Funding
Insurtech

FWD Kicks off Insurtech and Takafultech Accelerator Programme

									by Fintech News Malaysia
March 19, 2021
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FWD Insurance announced the launch of the FWD Start-Up Studio to support insurtech and takafultech startups in Malaysia, with seed funding of RM1.2 million over two years.
The studio aims to build a new talent pool for insurance technology and help streamline the relationship between FWD, emerging startups and adjacent technologies in Malaysia.
With this in mind, the Studio has teamed up with 1337 Ventures, a Malaysia-based business accelerator, to launch a four-week pre-accelerator programme.

This will give them access to the studio’s mentorship programme, FWD workshops with coaching on areas such as design thinking and an insurtech 101 and immerse into the vibrant Malaysian insurtech network.
FWD is now inviting applications for the first cohort of intakes which starts in April while a second cohort will open later in the year with two more slated for 2022.
This will be open to 25 startups in the first round, coming with the opportunity to accelerate towards a minimum viable product (MVP) and commercially partner with FWD.
FWD will be investing RM150k each to two winners on the pre-accelerator programme and allocate further funding for high potential startups from seed to pre-series A.
Startups will have the opportunity to create a proof of concept, working alongside FWD. There is also a possibility for them to co-create further high-potential ventures with the insurer.
Additionally, the startups will also receive up to US$100k of cloud credits from Amazon Web Services (AWS).
The programme will be a springboard into the Malaysian Global Innovation and Creativity Centre (MaGIC) which gives startups a “green lane” when applying for the National Technology and Innovation Sandbox (NTIS).
Sim Preston
“At FWD we put digital technology, data analytics and AI at the heart of insurance. We’re known and recognised for our innovation, and this initiative dovetails into our strategy to partner with the best talent to develop the best new technologies.

Our team is especially keen to work with start-ups in artificial intelligence, machine learning and cloud computing.”
said Sim Preston, Group Chief Operating Officer of FWD.
Binayak Dutta
“We are delighted to be at the helm of this exciting new venture in Malaysia as we see innovation studios and brand accelerators spring up across all industry categories.

The launch of the Studio further underlines our continued confidence and commitment to the Malaysian market. By tapping into Malaysia’s growing fintech ecosystem, we stand a better chance of closing the insurance protection gap in Malaysia and beyond.”
said Binayak Dutta, Managing Director (Emerging Markets) and Group Chief Distribution Officer of FWD.

Featured image credit: edited from Unsplash

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Payments

GHL Partners Split to Offer Buy Now Pay Later to its Merchants

									by Fintech News Malaysia
March 22, 2021
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Payments firm GHL announced today they will be piloting a Buy Now Pay Later (BNPL) service for its merchants in Malaysia through a partnership with Split, a homegrown BNPL firm that has processed RM 10 million in transactions
Consumers can make purchases in up to 3 monthly interest-free installments with instant approval and this BNPL solution. According to their media release the service is free for consumers with no interest, late fees, financing fees, or any other hidden charges.
The parties involved expect to start piloting at selected merchants by the first quarter of 2021. GHL has also previously entered into a similar arrangement with Australian BNPL firm Splitit, there weren’t any updates made publicly since that announcement.

Sean S. Hesh
Mr Sean S. Hesh, Group CEO of GHL said,
“GHL is excited to launch this BNPL option to our merchant base in partnership with Split. BNPL will enable our merchants sell bigger ticket items as their customers will have the option to budget their purchase over interest free instalments and thus making it more affordable.”
“This affordability is timely due to the impact of the COVID-19 pandemic which has impacted the employment and earning capability of many. We hope this new solution will be beneficial to both our merchants in generating higher sales as well as helping their customers afford their needs.”
he added.
Dylan Tan
Mr Dylan Tan, Co-Founder & CEO of Split said,
“The past year has been tough for many Malaysians and Malaysian businesses. As many continue to struggle to make ends meet, business owners are facing challenges of their own, with cash flow, strong lead generation and the ability to scale being only some of the more common pain points. We are proud to partner with GHL to provide all parties involved with a win-win solution, thus ensuring that both merchants and consumers receive the support they require as Malaysia strives to recover from the COVID-19 pandemic and transforms itself into a digitally-driven, high-income nation.“

BNPL is growing in popularity but personalities from the financial literacy space have called out BNPL for potentially promoting unhealthy spending habits.

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Insurtech

Zurich Malaysia Partners Singaporean Fintech to Simplify Financial Planning

									by Fintech News Malaysia
March 24, 2021
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Zurich Malaysia (Zurich) and Singapore-based fintech BetterTradeOff, today launched ‘Up | MyZurichLife’, a financial planning solution exclusively for MyZurichLife’s users to help them plan their finance. The solution took root after BetterTradeOff won the Malaysian round of the Zurich Innovation Championship in April 2020.
They said that it is a cloud-based solution utilising advanced analytics with an easy-to-use interface that helps to dramatically simplify the task of building of a sound and comprehensive financial plan.
The solution allows users to explore different financial scenarios and how individual elements impact their overall plan. This includes purchasing a new home, planning for retirement, and planning for children education.

Users can project the impact of life events such as becoming unemployed, or the sudden loss of the family’s main breadwinner on their financial situation. This enables them to better estimate the course of action to take to mitigate financial stress.
Using a drag-and-drop approach, ‘goals’ or ‘dreams’ can be included into their plan, such as a new property, a child’s education, or a potential investment for a visualisation of the impact on their long-term cash flow, savings, or net wealth.
The solution incorporates Zurich’s products and proposes what may best suit customers to realise their ideal plan. It also has an interface for customers to connect with a Zurich Wealth Planner for advice on tailoring a plan that meets their individual needs.
Stephen Clark
Speaking on behalf of the Zurich Insurance Group, Zurich Holdings, Executive Director Stephen Clark said,
“Innovation is central to the Zurich vision, enabling us to identify and develop uniquely tailored protection solutions for our customers. Collaborating with like-minded companies such as BetterTradeOff gives Zurich customers an even greater ability to take control of their financial and protection needs. Ultimately, this partnership will allow us to better serve our customers in order to secure their financial futures.”
Clark added,
Laurent Bertrand
Co-Founder and Chief Executive Officer of BetterTradeOff, Laurent Bertrand said,
“Making sound financial planning a reality for everyone, means partnering with global leaders like Zurich to bring the solution to more countries and millions of more people. The launch in Malaysia is a great first step toward what we hope will become an important global partnership with Zurich.”

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Payments

Ripple Acquires 40% Stake Cross Border Payment Specialist Tranglo

									by Fintech News Malaysia
March 30, 2021
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Ripple, announced that it has agreed to acquire 40% of cross-border payments specialist Tranglo. This partnership will allow Ripple to meet growing customer demand in the region and expand the reach of On-Demand Liquidity (ODL), which uses the digital asset XRP to send money instantly and reduce working capital needs.
As a pioneer for cross-border payment services, Tranglo will play a critical role in supporting existing corridors, such as the Philippines, and introducing new ODL corridors within its current network.
As Ripple broadens its ODL footprint in the region, RippleNet customers using ODL will also be able to leverage Ripple’s Line of Credit to free up working capital and scale cross-border payments into more markets than ever before. Tranglo will continue to provide and expand its current payment services to make cross-border transactions faster, cheaper and more secure for its customers.

Southeast Asia’s payments landscape is highly fragmented. Each country comes with its own unique process and payments infrastructure – the lack of a standard integration for regional cross-border payments currently requires expensive workarounds.
This partnership will see both companies combine their in-depth local expertise to address the challenges associated with cross-border payments.
Ripple said that its investment in Tranglo is a reflection of the company’s deepened commitment to enriching the payments ecosystem in Southeast Asia, the fastest-growing region for RippleNet adoption.
Last week, the company announced Brooks Entwistle as Managing Director of Southeast Asia to lead and scale its SEA operations.
Jacky Lee
Jacky Lee, Chief Executive Officer at Tranglo said:
“Tranglo has always prided itself on making cross- border transactions faster, cheaper and more secure. By partnering closely with Ripple and introducing On-Demand Liquidity to new markets, we aim to further that ambition to provide accessible and equitable financial services to the masses.”
Asheesh Birla
Asheesh Birla, General Manager of RippleNet at Ripple said:
“Tranglo’s robust payments infrastructure coupled with their unparalleled customer service and quality makes them an ideal partner to support our expansion of On-Demand Liquidity starting with the Southeast Asia region. We are excited to continue and carry out our shared mission to transform cross-border transactions to be faster, cheaper and more secure with blockchain technology and digital assets.”
Completion of this transaction is subject to regulatory approval and customary closing conditions and is expected to occur in 2021. Upon completion, Amir Sarhangi, VP of Product and Delivery at Ripple, and Brooks Entwistle will join Tranglo’s board of directors. TNG Fintech Group will remain the majority shareholder in Tranglo.

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Lending

Axiata’s Aspirasi Rolls Out Consumer Microloans up to RM 2,500 on Lazada

									by Fintech News Malaysia
March 25, 2021
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Aspirasi, a digital micro-financing and micro-insurance service provider under Axiata Digital, is now offering a flexible and fully-digital financing solution for online shoppers through Aspirasi CashNow.
Available on e-commerce platform Lazada Malaysia, Aspirasi CashNow is open for application by all Malaysians aged 18 to 65 years old with an active Lazada wallet account.
Aspirasi CashNow is Shariah-compliant and financing amounts start from RM500 up to RM2,500.

Shoppers can apply through the Lazada website or app which reportedly takes only 3 minutes.
Aspirasi said that eligible applicants will receive their funds credited into their Lazada Wallet within 48 hours. They will also receive Aspirasi CashNow Protect, a complimentary micro-insurance coverage that provides accidental death, permanent disablement and online bill protect benefits where terms and conditions apply.
Lazada Malaysia had first partnered with Aspirasi in 2019 to provide financing support to micro-enterprises and SME merchants on the e-commerce platform.
Sheyantha Abeykoon, Executive Director of Aspirasi said,
Sheyantha Abeykoon
‘‘This is not the first time Aspirasi and Lazada have teamed up towards driving growth for Malaysia’s digital economy. We have been providing digital financial support to micro-enterprises and SME merchants on the Lazada platform since Q4 2019.
The introduction of Aspirasi CashNow is an expansion of digital financial services to improve Lazada customers’ connectivity infrastructure with greater digital payment access.”
Sherry Tan, Chief Business Officer, Lazada Malaysia said,

Sherry Tan
“There is a growing popularity of consumers seeking financial flexibility and convenience when shopping online – especially now.
Over the years, we’ve continually invested in bringing quality customer experiences through ease and convenience, and we are pleased to extend our partnership with Aspirasi to provide our shoppers with a variety of payment options and flexible payment alternatives as part of the seamless shopping experience they’ve come to expect from Lazada.”

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Boost Now Supports DuitNow QR Payments

E-Wallets
Payments

Boost Now Supports DuitNow QR Payments

									by Fintech News Malaysia
March 26, 2021
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Homegrown e-wallet Boost announced that it is now part of the PayNet Real Time Retail Payment Platform (RPP) and will adopt DuitNow QR, effective today.
DuitNow QR is Malaysia’s national QR code standard established by Payments Network Malaysia (PayNet) under Bank Negara Malaysia’s (BNM) Interoperable Credit Transfer Framework (ICTF).
The DuitNow QR functions as a standardised and unified QR code that offers a cashless, contactless and convenient way of shopping for all e-wallet users including those not on the Boost platform.

This benefit extends to Boost merchants too where only ONE QR code is needed to accept cashless and contactless payments from users of any participating e-wallets in the PayNet ecosystem. Subsequently, merchants will be exposed to a bigger mobile-first customer base.
At the same time, Boost users also benefit from a wider merchant reach using DuitNow QR to pay and claim Boost’s attractive loyalty rewards.
This new participation by Boost is timely as it expands its offline digital payment offerings and capabilities to help break the COVID-19 cycle in a safe and contactless manner.
Boost was launched in October 2017 and has rapidly grown its footprint to nearly nine million users. Now, with the DuitNow QR code, it increases its merchant base to over 231,000.
Mohd Khairil Abdullah
Mohd Khairil Abdullah, CEO of Boost shared,
“We believe that a standardised and unified QR code as a shared payment infrastructure is a defining piece in building a robust ‘One Nation, One QR’ cashless ecosystem. This will greatly facilitate interoperability between digital payment providers and increase accessibility for Malaysians to embrace a now normal lifestyle where going cashless will dominate.

We are thrilled to be part of the DuitNow QR network and work hand-in-hand with PayNet to contribute towards charting the next chapter of the country’s digital and cashless transformation,”
Peter Schiesser
Peter Schiesser, Group CEO of PayNet said,
“E-wallets including Boost played a big role in helping Malaysians embrace a cashless and contactless lifestyle last year.

Having Boost onboard the DuitNow ecosystem will further strengthen their contribution in enabling businesses, especially micro-enterprises and SMEs to accept digital payments and to weather the impact of COVID-19.”

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WealthTech

Touch ‘n Go Expects 1 Million Users for Its New Wealthtech Offering GO+

									by Fintech News Malaysia
March 29, 2021
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Touch ‘n Go Group (TNG) formally announced today the launch of GO+, a financially inclusive investment product for which it expects 1 million users in 2021.
GO+ allows TNG’s Malaysian e-wallet users above the age of 18 years old to gain access to low risk money market investments for as low as RM10.
The new offering enables TNG users to earn returns on their GO+ balance which will be credited daily.

In addition to this, GO+ will also carry a ‘cash-out’ feature that will allow movement of funds seamlessly between the user’s e-wallet and designated bank account.
In order to add greater usability, GO+ balances can also be used for all e-wallet payments use cases.
The GO+ product is anchored on the Principal e-Cash Fund, a money market fund managed by Principal Asset Management, an ASEAN asset management company.
The product co-creation collaboration essentially combines TNG’s expertise in technology and ecosystems as well as Principal’s core expertise in investment strategy and fund management.
TNG was the first e-wallet provider to be granted a conditional approval to operate as a Recognised Market Operator by the Securities Commission of Malaysia, enabling the company to directly distribute capital market products.
TNG added that while their offerings are currently not Shariah-compliant, there are already plans in the pipeline to add such iterations in the future.
Effendy Shahul Hamid
Effendy Shahul Hamid, Group Chief Executive Officer, TNG Group said,

“The launch of GO+ is the first step as we move into the area of digital financial services. It was designed to address core customer pain points, promote financial inclusion and emphasise the use of data and technology to deliver higher value products to our users.

We’re extremely pleased to have been able to bring this novel product to the market, and at the same time continue our evolution and journey into financial services,”

Munirah Khairuddin
Munirah Khairuddin, CEO of Principal Asset Management said,

“Our new Principal e-Cash Fund was developed specifically for GO+ and focusses on convenience and yield enhancement.

With as little as RM10, customers will be able to invest and earn daily returns in their eWallet investment account. This is just the beginning of our digital offering, and we look forward to developing many more,”

Featured image: Screengrab from Touch ‘n Go e-wallet’s YouTube channel

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Lending

Mastercard-Backed Pine Labs Rolls Out Buy Now, Pay Later Offering in Malaysia

									by Fintech News Malaysia
March 31, 2021
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Pine Labs, an Asian merchant commerce platform backed by Mastercard, announced the launch of its Buy Now Pay Later (BNPL) offering in Malaysia.
The company provides a tech-first offline payments solution where on a single terminal multiple credit issuers can make BNPL offers to customers.
They further added that CIMB Bank, AmBank, HSBC Bank, AFFIN BANK, and RHB Bank are already on Pine Labs’ BNPL platform.

Pine Labs claims that it has already achieved success with offline BNPL services in India where it has 95% market share.
Late last year, Pine Labs had announced its intent to launch its BNPL solution in partnership with Mastercard to markets like Thailand, Philippines, Vietnam, Singapore, and Indonesia.
Kush Mehra
“It is an excellent product and a win-win proposition for everyone involved including consumers who get affordable buying options, merchants who are getting an enticing proposition to woo customers back to the stores and boost their sales, and banks and brands who get to build their brand loyalty.

This integrated solution that we launched with Mastercard will now be further expanded to newer markets in the region,”
said Kush Mehra, Chief Business Officer, Pine Labs.

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Blockchain/Bitcoin

Bank Negara Malaysia to Evaluate Merits of Digital Currencies Through POCs

									by Vincent Fong
March 31, 2021
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Central bank-backed digital currencies (CBDCs) are rapidly on the rise, with 86% of central banks around the world researching the potential of CBDCs, 60% experimenting with the technology and 14% piloting the technology.
CBDC is the digital form of fiat money and differs from existing virtual currencies and cryptocurrencies like Bitcoin in that they are issued by the state and backed by the government.
Bank Negara Malaysia stated today in their newly published annual report that they are “actively building internal capacity to support informed decisions on CBDCs” which includes conducting POCs.

Though they do not have any immediate plans to issue CBDC they will “actively assess the potential value proposition of CBDC”. The central bank said that policy decisions around CBDCs will be guided by whether it is able to demonstrate clear benefits to Malaysia as a whole while ensuring that risks from CBDCs are effectively managed, in particular, the financial stability risks.
They further added that they will evaluate the level of usage of physical cash, usage of cryptocurrencies for payments, and the extent that CBDC is being used to facilitate cross-border trade as key data points to evaluate the merits of CBDC issuance.
The BIS (Bank of International Settlements) identifies two broad types of CBDC based on their levels of accessibility; general purpose and wholesale.
While a wholesale, token-based CBDC is a restricted-access digital token for wholesale settlements (e.g. interbank payments, or securities settlement), a general-purpose CBDC is primarily targeted at retail transactions and resembles a type of “digital cash”.
In Asia, many of Malaysia’s neighbours have already begun conducting experiments on CBDCs, the Monetary Authority of Singapore (MAS) has already completed the final phase of its CBDC trial, Project Ubin.

Up north in Thailand, the country has already reached advanced stages of its wholesale CBDC trials and is looking to focus on retail CBDC next.  Meanwhile, the National Bank of Cambodia has began trials for retail CBDC named Project Bakong.

Bank Negara Malaysia further noted in their report that while CBDC may yield potential benefits such as faster settlement, easier accessibility, and better system resilience, it is not without its risks.
They stressed that it is crucial for central banks to thoughtfully ensure that CBDCs are carefully designed to avoid compromising monetary as well as financial stability and that underlying motivations to issue digital currencies may differ across countries depending on their level of development and specific circumstances.

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E-Wallets
Lending

Boost Offers Low-Cost Financing Support for MSMEs this Ramadan

									by Fintech News Malaysia
April 7, 2021
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Boost issued a press statement saying that it will be prioritising micro-enterprises and SMEs this upcoming Ramadan by offering low-cost financing support to use as working capital for Ramadan sales through ‘Aspirasi Capital for Boost’.
They said that this financing comes at an opportune time with merchants gearing up for Ramadan, which requires investments such as bazaar space rental and raw material or ingredient costs.
Through ‘Aspirasi Capital for Boost’, MSMEs can apply for low-cost micro-financing up to RM20,000 per MSME for an 18-month tenure, interest-free with no repayment for the first six (6) months. When repayment starts on the 7th month onwards, MSMEs are subject to an interest rate of 0.5% monthly.

The application can be completed digitally and if eligible, merchants will receive approval with financing disbursed within 48 hours directly into their bank account.
Mohd Khairil Abdullah
Mohd Khairil Abdullah, CEO of Boost said,
“As the economy reopens, the reality is MSMEs still face financial challenges due to reduced footfall and sales with the implementation of movement restrictions. Many micro-businesses are particularly affected and it’s harder on them because many don’t have access to the traditional financial system. Realising this, last year we moved beyond digital payments into digital financial services and ‘Aspirasi Capital for Boost’ is part of our new solutions for merchants.”
“Through these new offerings, we hope to help underserved MSMEs with increased access to affordable and immediate financial assistance that will help sustain their businesses. With Ramadan being a very busy period for many businesses, micro-financing goes a long way in alleviating overhead and operating costs. We hope that with ‘Aspirasi Capital for Boost’, we can create financial buffers for merchants to re-emerge stronger in time to enjoy a more joyous Hari Raya Aidilfitri this year”,
added Khairil.

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WealthTech

Versa Secures RM10 Million in Deposits in Less Than Three Months

									by Fintech News Malaysia
April 7, 2021
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Versa, Malaysia’s latest digital cash management platform, today announced that it has achieved over RM10million in deposits in just three months since its soft launch in January. To date, Versa has registered more than 4,000 accounts averaging deposit amounts of RM2,700 per user.
The company said that the current low interest rate environment is leading to greater customer demand for better solutions that can meet their financial needs adding that with a low average 12-month interest rate of 1-2% and a lack of flexibility in depositing and withdrawing funds, many may find it challenging to commit to fixed deposit offerings.
Versa enables investors to earn daily interest of up to 2.4 % starting with just RM 1 and investors can withdraw their deposits at any time, which provides users more liquidity compared to investments like fixed deposits.

Teoh Wei-Xiang
“Versa was created to solve a personal problem statement – I had to break my fixed deposits several times to meet emergency situations. As such, we are promoting a new way for users to manage their spare cash. In such unpredictable times, the ability to invest and also have cash on hand when the time calls for it is extremely important. With Versa, we want to encourage the general Malaysian public to understand the benefit of MMF in our current situation – be it the stability, liquidity or security that it offers, they will be able to rest assured knowing that they will be well taken care of with Versa. Our partnership with Affin Hwang Asset Management, who has a longstanding history of asset management will help us to help Malaysians to invest smart, and do it well,”
Teoh Wei-Xiang, CEO, Versa said.

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WealthTech

RinggitPlus Expands into Digital Financial Planning with RinggitPlus Advance

									by Fintech News Malaysia
April 9, 2021
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RinggitPlus, a financial marketplace owned by Jirnexu, has launched RinggitPlus Advance, a new one-to-one financial digital financial planning service for Malaysians.
With the launch of RinggitPlus Advance, the fintech startup is tapping into its experience of digitalising a traditional industry and enabling access for Malaysians to engage the services of a Certified Financial Planner (CFP)
Hann Liew
“Since 2012, RinggitPlus has been at the forefront of providing value and transparency to consumers looking for financial products and services. I am truly excited that through RinggitPlus Advance, we are expanding our mission in the financial planning space,”
said Hann Liew, co-founder and director of RinggitPlus. Hann is also a CFP and a CFA charterholder.

In a press statement, they said that RinggitPlus Advance offers “comprehensive financial planning services at transparent and affordable fees with zero hidden charges”.
The CFPs attached with RinggitPlus Advance are licensed by the Securities Commission of Malaysia and members of the Financial Planning Association of Malaysia (FPAM). In addition, the entire experience is conducted online, from booking, payments, and the CFP consultation sessions. As a result, clients are no longer geographically limited from accessing financial advice from a licensed practitioner.
They added that despite prices that are lower than other financial planning services in Malaysia, RinggitPlus can expect the same level of service covering six practices; cash flow and net worth analysis, debt and liability management, insurance and risk management, unit trust and investment, tax and zakat planning, and estate and family wealth planning
Muslim clients can also expect advice on Shariah-compliant investment strategies, optimisation of tax payable via zakat and estate planning involving hibah, faraid, and wasiyyah.

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E-Wallets
Payments

PayNet Appoints Soft Space’s FassPay as Third Party Acquirer

									by Fintech News Malaysia
April 9, 2021
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PayNet, the national payments network and shared central infrastructure for Malaysia’s financial markets, has appointed FassPay, a subsidiary Soft Space, to be a third-party acquirer (TPA) for MyDebit, the nation’s domestic debit card scheme.
This appointment allows Fasspay to acquire small merchants and offer them its suite of payment solutions which includes their Tap on Phone Payment solution, Fasstap — a solution that enables merchants to use their own mobile devices as POS terminal to accept card payments.
Interested merchants in signing up with Fasspay do not need to be physically present as the entire onboarding and approval process, including all “know-your-customer” (KYC) compliance requirements, are done remotely through a simple, guided step-by-step online procedure.

FassPay has also partnered with e-commerce platform Elokal to digitally enable 2,000 SMEs in rural areas to accept cashless payments.
Chris Leong

“Fasstap is a robust cloud-based solution that eliminates the need for expensive and dedicated payment hardware making it viable even for small merchants,”

said Chris Leong, Chief Executive Officer of Fasspay.

“The solution also gives access to businesses to tap into our value-added loyalty platform and other developer-based services. Tap on Phone payments are reliable and secure, so merchants can be confident in knowing that their solutions face little to no risk. With our collaboration with PayNet, we believe Fasstap will create an innovation cycle to further spur contactless usage in Malaysia,”

he added.
The collaboration between PayNet and Soft Space, which began with a pilot launch in October 2018, has enabled merchants, particularly smaller merchants to go cashless and accept MyDebit payments without incurring the monthly expenses for a separate card payment terminal. Merchants that sign up with Fasspay would be able to use their Android mobile devices to accept MyDebit payments with the “Tap on Phone” solution called “Fasstap” by leveraging on near-field communication (“NFC”) capabilities.
Peter Schiesser

“PayNet has partnered with Soft Space and now Fasspay to introduce the Tap on Phone solution to merchants for the acceptance of MyDebit in promoting a more cost-effective payment option. The Covid-19 pandemic has raised concern about safety and hygiene, and we are pleased that with the Fasstap solution, merchants can meet their customers’ preference for contactless payments. PayNet strives to offer payment eco-systems that are resilient, competitive and accessible to all. This is in line with our mission to be a trusted enabler of inclusive and collaborative financial ecosystems, which supports the nation’s vision to transform into a digitally-driven, high income nation and a regional leader in the digital economy,”

said Peter Schiesser, Group Chief Executive Officer of PayNet.

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Blockchain/Bitcoin

Securities Commission Seeks to Block Access to Remitano for Illegally Offering Crypto Services

									by Fintech News Malaysia
April 13, 2021
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The Securities Commission Malaysia today issued a statement today saying that they have reprimanded Remitano for operating a digital asset exchange in Malaysia without authorisation from the SC.
The SC said that it views this transgression as serious and is working with the Malaysian Communications and Multimedia Commission (MCMC) to block Remitano’s website.The regulator has also written to Google and Apple to disable the operation of Remitano’s mobile applications in Malaysia.
Operating a DAX without obtaining SC’s approval to be registered as a Registered Market Operator (RMO) is an offence under Section 7 of the Capital Markets and Services Act 2007. If a person is convicted, he may be liable to a fine not exceeding RM10 million or imprisonment for a term not exceeding ten years, or both.

Investors are urged to immediately cease trading through the platform and to withdraw all their investments before Remitano’s website is blocked and becomes inaccessible in Malaysia.
The SC had over the last two years, intensified its efforts in combating illegal investment schemes through various anti-scam awareness campaigns launched under the SC’s lnvestSmart® platform, to constantly remind investors to exercise caution before investing in schemes particularly those offered on social media and messaging platforms. These campaigns were conducted through television, radio, social media platforms and websites including an anti-scam dedicated page on the SC’s website.
The SC’s Investor Alert list has also been updated regularly, accompanied with media announcements and InvestSmart®’s social media postings to alert members of the public on the updates.
Investors are reminded to trade only with Recognized Market Operators that are registered with the SC. Those who trade with unlicensed or unregistered entities or individuals are not protected under Malaysian securities laws and are thus, exposed to risks such as fraud and money laundering.
The public should alert the SC if they come across any suspicious websites or receive any unsolicited phone calls or e-mails offering unauthorised investment schemes, especially those that offer high returns with little or no risks.

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Funding
Payments

India’s Pine Labs Acquires Fave for RM185 Million with Plans to Roll Out In India

									by Fintech News Malaysia
April 13, 2021
0 comments

Payments platform Fave has been acquired today by Pine Labs, an Asian commerce platforms in a deal valued over US$ 45 million (RM 185 million).
With this acquisition, Indian consumers will be able to use Fave app later this year to save across 500,000 merchant network points powered by Pine Labs across 3,700 cities in India. According to Fave, they have has enabled 6 million consumers in SEA to save over US$400 million across 40,000 retailers since 2016.
The acquisition will help both companies accelerate their growth in the Asia region and unlock consumer opportunities across retail, F&B, fashion, and FMCG markets.

Fave’s founders will have their roles expanded to lead the overall consumer platform for the group across Asia.
Additionally, the company will be hiring over 100 new employees in Southeast Asia and India to accelerate cashless payments and smart savings across the region.
In March, PineLabs expanded their Buy Now Pay Later service in Malaysia.
Amrish Rau
Commenting on the acquisition, B. Amrish Rau, CEO of Pine Labs said,
“Consumers have tremendous choices in their payment types. They want to be sure that they save on every transaction. Fave helps consumers apply their best rewards, coupons, gift cards and cashbacks on all transactions in a seamless manner.

Joel and the Fave team have built a loyal consumer base with their smooth checkout experience. We are excited to partner with them in this journey in South East Asia and India.”
Joel Neoh
Joel Neoh, Co-Founder and CEO of Fave said,
“Pine Labs has been a great partner and investor for us, and it only made sense for us to join our synergies together and work towards our shared vision of building a truly global consumer and merchant platform.

India has the digital advantage with young demography, growing aspirational middle class with rising disposable income and increasing digital savviness. We are confident that the APAC e-payments landscape will continue to achieve exponential growth in the coming decade. Together, we will be stronger, faster and better.”
said Joel Neoh, Co-Founder and CEO of Fave.

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Blockchain/Bitcoin

Luno Reports RM 1 Billion in Digital Assets Under Custody as Bitcoin Prices Skyrocket

									by Fintech News Malaysia
April 14, 2021
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Luno, a digital asset exchange in Malaysia approved by the Securities Commission, announced that the company is now managing more than RM 1 billion of digital assets less than two years since the company relaunched in Malaysia in 2019.
Luno’s digital assets under management comprise four approved cryptocurrencies; Bitcoin (BTC), 62%; Ethereum (ETH), 23%; Ripple (XRP), 10%; and Litecoin (LTC), 5%.
At the same time, Luno reported that it has surpassed half a million verified users (588,994) in Malaysia with an influx of new users in the latter parts of 2020 representing over 300% quarter-on-quarter (Q-o-Q) customer growth and RM3.97 billion in total transactions indicating a positive trend of cryptocurrency demand in Malaysia.

This development is against the backdrop of Securities Commission Malaysia revealing that they saw 1000% growth in new accounts last year and Bitcoin hitting an all-time high of above US$ 63,000 at the time of writing.
Aaron Tang
Aaron Tang, Luno Malaysia’s Country Manager said,
“When we relaunched in Malaysia in 2019, our aim was not only to provide Malaysians with a safe and convenient platform to buy, sell, and hold cryptocurrencies but also to educate them about this exciting technology.
The past twelve months has hastened the adoption of cryptocurrency globally. While a lot of the attention has been around institutional adoption, global retail involvement, including Malaysia, has been growing at a tremendous pace too.”

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Crowdfunding

pitchIN Seeking to Raise up to RM 5 Million Funds Through ECF

									by Fintech News Malaysia
April 14, 2021
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pitchIN will launch an equity crowdfunding campaign of its own on 19 April 2021 to raise funds for business expansion and new business units. The company seeks to raise between RM 3 million and RM 5 million from investors.
This will be pitchIN’s first ever fundraising exercise. Separately, pitchIN will raise RM 5 million from an institutional investor.

Sam Shafie
pitchIN CEO Sam Shafie explains,
“Since we started, pitchIN has been self-funded. And during that time, we have become Malaysia’s leading equity crowdfunding (ECF) platform. We are now raising between RM 3 mil to RM 5 mil through equity crowdfunding, in addition to a RM 5 million investment by an institutional investor.
This fundraising will be used to grow our team, offer an integrated platform, introduce new products and to magnify our brand. We hope to be the one stop platform for companies to raise their funding through the products that we offer and for investors to invest in the best founders and companies in Malaysia.”
pitchIN has grown by leaps and bounds since it launched in 2016 as one of the initial ECF platforms approved by SC.
Kashminder Singh
Kashminder Singh, CSO of pitchIN says that the time is right for fundraising.
“From a little known funding option five years ago, ECF has become the fundraising tool of choice for SMEs and startups. pitchIN is at the forefront of this ECF wave. To date, we have run over 100 successful ECF campaigns and raised more than RM140 million.
The number of companies who are seeking capital continues to grow. We want to expand our operations to serve more businesses and investors as well as offer new services. pitchIN will open a secondary market for its ECF platform later this year. It has also applied for a license to operate an IEO platform.”
The pitchIN ECF campaign will be held on the Leet Capital ECF platform as current rules relating to fundraising on ECF in Malaysia preclude pitchIN from raising on its own platform.
The minimum investment in pitchIN is RM 4,500 for 1 lot of 10 shares.
The investment offer and details about the pitchIN fundraising campaign can be viewed at http://bit.ly/pitchIN-ECF

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Insurtech

Insurtech Platform Fatberry Raises RM 2.5 Million in Pre-Series A Funding Round

									by Fintech News Malaysia
April 16, 2021
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Fatberry, a Malaysian B2C insurance online supermarket, has raised a RM2.5 million (approximately US$600,000) during a pre-Series A funding round.
The round was led by strategic investor Stockholm-based publicly traded venture builder Abelco Investment Group AB.
Other investors who participated include ASX-listed Fatfish Group Limited and angel investors from Malaysia and Singapore.

Fatberry said in a statement that the new funding will be used to carry out its expansion and product development plans.
In a press statement, they said that the insurtech platform commercially launched in April 2020 during the beginning of the pandemic, however the company had already previously launched their digital marketplace in 2017 under a different management team.
Fatberry’s insurtech platform includes 11 insurers, facilitating largely transactions involving car insurance.
John Tan
“With the funding raised, our next step is to add more talent to our team, further develop our platform and product offering, as well as scale up our marketing and branding efforts.

We will continue in our mission to help more Malaysians purchase insurance online with ease from the reliable and trust-worthy insurtech platform of ours,”
said John Tan, CEO of Fatberry.

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Blockchain/Bitcoin

CoinGecko Launches “NFT Spotlight” to Highlight Crypto Artists

									by Fintech News Malaysia
April 20, 2021
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CoinGecko, the world’s leading independent data aggregator hailing from Malaysia, is now on a mission to promote art appreciation and help artists connect with more audiences through the launch of NFT Spotlight.
Prior to this, CoinGecko launched “NFT of the Day” which features one interesting artwork every day in order to drive awareness of art to the wider crypto community.
Building on this, CoinGecko will now be working directly with crypto artists and provide a platform to showcase the artists’ backstory as well as their finest work. CoinGecko’s NFT Spotlight is a platform for artists, both new and seasoned, to create new connections with the wider crypto audience.

In a statement, they said that CoinGecko’s goal is to democratize art appreciation by highlighting the work and story that goes behind the creative process.
They added that the platform will also help artists connect with more audiences through the CoinGecko community and that it will provide an avenue to distribute artists’ artwork to a wider variety of audiences.
Sven Eberwein is the first artist to collaborate on this project. He is an exceptional digital artist who is making waves in the NFT space. In conjunction with this collaboration, Sven Eberwein has produced three artworks. They will be available for auction on OpenSea and for redemption with Candies by CoinGecko users.

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E-Wallets
Payments

GHL Enables GrabPay E-Wallet Acceptance Across Shell Petrol Stations Nationwide

									by Fintech News Malaysia
April 21, 2021
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Payments firm GHL Systems has now enabled GrabPay e-wallet acceptance at Shell petrol stations nationwide in Malaysia in a bid to further expand its cashless offerings.
As Grab evolves to become an app that addresses the daily needs of its users, its e-wallet can be used to pay for a multitude of services; ranging from transportation, food delivery, goods delivery, bill payments, offline payments and and now to include offline payment across Shell stations nationwide.
Sean S. Hesh
Sean S. Hesh, Group CEO of GHL Systems said,

“With an ever increasing adoption of e-wallet among Malaysians, it only makes perfect sense to provide the corresponding infrastructure to accommodate the demand of convenience of consumers and we are of course ecstatic to be the dynamic driver of this cashless transformation.

We are proud that GHL is the chosen payment partner of major brands such as Shell and GrabPay.”
Priyanka Madan
Priyanka Madan, Head of Grab Financial Malaysia remarked,
“As a homegrown tech enabler and a proponent of the digital economy, we aim to innovate and explore effective strategic collaborations with like-minded partners to drive digital payment adoption in the country.

We are excited to partner with GHL Systems and Shell, and together, hope to provide users with convenient access to our robust ecosystem so that Malaysians can continue to save and be rewarded for their transactions.”

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Blockchain/Bitcoin
Funding

Malaysian Founded Crypto Social Media Platform Torum Raises US$ 1.45 Million

									by Fintech News Malaysia
April 21, 2021
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Torum, a social media platform specially designed for cryptocurrency users, announced that it had secured US$ 1.45 million during a private funding round. Launched on the 1st of July 2020, Torum emphasises gamification elements and token utility to bring the best crypto social experience to the space.
Based on Binance Smart Chain, Torum seeks to build the first crypto social media platform that is fully integrated with NFT and DeFi functionalities. Cryptocurrency users can stay connected with one another and gain access to every crypto-centric service on Torum.
With the resources and connection from its VC team, Torum said it is now able to venture into NFT and DeFi spaces and introduce innovative use cases continuously to the crypto industry.

The round was participated by 13 private investors which consist of AU21 Capital, Momentum 6, Lotus Capital, Consensus Lab, Redline Blockchain Capital, Waterdrip Capital, Angel One, Hotbit, Oasis Capital, N7 Labs, Skywater Capital, IDC and Worshipper Capital.
Torum said that in future, the platform strives to become the adoption bridge that connects the general public into the crypto industry.
XTM, the native token of Torum that is obtained as part of the ecosystem incentive can be used in at least 10 different purposes, including gift purchasing, content boosting and NFT trading.
They said that the revenue generated by the ecosystem will be redistributed back to the Torum community through various gamified methods designed by the team.

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Crowdfunding

Malaysia Co-Invested RM 165 Million on ECF and P2P Financing Notes through MyCIF

									by Fintech News Malaysia
April 26, 2021
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The Malaysia Co-Investment Fund (MyCIF) has co-invested RM165 million in 5,349 Equity Crowdfunding (ECF) and Peer-to-Peer Financing (P2P) campaigns, benefitting 1,197 Malaysian micro, small and medium enterprises (MSMEs) by the end of 2020. Since its October 2019 inception, these co-investments were deployed alongside private sector investments which totalled RM431 million.
MyCIF, a fund administered by the Securities Commission Malaysia (SC) on behalf of the Ministry of Finance (MOF), has also generated a positive net return on capital as at the end of 2020. The SC reported the fund’s activities and performance up to end December 2020 in MyCIF’s inaugural annual report, which was released today.

Datuk Syed Zaid Albar
SC Chairman Datuk Syed Zaid Albar said,
“The SC supports and encourages new digital financial innovations and MyCIF has been successful in assisting our startups and MSMEs to meet their funding needs in this challenging period of post pandemic economic recovery.”

“MyCIF enhances the liquidity of our ECF and P2P Market to provide financing to this critical segment of the Malaysian economy, while at the same time, crowd in a larger pool of investors. This has helped MSMEs get funding and swiftly deploy them for their business needs.”
MyCIF was set up as part of Belanjawan 2019 with an initial RM50 million allocation to co-invest in MSMEs alongside private investors via ECF and P2P platforms. Subsequently, MyCIF received an additional RM50 million allocation as part of Belanjawan 2020, with an additional RM10 million specifically for social enterprises.
The release of the Annual Report reflects MyCIF’s commitment to good governance, and its commitment in promoting transparency on the deployment of public funds and the identity of beneficiaries of the said funds.
The MyCIF Annual Report, as well as details of the scheme, can be found at the SC’s website.

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Digital Transformation
Sponsored

FICO: 61% of Malaysians Prefer Digital Banking Channels During Financial Hardship

									by Fintech News Malaysia
May 5, 2021
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Over the past year, companies have had to accelerate their digital transformation just to survive. Their investments were essential to retain customers, do business remotely, keep orders flowing and manage supply chains.
While most companies are already on their way to execute digital strategies, the pandemic revealed the extent to which the entire ecosystem is still not connected effectively.
FICO commissioned The Asian Banker to survey more than 5000 digital banking customers in 10 key Asia-Pacific countries on their experiences.
FICO revealed that 61 percent of Malaysian consumers prefer to use digital channels to engage with their bank during financial hardship. The poll conducted in December 2020, during the height of the global COVID-19 pandemic, demonstrates the willingness of consumers to embrace digital banking and the opportunities that exist for banks to further develop their offering.
The high level of high-speed internet penetration in Malaysia meant that 27 percent of Malaysians preferred to communicate about hardship via online banking; 18 percent used their mobile banking app; 8 percent preferred telebanking; 6 percent communicated via email and 2 percent wanted to use virtual conference technology.
Aashish Sharma
“The risk of infection and social distancing requirements made branch visits less appealing last year, accelerating a shift to digital banking channels globally,”
said Aashish Sharma, Risk Lifecycle and Decision Management Lead for FICO in Asia Pacific.
“Being able to deliver and manage numerous channels in line with customer preference and deliver a seamless and engaging experience is a challenge that is here to stay. Investment in customer management and communication tools that span these channels and product silos and can deliver personalisation and improved decision making is key to making digital banking a success.”
Customer attitudes to new technology from banks such as debt collection automation can yield some interesting preferences and behaviors.
“It is worth noting that during periods of hardship, some customers prefer to deal with the issue using intelligent, automated online services, such as our FICO® Customer Communication Services (CCS) so as to avoid the embarrassment of talking to an agent about outstanding loans. If customers prefer digital channels during times of hardship, their most difficult time, it seems to me we can expect branch banking to continue its decline.”
explained Sharma.
Importance of maintaining banking relationships
Banks still have a data and relationship advantage when compared to fintech challengers. The survey revealed that across Asia Pacific, one in three consumers preferred to have all their banking needs serviced by one bank. In Malaysia this was slightly lower at 28 percent, with a further 43 percent saying that they ‘somewhat agreed’ they would like to deal with just one primary bank.
“Managing multiple bank accounts or finance products with different lenders can often be a complex, time-consuming and costly process for the average banking customer,” said Sharma. “Digital banking users today are looking for greater control and visibility of their financial position.”
When asked about their willingness to try a fintech or challenger bank, 19 percent of Malaysians said that they were inclined to consider a competitor with a further 41 percent relatively open to the idea.
“To consolidate and strengthen main bank engagement, lenders need to offer digital banking features that compete with the challengers to ensure the stickiness and viability of long-term customer relationships,”
added Sharma.
Most appealing reasons to switch banks
When asked about the reasons they would make the switch to a competitor, 73 percent of Malaysian consumers said their number one reason would be to secure improved personalisation and controls in their digital banking service. The poll defined this as the ability to view transaction history, update personal details, reset passwords and other such functions. Interestingly, personalisation and control was also the top reason for switching across Asia Pacific (31%).
Other top switching drivers across Asia Pacific were; the ability to control a payment card (set transaction limits, lock or unlock); the ability to set up recurring payments; and improved security features such as biometrics and two-factor authentication.
Read the Advancing New Experiences In Digital Banking report for more insights.

Featured image credit: Photo by Esmonde Yong on Unsplash

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Regtech/Regulation

How Securities Commission Malaysia Balances Innovation and Risk in Regulating Fintech

									by Diana Ngo
April 30, 2021
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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 find themselves walking the tightrope of balancing consumer protection, market stability, as well as introducing new and wild ideas.
On the back of a very vibrant year for fintech within the digital wealth space, we speak to Chin Wei Min, Executive Director for Digital Strategy and Innovation at Securities Commission Malaysia (SC) for our 8th episode of Fintech Fireside Asia series.

Commenting on balancing the two, Wei Min said,

“We want to make sure we continue to spur innovation and encourage market activity. At the same time, we want to make sure there’s a safeguard in place for the market, the investors, and also the operators and intermediaries who provide the services, so we have an ecosystem that’s safe and sound.”

Financial scams on the rise
With COVID-19 accelerating the adoption of digital financial services, scammers and fraudsters have jumped on the opportunity to lure credulous investors.
Wei Min said the regulator has observed a notable rise in illegal activities and financial scams in the past 12 to 24 months.

“In 2020, there was a general rise in scams and illegal activities … Last year alone, we issued 134 investor alerts and worked closely with [the Malaysian Communications and Multimedia Commission] MCMC to block about 78 sites to make sure these weren’t unauthorised or engaged in illegal activities,” Wei Min said. “We have internally set up a task force to focus on unlicensed, illegal activities, … and have also an education programme for investors.”
The SC annual report for 2020 that was released in March, showcases an increase of 158% in complaints and 123% in enquiries on the legitimacy of investment schemes last year. The trend correlates with the introduction of movement restrictions amid the pandemic and the increase in internet-related activities that ensued.
This led to the SC stepping up enforcement action against operators carrying out regulated activities without authorisation.
Earlier in April, the regulator issued a statement that it will work with the Malaysian Communications and Multimedia Commission (MCMC), Google and Apple to block access to Remitano for illegally offering crypto services, they further warned users to withdraw all their funds before they lose access to the platform.
Fintech as a driver of economic growth
At the same time, fintech is also bringing new opportunities for the financial sector, notably when it comes to financial inclusion and product diversity.
When formulating new regulation, Wei Min said the SC focuses on establishing a framework that encourages fintech development in specific areas that would benefit the market the most.
He cited the case of crowdfunding where the regulator recognised early on the potential for micro, small and medium-sized enterprise (MSME) financing.
“In Malaysia, the backbone of our economy is job, employment creation and the MSMEs. When we created the P2P financing [framework], [we went] consciously [towards] that direction, instead of [encouraging] payday and individual financing,” Wei Min said. “We said let’s look at something productive and make a conscious effort.”

“We try not to step ahead of the market but rather keep up with the market; keep pace with the market development, and at the same time, look at where our market really benefits from [fintech].”

In recent times the SC has been observed to ramp up the introduction of new regulatory frameworks, starting as early as 2015 with equity crowdfunding all the way up to more recent regulations to allow for crypto exchanges and robo-advisors.
Source: Fintech Malaysia Report 2021
Many of these initiatives bore fruit in 2020, as Malaysia sees retail participation at rates that have not been seen before since the 90s.
Some of these initiatives matured last year, alternative financing options like equity crowdfunding and P2P financing have outpaced more conventional sources of financing like venture capital and private equity.
With players like StashAway, MyTheo, Wahed Invest, and Akru each introducing their robo-advisory solutions to the market, Malaysia has seen 700% new accounts opened.
On the crypto front, 2020 saw a 1000% increase in user sign-ups in regulated crypto exchanges, which is dominated by Luno who claimed that they conquered 90% of the market share in 2020.
What are SC’s priorities?
In 2021, a major focus will be put on developing Malaysia’s Islamic fintech ecosystem, Wei Min said, a push that will start with the launch of an Islamic fintech accelerator programme, which will be done in collaboration with the UN Capital Development Fund (UNCDF).
Wei Min’s announcement of this initiative seems to have gotten the market excited with several mainstream media outlets like The Star, The Edge, and Malay Mail covering the story.
“We have seen healthy growth in the overall fintech sector, and we do have [Islamic fintech] providers [covering areas such as] equity crowdfunding, P2P lending, robo-advisors … but we need to take it up a notch,” Wei Min explained.

“That’s kind of the key objective with our accelerator programme, to encourage more local and even perhaps invite international providers to come to our place to spur innovation within the whole Islamic fintech area.”

The new programme will be announced in the coming weeks, Wei Min said, and will aim to foster “true innovation … not just Islamising particular conventional products.”
“We want to see more people come forward and want to do more and hopefully we can make this ecosystem bigger and more complete.”
Discussing emerging trends observed in capital markets, Wei Min noted rising digital adoption in retail trading, and mentioned the emergence of execution-only and digital-only brokers like iFast Malaysia, which recently launched its stocks and exchange-traded funds (ETFs) brokerage services on FSMOne.com.
“Those are new activities we like to see. Not just reducing costs for investors but having additional avenues as well,” he said. “Our market is more mature now. We should cater to more needs, different demographics and behaviors.”
Wei Min also revealed during the session that they have provisionally approved Bitcoin Cash as the 5th crypto to be traded on a regulated platform, this announcement was covered by consumer tech media outlets like SoyaCincau and Lowyat.Net.
The full episode can be found via YouTube below, alternatively you can also tune in via Spotify.

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Insurtech

Carput Taps Policystreet.com’s Platform to Offer Auto Insurance Services

									by Fintech News Malaysia
May 3, 2021
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Malaysian insurtech company PolicyStreet.com has partnered with Carput, a homegrown automotive assistance platform, to offer car insurance.
By teaming up with insurance technology company PolicyStreet.com, Carput said that customers will be able to experience greater ease in the car insurance renewal process with just 3 simple steps.
PolicyStreet.com’s existing site infrastructure will enable Carput Cover clients to compare motor insurance instantly and seamlessly on a secure platform.

The service named Carput Cover is the latest addition to the company’s list of automotive services, which include battery replacement and towing facilities.
Carput said that Malaysians can now obtain quotes from 10 leading insurers in just 60 seconds and renew their car policies through its website and mobile app.
The Carput App has over 100,000 downloads on the Android and iOS store.
PolicyStreet.com’s co-founder and CEO Lee Yen Ming said that the online convenience of Carput Cover will provide a fuss-free car insurance renewal option which also maximises savings in today’s digital landscape.
PolicyStreet.com also offers add-ons (e.g. windscreen and perils coverage) as well as the option to have road tax delivered directly to one’s doorstep.
PolicyStreet.com is a trusted online insurance provider of more than 1000 insurance products from 38 insurance and takaful providers in Malaysia. The company obtained the Financial Adviser and Islamic Financial Adviser (FA) approval from Bank Negara Malaysia in 2019, which allows it to provide both conventional and Islamic financial advisory.
Since then, the startup has raised RM 7.8 million during a Series A funding round from equity crowdfunding platform PitchIN. They have underwritten over RM 10 billion in sum assured.

Featured image: edited from Unsplash

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Australia
Payments

Australian Payments Firm Omipay Picks Tranglo to Power Its Cross Border Payments

									by Fintech News Malaysia
May 4, 2021
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Tranglo, a cross-border payment processing hub, announced that it will power the cross-border payments of OmiPay, an Australian mobile payment platform, across its global network.
The deal will allow OmiPay to gain access to Tranglo’s local payment distribution channels, especially the Southeast Asian and Chinese markets.
In particular, Tranglo and OmiPay are working together to increase the accessibility and affordability of cross-border payments.

Tranglo will provide localised payouts through integration with all popular payment methods, including digital payments through e-wallets.
OmiPay will benefit from Tranglo Connect and its single access point and seamless integration. This comes as OmiPay seeks to enhance its local payment capabilities in the Australian market.
Additionally, OmiPay is also keen to enhance the payment journey for international students looking for convenient ways to pay for their tuition fees in Australia.
Based on last year’s figures, the major Southeast Asian corridors of Indonesia, Vietnam and the Philippines accounted for 56% of Tranglo’s processed remittance.
William Guo
William Guo, Head of Partnership of OmiPay said,
“This partnership will fast-track OmiPay’s competitiveness and provide our Australian customers with access to new, innovative payment and e-wallet solutions.

We also look forward to working with Tranglo on a simple and cost-effective way for international students in Southeast Asia to pay their Australian tuition fees.”
Jacky Lee
Jacky Lee, CEO of Tranglo said,
“We are proud to enhance OmiPay’s services using our proprietary single access point and smart switching system.

We are confident that OmiPay’s customers will enjoy the seamless experience afforded by the partnership.”

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Payments

Visa Teams Up with GHL to Offer Their Answer to the Growing BNPL Trend

									by Fintech News Malaysia
May 5, 2021
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GHL Systems has embarked on a partnership with Visa to be the first in ASEAN to introduce Visa Instalments for clients using its eGHL Payment Gateway platform. Visa Instalments turns already approved issuer credit lines into instalment payment options at checkout for Visa cardholders.
This move is presumably Visa’s response to the growing Buy Now Pay Later (BNPL) trend which allows users to split their payments in interest-free installments.
If eligible, the customer is presented the offer at the point of purchase, either on a payment terminal screen in-store or checkout page online, and can then complete the purchase in instalments.

GHL Group is said to be the first online payment gateway in ASEAN to be integrated with Visa Instalments, which aims to make consumers’ big ticket spend more affordable, while enabling merchants to achieve higher sales conversion.
Currently over 2,500 existing eGHL online merchants across Malaysia would be able to offer their customers instalment options through this new solution.
The solution will be made available to GHL face-to-face merchants in the next phase.
GHL’s online payment gateway presently processes over MYR850 million in total online transactions value per month across diversified range of business, across merchants of all types and sizes. GHL is seemingly betting big on the BNPL space,  in March it announced a partnership with BNPL startup, Split
Sean S. Hesh
Sean Hesh, Group CEO of GHL remarked,
“GHL is excited to be the first in ASEAN to be integrated to Visa Instalments API to provide seamless shopping experience and expand consumers’ purchasing power, especially when it comes to bigger ticket items.

The payment flexibility is just the beginning of many of our continuous efforts and innovative solutions that we hope to grow with Visa here onwards.”
Kim J. Hak
Kim J. Hak, Head of Products for Visa Malaysia highlighted,
“Visa Instalments empowers consumers the ability to choose how they pay upon checkout, and simplifies the current friction and time-consuming instalment process for buyers and sellers.

We’re extremely excited to partner with GHL to integrate our API with their payment gateway and offer this solution to thousands of online merchants. We will be working with our issuer partners to enable this solution for Visa cardholders shortly so that they can make instalment payments with eGHL merchants.”

Featured image credit: Photo screengrab from GHL Systems and edited

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Blockchain/Bitcoin

Luno Offers Bitcoin Cash for Trading Following Approval From the SC

									by Fintech News Malaysia
May 5, 2021
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Luno announced that it is the first digital asset exchange in Malaysia to be approved by the Securities Commission Malaysia to offer Bitcoin Cash (BCH) for trading on its platform.
Chin Wei Min, Executive Director for Digital Strategy and Innovation at Securities Commission Malaysia (SC) had revealed during Fintech News Malaysia’s 8th episode of Fintech Fireside Asia series that they have provisionally approved Bitcoin Cash as the 5th crypto to be traded on a regulated platform.
Bitcoin Cash is now part of Luno’s growing list of digital asset offerings in Malaysia which includes Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC).

The cryptocurrency was launched in August 2017 due to a fork, a community-activated update to the protocol or code, of the original Bitcoin blockchain.
The main motive of the fork was to increase the block size in the blockchain from 1MB to 32MB to facilitate faster transactions.
As a result, Bitcoin Cash is regarded by some as a faster and cheaper system alternative to Bitcoin. Similar to Bitcoin, Bitcoin Cash has a maximum supply of 21 million with more 18 million in current circulation.
Bitcoin Cash is one of the most widely traded cryptocurrencies in the world with a market capitalization of US$ 18,767,589,942.
Aaron Tang
Speaking about the introduction of Bitcoin Cash on Luno, Aaron Tang, Luno Malaysia Country Manager said,
“As more Malaysians get involved in cryptocurrency, Bitcoin Cash adds another option to diversify their portfolio. On top of that, Bitcoin Cash is in the top 15 of the most traded cryptocurrency globally.

We only list safe, reputable digital assets that have the utility benefits our customers want, which is why we have introduced Bitcoin Cash after seeking approval from the Securities Commission Malaysia.”

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WealthTech

HSBC Malaysia Rolls Out a Unit Trust Investment Platform on Its Mobile App

									by Fintech News Malaysia
May 6, 2021
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HSBC Malaysia has launched EZInvest, a new unit trust investment platform on its mobile app to provide customers round the clock access to their investment portfolio.
The EZInvest feature is available to both HSBC and HSBC Amanah customers.
According to the bank, customers can log on to the HSBC mobile app for access to a selected list of unit trusts.

HSBC Amanah customers can also take advantage of the range of shariah-compliant funds available on EZInvest.
With multi-layer log on security verification methods, customers’ financial information is protected by a combination of biometric verification, unique username and password, or a one-time security code generated by mobile secure key.
The bank said that this is its first digital initiative that offers unit trust investment solution through the mobile app.
Jon Chivers
Jon Chivers, Head of Wealth, Wealth and Personal Banking, HSBC Malaysia said,
“EZInvest is a testament to our commitment to make wealth management a more seamless and convenient experience for our customers. This is part of our ongoing effort and investment in digital wealth.

This is a significant milestone for us as EZInvest will be the first investment feature on our Mobile app, enabling customers to go beyond payments and transfers,”

Heather Goh, Head of Customer Propositions and Marketing, Wealth and Personal Banking, HSBC Malaysia said,
“At HSBC, we continue to introduce more digital innovation to give our customers a more convenient and robust banking experience.

With the introduction of EZInvest that allows customers to purchase unit trust funds right from their HSBC Malaysia Mobile App anytime & anywhere, we are making progress in the right direction in being the bank in every customer’s pocket.”

Featured image credit: screengrab from HSBC Malaysia App

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Lending

GHL Enables Grab’s BNPL Solution PayLater for Its Online Merchants

									by Fintech News Malaysia
May 18, 2021
0 comments

GHL Systems announced that the “buy now, pay later” (BNPL) feature PayLater by Grab will be available to its selected online merchants utilising the eGHL Payment Gateway.
PayLater is a payment option piloted by Grab to provide users with a way to pay for their online purchases and manage their monthly cash flow. This news follows GHL’s recent partnership with Visa to similarly enable their Visa Instalments solution,
Users can choose to make a single payment at the end of the month or split their payments into four monthly instalments with zero interest charge.

Prior to this, GHL and GrabPay have already been working together to encourage more small merchants to accept cashless transactions. To-date, GHL has approximately 2,700 merchants across Malaysia.
Priyanka Madan
Priyanka Madan, Country Lead of Grab Financial Group, Grab Malaysia said,
“PayLater is only available to eligible users with the spending limit personalised based on Grab’s internal analysis. It provides the flexibility of paying for things, while helping users spend wisely.
We are therefore pleased to partner with GHL Systems to offer PayLater to their merchants and consumers. We hope this will help consumers manage their monthly spending without dipping into their savings or credit cards, while merchants can increase their sales.”
Sean S. Hesh
Sean S. Hesh, Group CEO of GHL Group said,
“GHL together with Grab, are excited to extend PayLater to our online merchant base as PayLater is a win-win solution that will be beneficial to all parties. PayLater provides consumers with an avenue for flexible and higher purchasing power and at the same time, higher sales revenue for merchants.
Therefore, merchants with large ticket items do not have to worry about missing out on consumers. This flexible option is timely given employment and earnings capability of many has been adversely impacted by the COVID-19 pandemic.”
Featured image credit:screengrab from https://www.grab.com/my/finance/pay-later/

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Insurtech

Finology Crowned Winner of This Year’s Seedstars World Competition

									by Fintech News Malaysia
May 21, 2021
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Finology, a Malaysian fintech that specialises in enabling seamless lending and insurance for consumers and businesses, was crowned as Seedstars World 2020/2021 Competition’s winner.
Representing Asia, Finology was up against the top companies from 4 other regions; Africa, Central and Eastern Europe (CEE), Middle East and North Africa (MENA), and Latin America (LATAM).
The Seedstars contestants were judged based on their products’ traction, scalability, profitability, and defensibility.

Seedstars is a Swiss-based investment holding with a mission to impact people’s lives in emerging markets, annually holds the Seedstars World Competition to scout for the most promising startups globally.
The competition concluded after a 9-month journey that included classroom sessions, mentoring sessions, and multiple rounds of pitching before a diverse panel of judge.
Established in 2017, Finology currently serves clients in Malaysia, Cambodia, Nepal, Pakistan and Indonesia to continue its effort in pushing financial inclusion by improving the way financial institutions and insurers do business.
Aside from its digital broking technology, the company currently also owns and operates loanstreet.com.my, a well-known Malaysian personal finance website and product aggregator.
Jared Lim
Jared Lim, Co-Founder of Finology shared,
“It feels good to have been recognised for the work we do. Our team has been working tirelessly the last few years to pioneer seamless access to financial products. As pioneers in our region, our work is not very visible to people outside the industry and can feel thankless at times.
We are humbled to have shared the stage with some of the most promising companies in the world. This validates our belief that we are providing a valuable service to society, and are on the right path towards building a great company.”

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Lending

Axiata Digital Acquires Majority Stake in Indonesian P2P Lending Operator

									by Fintech News Malaysia
May 24, 2021
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Boost Holdings Sdn Bhd, Axiata Digital’s fintech holding arm announced today a 68.75% equity acquisition into Indonesia’s, PT Creative Mobile Adventure which operates a telco supply chain model financing business under the brand KIMO and is a licensed P2P lending entity under OJK (Otoritas Jasa Keuangan)
The company said that the acquisition of the peer-to-peer licensee that operates a lending platform in Indonesia is a key growth engine for Boost Holdings to widen its reach to the underserved micro and small enterprises regionally.

Sheyantha Abeykoon
Sheyantha Abeykoon, Chief Executive Officer of Boost Holdings said, “
The acquisition is part of our regional digital financial service rollout plans. KIMO shares our aspiration to support the growth of micro enterprises through simple and convenient solutions powered by technology. This significant milestone allows us to scale our operations regionally and rapidly through an established entity and access a larger ecosystem of merchants and retailers who are already familiar with micro-financing. Indonesia is an important market for us as we already have 550,000 merchants on the ground and disbursed more than 26,000 loans since 2019 via partner platforms.”
Boost Holdings provides regional inclusive financial solutions for the unserved and underserved segments, underpinned by robust risk frameworks and financial strength. This is done through more than 60 Partner ecosystems.

Mohd Khairil Abdullah
CEO of Axiata Digital and Chairman of Boost Holdings, Mohd Khairil Abdullah said,
“Countries all over have seen accelerated digital transformation over the last year, such that digital financial services are a necessity rather than an option. Having built, and scaled several digital financial services businesses since 2014, Axiata Digital is in the position to deliver real value by bringing innovative financial products to our customers and this acquisition further strengthens our ambitions towards providing regional digital financial services.”
Boost Holdings disbursed over RM207 million via its micro financing and micro-insurance service provider Aspirasi to benefit 9,176 unique micro-enterprises in the last year alone.
They said that in-house data and machine learning capabilities were leveraged to provide a 3-minute application journey with fast approval process. This enables quick disbursement of funds within 48 hours after approval to extend financing to micro-SMEs who require it.

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Lending

Carsome Ties up With Aspirasi to Offer Data-Driven Financing for Used Car Dealers

									by Fintech News Malaysia
May 25, 2021
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Southeast Asian integrated car e-commerce platform Carsome, has entered a partnership with Aspirasi, the micro-financing and micro-insurance provider under Axiata Digital, to offer data-backed digital financing solutions to used car dealers in Malaysia.
The collaboration aims to provide hassle-free and seamless financing solutions to used car dealers who are now eligible for financing of up to 80 percent of its transaction value.
The underwriting process, based on Carsome’s data in credit scoring, pricing, and structured financing, requires minimal documentation which they said willl shorten approval and disbursement turnaround time.

According to Carsome Co-founder and Group CEO Eric Cheng, the financing solution empowers used car dealers through financial inclusion, and is estimated to benefit at least 2,500 used car dealers on Carsome’s platform.
Since 2019, Aspirasi has been providing digital financial support to micro-enterprises, as well as small and medium enterprises (SMEs) in the region.
Aspirasi joins Carsome’s other financing partners such as Funding Societies and CIMB Bank in offering various financing solutions to Carsome dealers, in line with Carsome’s efforts in creating an end-to-end integrated online used car ecosystem.
Besides financing solutions, Carsome has also invested more than RM10 million in Malaysia to help used car dealers through a variety of programmes.
Eric Cheng
“Aspirasi’s financing scheme, coupled with our data capabilities, will see the enhancement of used car dealers’ financing needs in a viable manner.

We are confident that this will be the most convenient solution for dealers who want to expand their business with ease and speed through Carsome’s platform,”
said Cheng.

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Blockchain/Bitcoin

How CoinGecko Grew from a Side Project to Serving 10 Million Users

									by Fintech News Malaysia
May 31, 2021
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Malaysian startup CoinGecko started out as a side project back in 2014 but has since grown into one of the biggest crypto data providers in the world, boasting 10 million users and 200 million page views monthly.
The startup is now striving to become the go-to crypto data platform for a future where its founders believe tokenization will the norm.
“On CoinGecko right now, you only see like 7,000 coins or tokens, … [but] given the current trajectory and where the market is going, we see a future where there’s millions of tokens in the market,” CoinGecko’s co-founder and CEO TM Lee said during a recent Fintech Fireside Asia virtual session.

“These tokens will represent anything: a non-fungible token (NFT) that represents real estate, artwork, or a game item; or fungible tokens that represent shareholding in a network, a company, or whatever.”
“Because of that future, we want to build CoinGecko as an aggregator for all these millions of tokens in a way that users would be able to understand and get the information that they need, the prices, market data, etc.”
CoinGecko is still at a very early stage and far from its goal, Lee said, but the team is building up the product and infrastructure to accommodate this new environment and “prepare for perhaps a decentralized or hybrid financial world where people would use tokens to represent all kinds of assets.”
CoinGecko’s early beginnings
CoinGecko emerged seven years ago at a time when crypto was still a niche market with a very small community of users. At the time, Lee and co-founder and COO Bobby Ong, identified a need for a platform that would gather all the key metrics of the crypto industry.
“We saw a gap where there were many … people building exchanges and getting into mining … but no one was paying attention to the developer community building the projects, the social media community discussing the projects,” Lee recalled. “The first product for CoinGecko we launched in 2014 was really an aggregator for all these metrics.”
Back then, the market was fairly non-competitive, meaning that pretty much anyone could set up a website, do some search engine optimization (SEO) work, get highly ranked, and then generate clicks and traffic, Lee said.

“That’s how we got our early usage of organic SEO. And then throughout the months, we learnt that people into crypto were global… from Asia, the US. So from the very beginning, we translated our website to ten different languages, and provided crypto prices in all major currencies,” he said. “Because the market wasn’t so competitive, it allowed us to bootstrap our startup and grow from that foundation.”
To bootstrap or to raise funds?
To date, CoinGecko is still entirely bootstrapped, Lee said, a position that resulted from a combination of factors. First, the founders do admire the “Basecamp model” which showcases that it is possible to start and build a successful company without external funding.
“We wanted to see how far we could push the company without fundraising,” he said.
Then, since CoinGecko was just meant to be a side project, the duo didn’t really pitch to any investor. The ones they did talk to didn’t seem really interested in either the crypto industry or the business they were in, Lee said.
Finally, later on, they realized that external funding had both favorable and unfavorable consequences.
“In 2017-18, we saw a lot of crypto companies that were heavily funded back in 2014 that ended up closing their business right before the boom market, just because they raised a lot of money and then the bear market continued to advance for two years, and they ran out of cash to continue their business,” Lee said. “Sometimes, fundraising can work as a double-edged sword: you have this huge amount of money and then you try to deploy it while the market is bearish for a long time. Then it’s going to be a big problem for you as a startup.”
But the landscape has changed dramatically over the past six to seven years, and become very competitive, he said, noting that the startup is now considering fundraising.
“All options are on the table,” Lee said. “We’ve talked to some parties but nothing is set in stone and it is not urgent for us to fundraise. But it’s something we are thinking about, see if it makes sense.”
The state of cryptocurrency in 2021
Commenting on the recent price swings, Lee said, the correction we’ve seen since early May was much needed, noting that “the market had been overheated in the past months.”
The year also saw the listing of Coinbase on the Nasdaq, a major milestone for the crypto industry that showcased that digital assets are steadily entering the mainstream.
“When we started CoinGecko, we never thought we would see a crypto company going public,” Lee said. “It will probably set the tone that crypto is becoming more acceptable and understandable by the masses. People were very scared of crypto, they didn’t understand it, but when you have a public company that deals with bitcoin, it means that the comfort level is there.
“We will see a trickling down effect, which could be more crypto companies going public,” he said. “We have also started seeing more banks coming in and offering these kinds of services, with DBS in Singapore, for example.”
To view the full conversation, check out our video below, alternatively you can also listen to this episode on Spotify. If you enjoyed this content, please consider subscribing to our YouTube channel.

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Crowdfunding

ECF Platform Ata Plus Appoints Malaysian Fintech Association’s President as COO

									by Fintech News Malaysia
June 3, 2021
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Ata Plus, an equity crowdfunding (ECF) platform and Recognised Market Operator (RMO) registered with the Securities Commission Malaysia, announced the appointment of Karen Puah as its Chief Operating Officer (COO).
At Ata Plus, aside from amplifying the brand visibility, Karen will focus on growing the stakeholder ecosystem to drive deal flow generation, expand investor channels and value-added services.
Additionally, she will also look into exploring new areas of growth, business opportunities and revenue streams.

Karen was recently elected as the President of The Fintech Association of Malaysia, having previously held the Vice-President position for 2 terms.
At present, she is also the Head of Malaysia for ‘She Loves Tech’ which is an international non-profit organisation committed to closing the funding gap for women-led and women impact entrepreneurs.
Karen holds an MBA from Asia-e University specialising in Entrepreneurship and a Diploma in Islamic Finance from the Chartered Institute of Management Accountants UK.
Elain Lockman
Elain Lockman, Chief Executive Officer and Co-Founder of Ata Plus said,
“We are thrilled to have Karen onboard as she brings to the table a wealth of experience, knowledge and network within the Fintech ecosystem and beyond.

Karen’s appointment is timely as Ata Plus is strengthening our position and broadening our footprints in Malaysia as well as initiating our expansion regionally,”

Featured image: Karen Puah, Chief Operating Officer (COO), Ata Plus

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E-Wallets
WealthTech

Touch ‘n Go’s Wealthtech Offering GO+ Has Over a Million Users Already

									by Fintech News Malaysia
June 7, 2021
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Touch ‘n Go Group today announced that its GO+ users have surpassed the 1 million mark in just over two months following its launch in March 2021.
Effendy Shahul Hamid, Group Chief Executive Officer at Touch ‘n Go Group said in a statement that this milestone is well ahead of our internal estimates as it had projected to hit a million users mark at the end of this year.
Touch ‘n Go added in a statement that 73% of GO+ users are from outside the Klang Valley and that number has continued to grow.

GO+ is a financially inclusive investment product that allows Touch ‘n Go eWallet users and all Malaysians to gain access to low-risk money market investments for as low as RM10.
Aside from being able to earn more than banking current accounts, GO+ balances can also be used across all Touch ‘n Go eWallet payments use-cases.
The funds in GO+ are managed by Principal Asset Management, a Malaysian fund manager.
The funds are invested predominantly into short term bank deposits with the top banks in the country such as Public Islamic Bank, CIMB Islamic, RHB Islamic Bank and Hong Leong Islamic Bank and more.
Touch ‘n Go eWallet is the first eWallet provider to obtain approval to operate as a Recognised Market Operator by the Securities Commission of Malaysia.
The approval enables the company to directly distribute capital market products, including money market unit trust funds, through the Touch ‘n Go eWallet platform, without having to be directed to a third-party application.
Effendy Shahul Hamid
“We will now build on this success and add more varied products in this category. We will also be making improvements to GO+ on the back of some very encouraging customer driven feedback and data on user experience.
Many of our users found the fungibility function between the GO+ balance and Touch ‘n Go eWallet use cases very attractive, and that drove sign-up’s. Another data point we were also encouraged by is the reach of this proposition and its agendas around inclusion,”
said Effendy Shahul Hamid, Group Chief Executive Officer, Touch ‘n Go Group.

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Lending

Funding Societies Disbursed RM1 Million in Financing for Foodpanda’s Merchants

									by Fintech News Malaysia
June 9, 2021
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Southeast Asian SME digital financing platform Funding Societies has announced a partnership with Foodpanda to offer short-term digital financing solutions for registered merchants under the latter’s network.
The collaboration which has collectively disbursed RM1 million in financing, enables local micro, small and medium enterprises (MSMEs) with greater access to business financing opportunities.
This is to facilitate businesses’ operation needs, expansions, as well as to help ensure sustainability of the MSMEs particularly in this uncertain pandemic-hit economy.

As many as 20,000 to 30,000 merchants across multiple segments under the Foodpanda network stand to benefit from tailored financing solutions offered by Funding Societies.
Wong Kah Meng
Wong Kah Meng, Co-founder and Chief Executive Officer of Funding Societies Malaysia commented,
“Driven by our mutual aim to extend support to MSMEs who are undoubtedly one of the hardest hit segments during this prolonged challenging time, our partnership with Foodpanda enables the merchants under its large network to obtain collateral-free, short-term financing solutions with the added benefits of quick and seamless online application experience.

The RM1 million disbursement we have achieved thus far through this collaboration alone is a testament of the MSMEs’ confidence in digital financing as a viable financing option and further reinforces our steadfast commitment to serving the underserved and unserved businesses across all segments.”

Featured image: Wong Kah Meng, Co-founder and Chief Executive Officer of Funding Societies Malaysia

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Insurtech

myTukar Ties up With PolicyStreet.com to Offer Insurance for Pre-Owned Cars

									by Fintech News Malaysia
June 11, 2021
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myTukar, a Malaysian pre-owned car buying and selling platform, has announced a partnership with local insurtech firm PolicyStreet.com to offer insurance policies for pre-owned car purchases.
Through the collaboration, myTukar’s wholesale and retail customers can now receive insurance quotations instantly with access to most major insurance providers within its platform.
The services support both new car insurance as well as renewals.

myTukar is the partner of PolicyStreet.com and is one of the first online car retailers to provide insurance from multiple companies.
Some of the insurance providers that have come onboard with myTukar via PolicyStreet.com include Allianz General Insurance Company (Malaysia) Berhad, AXA Affin General Insurance, Berjaya Sompo Insurance, Pacific and Orient Insurance Co., RHB Insurance, Syarikat Tafakul Malaysia Am and more.
Fong Hon Sum
Fong Hon Sum, CEO of myTukar said,
“We are extremely pleased to have found a like-minded partner to collaborate with us in our quest to spearhead the transformation of the pre-owned car industry.

PolicyStreet.com was born out of a need for change in the traditional century-old insurance industry, and aims to democratise insurance by making it Simple, Easy and Affordable – which is very much in line with myTukar’s mission of making pre-owned car buying and selling simple, convenient, efficient and transparent.”
Yen Ming Lee
PolicyStreet.com’s CEO, Lee Yen Ming said,
“We are excited to be partnering with myTukar to deliver the transformation that myTukar is looking for in enabling seamless motor insurance purchase for all of myTukar’s customers.

We do this by making insurance simple, easy and affordable.”

Featured image: Fong Hon Sum, CEO of myTukar

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Lending

IOUpay Touts Market Leadership for Months Despite Only Launching BNPL Solution Today

									by Vincent Fong
June 15, 2021
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Australia Stock Exchange (ASX) listed IOUpay announced today the official launch of its Buy Now, Pay Later (BNPL) service, myIOU. IOUpay is a subsidiary of Malaysian technology firm iSentric who was best known within the industry for providing mobile banking solutions to local banks.
Together with the launch, IOUpay announced partnerships with EasyStore, U Mobile’s GoBiz, Razer Merchant Services, and MYP1, which they claim gains them access to 75,000 merchants.
Despite only announcing their launch today, IOUpay has been going on an aggressive media campaign claiming to have “first mover advantage” in Malaysia and a market leader in South East Asia, presumably to bump up their stock prices.

They have also made misleading statements in the past that they have secured money lending license in Malaysia which allows them to provide BNPL services. It’s important to note that BNPL is not currently regulated in Malaysia and there a no license any party can secure.
The campaign seems to have worked in the Australian stock market too with IOUpay having completed an $AUD 50 million placement just in February and their share prices going up by 4000% compared to the previous year.
It is a bold claim especially considering the fact that in Malaysia, major tech players like Grab and Shopee have both launched their BNPL services and startups like Split, hoolah, Atome and even players like GHL have gone into multiple partnerships including one with Visa.
When you consider that it is a stretch to claim any leadership position even within its own home turf, it’s even stranger that they described themselves as a market leader in South East Asia when you have firms like GoTo (formerly Gojek) and Ant Group-backed Akulaku in the Indonesian BNPL space as well as many other strong contenders within the region.
While the market potential for IOUpay is real and the funds it has raised to compete in these markets is commendable, their chest-thumping has been less than accurate.

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Funding
Insurtech

Digital Pet Health Insuretech Oyen Nets Over RM 1.7 Million in Seed Funding

									by Fintech News Malaysia
June 16, 2021
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Oyen, a digital-first pet healthcare insurance provider based in Malaysia, has raised US$420,000 in a seed funding round.
The fundraise saw participation by notable backers such as Hustle Fund, alongside angel investors who are former and current executives from Airbnb, Facebook, and Rocket Internet.
The company said will use the funds to enhance its proprietary digital insurance platform and reinforce its market position within Malaysia’s pet healthcare insurance ecosystem.

Oyen said in a statement that it is aggressively expanding its recruitment in various roles.
Additionally, the firm will also move towards offering more holistic pet healthcare services to pet owners such as vet medical protection, preventative care, and wellness, among other benefits.
The company is driving towards having 100,000 pets insured in Southeast Asia within the next three years, half of which is expected to come from the company’s first market which is Malaysia.
In Malaysia, Oyen is able to provide up to RM 8, 000 (US$1,941) of the amount claimable in vet medical fees, up to RM1,000 in pet burial cost, and up to RM 50, 000 (US$12,132) in third party liability claims.
Oyen’s pet insurance platform is aimed at giving pet owners greater peace of mind in managing their pets’ medical needs via seamless insurance purchase and claims experience.
The company’s services are integrated with a panel of veterinary clinic partners in Malaysia, making it easier for owners to access Oyen’s growing network of vets for quality vet services and quickly seeking medical attention for their pets, especially in case of emergencies.
Kevin Hoong
“The number of people who have pets for companionship have increased during one of the world’s biggest recent crises, and our platform was specifically designed to alleviate concerns by pet owners – especially new ones – when managing their pets’ medical needs.

With the support from our investors, Oyen is now better positioned to expand and enhance its services across Malaysia, while also exploring how we can extend the benefits of our platform to pet owners at the regional level,”
said Kevin Hoong, Founder and CEO of Oyen.

Featured image: (left) Kevin Hoong, Founder and CEO of Oyen and (right) Michelle Chin, Co-Founder of Oyen.

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