payment and financial...
