Blockchain/Bitcoin
Crowdfunding
Payments

7 Fishy Things We Noticed When Looking into Dato’ Vida’s LaVida Coin

									by Fintech News Malaysia
August 27, 2018
48 comments

The LaVida Coin is the latest ICO launched by Datuk Seri Hasmiza Othman or better known as Dato’ Vida, beauty mogul and a divisive figure in Malaysia.
Perhaps because of Dato’ Vida’s reputation as a successful businesswoman, the LaVida Coin has attracted attention from those who may not otherwise consider investing in cryptocurrency. I’m concerned that certain Malaysians, seeing the success of sudden bitcoin millionaires circa 2017, look to the LaVida Coin as an opportunity to join a cryptocurrency early in anticipation for a future explosion in value.
The mogul plans to raise a staggering $1.5 billion from the endeavour. According to the website, the funds raised will be broken down as per below:

an entrepreneur-focused online entertainment channel ($1 billion)
development of a LavidaPay payment gateway ($100 million)
construction of a mosque, described as non-profit ($400 million)

Many crypto-experts would agree that this isn’t quite a healthy mindset to have at this point in cryptocurrency history.
I don’t mean to cast any aspersions on Dato’ Vida or her intentions, but when we looked into the coin, we noticed some fishy things about the whole endeavor that would raise the hackles of any seasoned cryptocurrency enthusiast.
1. No Recourse for If the Project Is Underfunded
How many of the 3 projects end up getting completed will depend on how much the team raises by the end of the ICO, according to the white paper. The white paper also mentions that it has no concrete measures in place in case the project is underfunded.
2. Token Sold as a Coin

After a cursory glance of the social media discussions, it seems like public considers the LaVida Coin as a coin, even though it is actually a token—and these are two different beasts.
To put things very simply, think of a coin as currency. Coins have characteristics similar to a traditional currency and can be used to buy and sell goods and services as long as merchants accept it as tender.
Meanwhile, think of buying into a token like buying into stocks: you’re investing money into the company and project in hopes that it will become successful. The tokens bought could either be a Utility Token (where you trade the coin for products and services within a specific platform) or a Securities Token (most typically, a token that represents shares in a company).
For more information about coins versus tokens, this Medium post outlines things in a simple and concise way.
Page 8 of the white paper calls the LaVida Coin a utility token, and intended to eventually be used in all three projects as a means for buying and selling. Despite this, there are very little details on token economics and how both these functions will be merged.
3. No Mention of a Legal Entity
As a general protip, any aspiring crypto-investor looking into ICOs should steer clear of white papers that do not mention the legal entity (for Malaysian companies, look for the Sdn. Bhd.s or Ltd.s).
Update: It’s been bought to our attention that an earlier version of the website mentions a legal entity, DSV Galaxier Ltd based in London. However, this was not reflected in the white paper released and has since been removed from the latest version of the website.
4. No Mention of the Network This Crypto Will Be On
When it comes to tokens, issuers will usually either put it on the Ethereum network, in which they’ll be subject to Ether protocols, or develop their own network.
If it will be on the Ethereum network, the white paper will mention this, and if it’s on its own network, the issuer should go into detail about what this network’s protocols are.
Neither of these details are available in LaVida Coin ‘s white paper.
5. No Team Members Listed
Besides Dato’ Vida herself, there’s absolutely no mention of the team behind the ICO, neither the organisations or individuals that will be developing any of the 3 projects listed.
Many ICOs will list the team members for discerning investors to look into the team to determine whether they have the chops to work on the task assigned to them.
6. Vague Roadmap for Project Completion
The roadmap is on the website, but not in the white paper.
Of the projects outlined, besides an estimated completion date there are very little details provided to justify the huge sums requested.
Of the three key projects outlined:
Entertainment Channel
“At this time, the entertainment platform is in the inception stage, and there is no overall strategy in place regarding the types of programming it will broadcast, and the exact viewer demographics it will target. These tasks will be completed during the initial development stage once development funding has been secured.”
Muslim Community Complex
LaVida Coin has aspirations towards building a community complex of the likes that hasn’t been seen in Malaysia before, where the LaVida Coin can be used within it as accepted currency, and probably the lowest-priority project of the three listed.
Besides the fact that there will be a mosque at the centre of it all, it will be auctioned of upon completion and that it is a “one-stop shop, a place to meet and gather within a Muslim community”, there is very little information about what is supposedly a massive $400 million endeavour.
There are some voices in the industry that have expressed concern that the team is using religion as a marketing gimmick to target the Muslim-majority population in Malaysia.
However, it is worth noting that this type of project is not off-brand for Dato’ Vida, who has dabbled in mosque-based projects before.
Payment Gateway
According to the white paper, the payment gateway is intended to compete with the likes of Paypal, Skrill, Alipay, and Neteller, in which the LaVida Coin can be used with “authorized independent merchants and vendors who accept LaVida Coin “, or the issuer itself.
Generally, payment gateways for fiat and cryptocurrency are separated, because while they are intended for the same purposes, have very different underlying technologies behind them.
If the LaVida Coin is intended as a utility token, there is no mention of whether it will be used as its own currency in-platform, in exchange for Dato’ Vida’s products, discounts, or any other functions.
7. Guaranteed Returns?

While many ICOs will project for the success of their ICO, quotes on Utusan Malaysia seemingly record Dato’ Vida guaranteeing it. This is often a cause for alarm.
Loosely translated from Malay, Dato’ Vida was reported as saying buy now, because the token is cheap and you can sell it back by Christmas since the price of this cryptocurrency (described as mata wang) is expected to soar at that time.
As we have said before, anyone guaranteeing returns for any investments is a huge cryptocurrency no-no, because the scene is volatile and nascent for such statements.
You don’t even have to take this from just us. A screenshot depicting David Low, Luno Malaysia’s country manager, has been circulating the internet with the following to say:

The project lacks too much crucial information.
It’s possible that deficiencies come from a lack of experience in producing a white paper, but what becomes clear from our dive is that even if this project is produced with the best of intentions, it is too unfocused and too vague to be a good investment.
With a timeline and deliverables that will shift and change based on how much money they end up raising, we feel like the whole three-layer project lacks conviction from the team, as they seem unsure of whether they can achieve their goals. Separately, all three projects linked seem to be in very early stages not fit for fundraising yet.
This vagueness can’t be good for the final value of the LaVida Coin.
We wouldn’t be kicking up a fuss if this is just another crowdfunding project, but by branding this project as a cryptocurrency and seemingly promising returns for investors, we’re worried that this project would tarnish Malaysian ICOs and devalue other projects if it does end up falling through.
Perhaps sharing in our concerns, the Securities Commission has announced that they’re reviewing the LaVida Coin  for possible securities-law breach.
Featured Image Credit: Linda Alatiff on Facebook.

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Lending

90% of Affordable Home Loans Are Rejected, So Here’s How Loanplus Aims to Help

									by Fintech News Malaysia
September 4, 2018
0 comments

There’s a housing crisis in Malaysia, and as of recent years has only grown worse. A contentious study released by Bank Negara Malaysia revealed that from 2016 to early 2017, only 24% of new property launches were in the range of approximately RM250k, which indicates an undersupply of affordable homes.
Yet, there are still too many affordable homes that remain empty despite the high demand. Malaysia had plans to help fix the issue by selling 606,000 affordable homes by 2020, but it’s been three years into the project, and only 33% of the intended number of homes were sold.
Existing red tape and bureaucratic backlogs have further diminished what is already a limited number of affordable homes available to Malaysians, and this is partly due to the balloting process, which randomly selects an applicant who is given the opportunity to buy a house.

To keep affordable homes affordable, balloting is a necessary evil that prevents a property’s price from hiking up due to bidding wars.
So this fintech company hopes that its data processing abilities can help streamline this process.
Loanplus’ Solution is Infiltrating the Current Balloting Process
Image Credit: Loanplus
Currently, Loanplus is holding discussions with key players in the Government Affordable Housing, and may lead to their services to be incorported by affordable home providers such as Pr1ma and SPNB.
According to Loanplus, the inefficiencies of government-sanctioned affordable home programmes lies in their balloting process, which they described as “done randomly without any pre-qualification of buyers”.
The random process leads to a 90% affordable home loan rejection rate from the banks.
Loanplus’ solution is to pre-qualify applicants, and provide government agencies with streamlined data, along with recommendations of groups that have the best chance of getting loan approvals. It is these groups who are added into the ballot pool.
Applicants who are selected from the random balloting process are then given a list of loans from 15 Malaysian banks that best match their earning capabilities, and in fact Loanplus claims that going through their process will quicken the approval process.
Those rejected will also be given suggestions on how to improve their loan scores for future applications.
The move into public sector marks an expansion of Loanplus’ existing offerings, which offers loan checking and screening solutions for property developers and vehicle sellers, as well as end-to-end loan application services. Some of its existing clients include private property developers like Paramount, IJM Land, Huayang, Leadmont and Mitraland.
Fintech and Housing
The potential fintech has to improve the housing industry is not a new topic of discussion. The current inefficient and cumbersome process of home buying and selling is rife for disruption. For example, some parties have suggested the incorporation of blockchain technology into a buyer’s permanent record, which removes the need for audits or approvals.
More to the point though, there have been calls to increase transparency in the housing sector, specifically for the public to be able to access crucial information like how interest rates are calculated, black marks in one’s financial track record that leads to loan rejections, and even bidding wars on homes.
A more transparent bidding process where everyone is able to view the current prices offered could help reduce the overall price of property by removing much of the guesswork out of bidding, and could lead to a reduced reliance on affordable property in the long-term.
It seems like Loanplus has stepped into some fertile ground for fintech, but it will remain to be seen if the company is able to capitalise on the opportunities laid out before them.
Featured Image Credit: Loanplus

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Blockchain/Bitcoin

LaVida Coin Ordered to Cease Activities by Securities Commission

									by Fintech News Malaysia
September 5, 2018
0 comments

The Securities Commission Malaysia (SC) has issued a notice for Dato’ Vida’s LaVida Coin to cease all promotional activities with immediate effect. This news follows the regulator’s previous announcement that it was reviewing LaVida Coin for possible breach of securities law.
In a move to warn the general public on investing in unauthorised operators, the regulator has also added DSV Crypto Club, LUX Galaxies and VI Profit Galaxy to the SC’s Investor alert list, citing that they were found to be promoting LaVida Coin. Similarly Bank Negara Malaysia has also the same companies in its consumer watchlist.
The ICO has initially planned to raise RM 1.5 billion, which it plans to spend on the following three areas; an entrepreneur-focused online entertainment channel ($1 billion), development of a LavidaPay payment gateway ($100 million), construction of a mosque, described as non-profit ($400 million).

On top of warnings from the regulators, the Fintech News Malaysia team has also looked into the project and observed several red flags that the public should be aware of.
Image Credit: Rakyat Post

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Insurtech

PolicyStreet Buddies Up With MDEC to Curate Affordable Insurance for Freelancers

									by Fintech News Malaysia
September 12, 2018
1 comment

KK Fund recipient PolicyStreet announced that they have signed a Memorandum of Understanding (MoU) with MDEC in a bid to provide affordable and customisable insurance to gig workers, like freelancers and those who make their living on the sharing economy–ride-sharing drivers or those who cook or clean via an app.
This extension of their services may be seen as a natural course for PolicyStreet, an online insurance provider that aims to provide more affordable insurance plans to better insurance-educated Malaysians, primarily by cutting out the insurance agent middleman.
PolicyStreet told Fintech News Malaysia that the insurance plans will be made available to MDEC’s freelancer community and open sharing economy players under the government-linked organisation’s Sharing Economy Division, which in turn grants PolicyStreet an insider bridge to the community.

Malaysia has been no stranger to the rise of freelancers and those who make their own hours by being a part of the sharing economy thanks to digitalisation of jobs. 16% of Malaysians were reported to be self-employed in 2016, and the number continues to increase rapidly.
PolicyStreet is probably one of the first few players in Malaysia to provide freelancer-specific insurance coverage, and if they are able to keep their insurance affordable, could be a game changer for the average joe looking for a living in the sharing economy.
PolicyStreet will be following in precedent set in countries with a more mature freelance economy, and while there are no specifics yet, it is possible that their freelancer-specific plans will involve the staples, like health, dental and auto insurance, along with more industry-specific plans like Indemnity Insurance and Liability Insurance for freelancers.
It is also worth noting that in a bid to strengthen their fintech play, Grab has collaborated with Chubb, a property and casualty insurance company, to offer insurance for Grab’s drivers.
Yen Ming
Lee Yen Ming, CEO of PolicyStreet said:
“We are excited and honoured to partner with MDEC as we champion and advance inclusive finance in Malaysia. We want to get more Malaysians adequately protected and aim to provide insurance solutions for open sharing economy players in areas such as logistics, e-commerce, supply chain, transportation, travel, home, and life.”
The MoU was announced at the Sharing Economy Conference 2018 held in Penang, with an exchange ceremony witnessed by Yang Amat Berhormat Tuan Chow Kon Yeow, Chief Minister of Penang, Tuan Eddin Syazlee Shith, Deputy Minister of Communications & Multimedia Malaysia, and Dato’ Ng Wan Peng, Chief Operating Officer of MDEC.
Featured Image Credit: PolicyStreet

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Banking
Digital Transformation

Maybank Launched 3 New Features To Help its 10 Million Users Plan Their Budgets

									by Vincent Fong
September 13, 2018
1 comment

Maybank announced the launch of their new digital financial planning tool on it’s online banking website, Maybank2u. The new tool is geared at helping their customers plan their savings, monitor their insurance and keep updated on their financial situation.
Commenting on the new features, Dato’ John Chong, Group CEO, Community Financial Services Maybank, said “The introduction of the new features are a natural extension of our commitment in creating services that put our customers’ needs first. It is an ambitious but simple objective of wanting to create the most user-centric and friendly financial platform for our customers.”
The financial planning tools include a Goal Savings Plan, Spending Tracker and an Insurance Dashboard.

Breaking Down the 3 Features
Goals Savings Plan

The Goal Savings Plan feature allows customers to segment their money into ‘goals’ without having to create separate accounts. Customers can create up to five goals and set a fixed monthly contribution which will then debited based on the time frame set by the customer.
Customers can at any time top up their Goal Savings Plan should they wish to fast track the goal achievement or save more than the desired amount
Dato’ John Chong, Group CEO Maybank told Fintech News Malaysia that they’ve seen over 4,500 goals created with RM 31.5 milllion to be saved  since the pilot launch
Spending Tracker

The Spending Tracker feature allows customers to track spending from their debit and credit card. Customers are able to understand their expenses based on their card spending. This feature will allow them to have an overview on where they spent the most, helping them to manage and control their expenditure.
Insurance Dashboard

The Insurance Dashboard allows customers to view their purchased Etiqa Takaful Life and General Insurance policies in a single dashboard. This gives them an overview of their protection plans. They can also purchase Insurance and investment plans from Etiqa via their Maybank2u account.
Our Take
With over 40% Malaysians not planning ahead for their finances, digital finance management tools like the ones introduced by Maybank can prove to be quite useful.
The ability to auto-debit into your goals will help users to more regularly put aside money for whatever their goals are, however we feel the spend tracker should be also made available on their mobile app to give users the ability to view their finances real-time more conveniently.
The insurance dashboard could also be made even more useful if customers are able to view policies that they have purchased from other insurance companies rather just Etiqa, though from a business viewpoint one can see why Maybank would use this as another channel to cross-sell their insurance products.
For long time users of Maybank2u, you might be aware that this is not the first time that Maybank took a stab of digital financial management, in 2012 Maybank launched M2U planner with Perfectsen.
It might be interesting for our readers to note that CIMB has launched and enhanced their own digital financial management tool, CIMB EVA , not too long ago.

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E-Wallets
Payments

Users Can Finally Pay Tolls with the TNG E-Wallet, but It’s Not Available to Everyone Yet

									by Vincent Fong
September 14, 2018

In Malaysia’s crowded e-wallet space, it is becoming increasingly difficult to carve a niche with each player pursuing similar strategies of giving cash backs and merchant discounts.
Among Malaysia’s over 30 players, Touch ‘n Go has an upper hand that it has yet to tap into, until recently; when Touch ‘n Go unveiled its pilot program to enable selected users to pay using their TNG e-wallet when paired with its RFID system.
Syahrunizam Samsudin, CEO, Touch ‘n Go explained during the company’s press conference that this new feature is part of Touch ‘n Go’s data play. By pairing the RFID with the user’s e-wallet, it allows the company to identify user patterns and provide them a richer set of data.

This data can then be shared with local authorities for the purposes of traffic planning and management. He further explained to Fintech News Malaysia that Touch ‘n Go has no plans to monetise this data.
How it Works

The RFID system is basically a sticker which will be fitted onto a pilot tester’s car windshield or headlamp. Once installed the overhead scanner reads the radio frequency from the sticker and the toll charges will be deducted from the user’s TNG e-wallet. The installation can be done at any of their 5 fitment centres.
Unlike the the previous update where transactions will only be reflected within 42 hours, the RFID version enables users to track their transaction real-time. They have also included a nifty security feature, when a tag is removed from it automatically becomes void.
Much like the Smart Tag system, if you do not have enough funds in your wallet, the toll barrier will not open, which could lead to a congestion if the company does not tweak this system when it is fully rolled out.
The top up method remains the same where users can opt to pay via FPX (bank transfers), credit/debit card, or using a top-up pin which are sold in outlets like 7- Eleven.
Criticism of the System
While this new update is definitely a step forward in the right direction, it has unsurprisingly drawn some criticism from netizens. Though it does not fall fully under the jurisdiction of Touch n’ Go some users lamented that the company should just replicate Singapore’s ERP system

While others have raised concerns about having the RFID sticker installed on their headlamps

Several of their pilot testers have also raised issues about the sensitivity of the the sensor, commenting that it does not accurately detect the RFID signal.

When similar questions were raised during the press conference, Syahrunizam commented since they are providing the RFID as a service rather than selling the devices they are not beholden to it and as they progress on this journey improvements will be made along the way.
When reached to comment on the pricing model, he added that since they are still in a pilot phase it is difficult for them to comment on the pricing model at this juncture.

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Banking
Digital Transformation
Regtech/Regulation

Why BNM’s Open API Initiative Could Bring Malaysia’s Fintech into a New Era

									by Vincent Fong
September 19, 2018
4 comments

Bank Negara Malaysia just released a proposed guideline for Open APIs in Malaysia, and is currently seeking feedback from the public. This follows Bank Negara Malaysia’s announcement earlier this year that it would be setting up an implementation group in the first quarter of 2018.
Bank Negara Malaysia’s Direction with Open APIs

There are three areas of focus for Open APIs in the financial services space in Malaysia namely; Motor Insurance/Takaful, Credit Card and SME financing (specifications can be found on their GitHub page).

The central bank’s key goals in this initiative are to improve SME’s access to financial products, push for liberalisation of motor insurance and takaful products, equalising the playing field for fintech companies and lastly, to use technology as a leverage for the distribution and consumption of financial products.
The document indicates that once this becomes policy, banks have a choice on whether to opt-in instead of a mandatory participation—though that may be subject to change down the line.
Why Open Banking is a Game Changer
Many would mark the start of the open banking revolution to UK’s Open Banking Work Group. The EU then followed with their PSD2 regulation where 9 of UK’s biggest banks have already participated in the Open Banking practice.
The deployment of Open Banking, in essence, breaks the bank’s monopoly on customer data and passes the power back to the consumer to decide who should have access to their data and what services can be provided based on the data.
Open API Models
Here are several scenarios of how it could play out in real life—budgeting apps will no longer require users to manually key in their transactions if they are able to tap into your bank’s APIs and automatically populate the app with the user’s transactions.
Services like Maybank’s spending tracker and CIMB Bank’s EVA could also, in theory, provide consumers with a single view of all the finances with other banks and streamline their spending data into one platform.
While Open Banking is definitely a boon for consumers, some quarters have raised concerns about banks turning into “dumb pipes”. Others have viewed it as an opportunity for both fintech players and banks to come up with innovation never before possible.
Either way, with impending new policy, banks in Malaysia need to do some serious soul-searching to see where they should position themselves in this Open Banking world.

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Blockchain/Bitcoin

7 Cool Blockchain Projects Made Right Here in Malaysia

									by Fintech News Malaysia
September 25, 2018
0 comments

Besides ‘big data’ and ‘artificial intelligence’, the trendy buzzword in tech now is also blockchain, which the collective industry has finally realised can do more than just back cryptocurrency coins.
And it is always interesting to see blockchain applications that are unique to a particular region.
Based on the types of projects we found, there is an interesting correlation between Islam and Malaysia’s unique blockchain projects. Malaysia has always been one of the spearheaders of Islamic anything, from setting the standard to the international halal industry to pushing Islamic finance.

In particular, there has been vast interest from locals in utilising blockchain to streamline the process of helping the needy, like with alms and even refugee citizenship, though the last does not quite fall under the purvey of ‘Islamic’.
Malaysia does not have a reputation for blockchain within the global sphere, but what we may lack in advancement, we seem to be making up for in uniqueness—in particular, Islamic blockchain.
1. Syariah-Compliant Blockchain
Image Credit: About Islam
A Malaysian government committee has just partnered up with South Korean blockchain lab IncuBlock to work on developing blockchain permissible under Syariah Law.
A memorandum of understanding has been signed between both parties to develop a platform for decentralised applications that would both meet what the team characterises as social requirements, while still being permissible under the Syariah Commission.
Similarly to the development of Islamic finance in  Malaysia, upon the project’s public launch it will be interesting to observe if this blockchain will manage to gain traction outside of the usual Islamic finance circles, and what exactly a Syariah-compliant blockchain would entail.
2. NEM Blockchain Centre
Image Credit: Marketing Interactive
NEM is primarily known as an altcoin, like Ethereum or Dogecoin, but more than that it is also currently a huge advocate of blockchain development in  Malaysia.
This is notable in the Malaysian context because NEM’s headquarters and biggest office in the ASEAN region is housed in Malaysia. The NEM Blockchain centre in part, invites software developers, business users,  startups,exchanges and the Blockchain community to test and develop use cases for the NEM Blockchain.
Often, those interested in working on blockchain will park their technology onto the Ethereum network, or develop their own. NEM’s presence in Southeast Asia allows programmers to develop their project within  NEM’s network instead which is less cluttered by international projects, at least  for now.
3. Giving Identity to Rohingya Refugees Across The Globe
Image Credit: WikipediaCommons
Developed right here in Malaysia with a Rohingya as one of the founding members, a blockchain project aims to provide the Rohingya diaspora all over the world fleeing ethnic cleansing with a digital, immutable identity via blockchain.
There are 3.5 million Rohingya people who are currently stateless, particularly a Muslim ethnic minority who aren’t given citizenship or human rights.
Monickered the Rohingya Project, this blockchain project is a grassroots initiative that aims to fix the issues that come with statelessness for the diaspora scattered across the globe and those those who are home, but are not given citizenship rights.  The project would hopefully allow for financial inclusion, and enable the populace to participate in the digital economy, allowing them opportunities for employment, entrepreneurship or skills training.
As of December last year, the project was going to start with the registration of 1,000 undocumented Rohingyas worldwide.
4. Improving The Transparency of The Zakat Process
Image Credit: abiummi
The collection and distribution of zakat (alms-giving) funds in most countries fall under the purview of religious authorities, but a key issue that arises is its inefficiency, and the lack of transparency in everything from how the funds are collected to its distribution.
The levels of bureaucracy and lack of information on those who are most suited to benefit from zakat contributions and repeated recipients who become reliant on the contributions are some key factors that are in need of disrupting.
Therefore, Dr. Ziyaad Mohamed, an associate dean of executing education and e-learning at the International Centre for Education in Islamic Finance (INCEIF) have created an app for Islamic social financing utilising blockchain.
Developed in collaboration with Dublin-based fintech company Aidatech, the app allows zakat payers to choose the religious denomination they follow (Shafie, Maliki, Hambali or Hanafi), and also choose which projects they’d like their funds to help like water irrigation, sanitation, poverty or education.
Contributors will even receive a notification when their money has been used for their chosen project, which the developers included to facilitate transparency.
The team will be launching their proof of concept in the UK first before looking at a more global release.
5.  Making Sure Luxury Products Sold are Genuine
Image Credit: LuxTag
One only needs to take a quick jaunt into Chow Kit Road to see how widespread the issue of counterfeiting branded luxury goods are in Malaysia. Besides just bags and watches, even flagship smartphones can be replaced with a fake before it reaches the hands of the consumer.
This is what LuxTag aims to solve, by creating a blockchain that keeps an immutable ledger of real luxury products that are registered in its system.
As it happens, LuxTag runs on the NEM blockchain.
LuxTag approaches the supply chain at the manufacturer level, where each product is certified on the NEM blockchain and more easily verified by the consumers before purchase.
6.  Securities Commission Can Keep Tabs on OTC Market Via Blockchain

A Securities Commission pilot project looks at utilising the Malaysian company Neuroware’s Cortex technology, a blockchain agnostic service that is able to work across different hosts of distributed ledger technologies without being tied to a specific ledger, will be utilised for the over-the-counter (OTC) markets.
OTC usually refers to companies that do not meet the listing requirements set by the Securities Commission, or also known as unlisted stocks and traditionally traded by brokers.
The regulator’s goal is for all transactions and market activities to be recorded and made available to all market participants, while transaction confidentiality is maintained.

7.  Monetary Incentives for Companies that are Energy-Efficient

Bankrolled by 1337 Ventures, BESC run by EPC Blockchain is a new startup that aims to encourage the masses to mitigate climate change by allowing crowdfunding for energy-saving projects collectively, while on the corporate side, give monetary incentives for small and large corporations to reduce energy consumption.
The blockchain allows its corporate customers to track their energy consumption, and based on those figures, monetise on their carbon emission savings by turning it into carbon credits. The platform aggregates small projects to sell them collectively on the international market, allowing for even small projects to be bankrolled f0r their efforts into reducing carbon emissions.

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E-Wallets
Payments

Bursa Listed PUC Unveils Presto Wallet – Will it Survive Malaysia’s Crowded Market?

									by Vincent Fong
September 24, 2018
1 comment

In a market where there is a lingering fatigue of new e-wallet releases, the ACE Market-listed company, PUC Berhad officially unveils their e-wallet — Presto Wallet.
On top of the standard cashless payment options for online and offline retailers, one of the functions that was highlighted Presto Wallet is the ability to perform mobile reloads and bill payments to utility companies –Though it is largely considered quite a standard feature that most wallets have.
Like most other wallets, the Presto wallet also enables its users to perform peer-to-peer transactions i.e sending money to their friends and family.

Within it’s app, Presto Wallet also features deals that reminiscent of the Groupon days, the function is not too dissimilar to features offered by the likes of Boost, Fave (who’s technically not an e-wallet), and kiple.
The user interface for the deals however, looks like it could use some fine-tuning compared to some of its competitors in the market.

Side to side comparison

Presto Wallet also said in a press release that they will soon integrated onto 11street, an online marketplace with more than 13 million product listings from 45,000 sellers. Though it may be worth noting this collaboration is not unique as 11street already has an existing partnership with Boost that is already directly integrated into its app.
While I’ll be the first to welcome more competition to the market, I feel like new players who are joining the game later needs to bring some new to the table in order to be competitive. However, to be fair many of these earlier players have also went through many iterations before becoming the slightly more refined version that it is today.
All in all, Presto Wallet is not a terrible e-wallet, as far as e-wallets go, they do have all the standard features. Having said that, it’ll be tough for Presto wallet to survive this competitive market if it doesn’t innovate fast.
Featured Image Credit: Presto Facebook

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Banking
Payments

OCBC Cardholders Lacking Impulse Control Can Now Limit Purchases At Specific Merchants

									by Fintech News Malaysia
September 28, 2018
1 comment

Individuals with an OCBC credit card and a lack of impulse control have become the bank’s latest market in their newly minted offering. Through a collaboration with Silicon Valley company Ondot, OCBC Bank is allowing its customers the ability to control their payment cards and preferences through a mobile app.
Ondot is an API-based platform that allows users to exert control over their cards via a mobile app. According to the company, the architecture has been utilised by 3,500 financial institutions across the globe. The company’s services are more consumer-based, and can be done in real-time over their mobile phones.
Ondot expanded its mobile card services into Asia just earlier this year.

Some Mobile Functions Available to OCBC Bank Customers
The no-frills mobile layout enables cardholders to determine when, where and how their cards are used by setting their preferences in five sub-headers:

Location, or where their cards can be used
Merchant type, where users enable or disable specific merchants or categories.
Transaction type, which allows users to define the types of transactions that are allowed, and encompasses the e-commerce or mail order purchases as well
Spending limits, which for most banks is not available via mobile
On/Off, which allows users to temporarily enable or disable cards that may be misplaced or to prevent misuse

According to an OCBC representative, the services are particularly geared towards reducing card fraud, by allowing users to limit locations and transactions to their actual usage.
Beyond just limiting transactions, the new expansion also allows cardholders to set alerts as well for any card transactions that set of specific triggers. The OCBC representative continues to say that the notifications are actionable before the transaction is completed—a safeguard familiar to those who use CRIS or OTP codes.
However, we definitely see the new mobile app as a tool for those who may want to set real limits to their monthly budgets, or even cardholders that allow their plastic to be used by their spouses or children.
The collaboration was driven by OCBC’s Open Vault, the bank’s fintech unit that aims to restructure through collaborations with more agile fintech firms. Earlier this year, the bank teamed up with Fundaztic, a peer-to-peer funding platform for SME funding.
Featured image via OCBC

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E-Wallets
Payments

CIMB Introduces QR Terminal — 6 Major Wallets Accepted

									by Fintech News Malaysia
October 3, 2018
1 comment

CIMB Bank has introduced Quick Response (QR) Payment Acceptance at CIMB terminals. The bank claims to be first in-market to introduce QR payment acceptance to accept six major mobile wallets on one terminal.
The six mobile wallet partners to be accepted on CIMB terminal are Alipay, Touch & Go Digital, Boost, KiplePay, Mcash, and Vcash.
These six mobile wallets have a combined estimated customer base of about 4.5 million in Malaysia and 520 million registered mainland Chinese users.

With the trend of mobile payments, this alternative payment acceptance provides the convenience to merchants and customers who do not want to worry about acceptance of many different mobile wallet QR codes.
This integration is likely to be enabled in part by the Bank Negara Malaysia’s ICTF which outlines the framework for mobile wallets to be interoperable.
Samir Gupta, CEO, Group Consumer Banking, CIMB Group, said, “
CIMB has always placed customers and Merchants at the heart of its digital innovation. QR Payment Acceptance at CIMB terminals not only fulfills our customers and merchants’ needs by accepting six major mobile wallets, but also helps develop the cashless payment ecosystem in Malaysia, in support of Bank Negara’s vision to promote a cashless society.

CIMB worked with GHL Systems Bhd, a major payments player in Malaysia and ASEAN, to introduce the CIMB’s multi-QR terminal acceptance points for both merchants and customers’ convenience.
CEO of GHL Group, Danny Leong said,

“We are delighted to enable CIMB merchants to process multiple QR codes via GHL’s unique single payment facility/gateway. Our multi-channel model is not just convenient but also cost-saving to CIMB’s merchants as multiple QR settlements are streamlined into a single payments provider.”

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E-Wallets
Payments

Grab and Fave Teams up To Tackle The Malaysian and Singaporean Market

									by Fintech News Malaysia
October 4, 2018
1 comment

Grab and Fave announced a strategic partnership for both parties to grow the respective platforms across the region. The partnership is aimed at capitalising on Grab’s user base of over 110 million downloads and Fave’s strong merchant network of over 5,000 acceptance points.
Starting this week, Fave’s merchant sales team, will onboard merchants for GrabFood and GrabPay in Singapore and Malaysia. This will further accelerate the growth of respectively the fastest growing food delivery and mobile wallet services in these countries.
Later in October, Fave will expand its platform with GrabPay mobile wallet. Aside from credit card or debit card, Fave customers will be able to spend their GrabPay balance at thousands of restaurants & retailers in the Fave network, and also on the deals available on Fave.

The integration of the GrabPay wallet was done through GrabPlatform, a suite of APIs that enables partners to access components of Grab’s technology like logistics and payments. This is the first of its kind integration in a partner app for the Grab Platform and underlines the appeal of Grab’s user base and Southeast Asia’s largest distribution channels.
The two partners are exploring additional ways to collaborate and help small & medium-sized enterprises grow their business. Further collaborative efforts will be focused on integrating more services on both platforms, including FaveDeals, Fave’s deals, and cashback platform, GrabPay’s QR code payments service and GrabRewards’ loyalty programme.
Rueben Lai, Managing Director of Grab Financial also stated that the will soon increase the number of integrations to GrabPlatform, which will allow more partners to tap into Grab’s ecosystem.

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Blockchain/Bitcoin

MyEG Hops on The Blockchain Bandwagon With Payroll System —Is There a Good Reason?

									by Vincent Fong
October 8, 2018
1 comment

MyEG recently unveiled their PayMe, a blockchain-based payroll management software. Most of us know MyEG for enabling citizens to pay the Malaysian government online for services like road-tax renewal, zakat and many more.
While some blockchain enthusiasts will celebrate the fact that there more blockchain use cases in Malaysia beyond ICOs. There are also some in the community wonder if MyEG new system is rooted in genuine use cases or is this a gimmick for the company to remain relevant.
What Does MyEG’s PayMe Aim To Solve?
According to MyEG, PayMe is intended to help large companies with many employees to better manage their complex compensation structures and to minimise dispute.

They also stated that the blockchain architecture is ideally suited to address inefficiencies in payroll management due to its immutable nature which translates to transparency for both the employee and employer.
Do You Need Blockchain to Solve it?

Image Credit: Bart Suichies
There are many resources out there that serves as a useful guide to review the practicality of a deploying blockchain into your project. One that resonates best with me is Suichie’s model. In this article I think it would be useful to look at it through the lense of this chart.

I’ll admit my first impression is that MyEG’s initiative was a bid to remain relevant but after some inspection it certainly ticks all the boxes if you were to refer to Suichie’s model.
This solution is obviously an overkill for small to medium firms, since a traditional HR payroll system like MYOB or even Kakitangan would be more than sufficient to do the job.
However if you are a large firm with dynamic compensation structures like commissions, overidding commissions, overtime, claims, freelancers, contract staff and you multiple that by the thousands of employee that you have across countries — that’s when some of the complexity can kick in.
From my personal experience of doing part-time gigs in my younger days in the construction sector, you can see how this could be applied in the industry. Typically migrant workers are paid in cash and workhours are recorded manually by an on-site supervisor.
This method leaves the power-dynamic purely in the hands of the on-site supervisor and leaves the migrant workers vunerable when it comes dispute relating to compensation. Additionally, this also leaves room for the supervisor to game the system and keep the payments to the migrant workers to himself or herself.
While the use of blockchain is justified, the jury is still out on whether MyEG’s PayMe will significantly improve transparency and efficiency, since they are still currently in their pilot phase and details like which blockchain it’ll built own still remains unknown.

Image Credit: Edited from Freepik

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E-Wallets
Payments

How Malaysia Measures Up To Southeast Asia’s Payments Landscape

									by Fintech News Malaysia
October 9, 2018
1 comment

According to SKMM, Malaysia’s smartphone penetration grew from 68.7% in 2016 to 75.9% in 2017, and by all measures, will most likely show an upwards trend this year too.
This puts our smartphone penetration at a slightly higher value than the Southeast Asian average, and perhaps why China’s e-wallets have their eyes on us for expansion. We are, for now, the only nation in the world that is able to use WeChat pay in our local denomination.
The environment is also fertile ground for payments in Malaysia to flourish, a renaissance of the e-commerce boom circa 2015 that led to the rise of payments fintech.

Malaysia’s payments scene hosts notable names such as Soft Space, which we have identified as one of Malaysia’s top funded fintech firms thanks to its Japanese expansion.
Image Credit Soft Space
Other notable internet payment enablers that have been eking out a large portion of Malaysian business include iPay88, MOLPay, eGHL, with others like billplz also carving out their own niches.
Living in an ecosystem with a famously disjointed and messy parking system has also given rise to parking-related payments companies, such as JomParking—allowing Malaysians to pay via mobile phone instead of having to contend with token machines or noisy parking ticket machines.
But one cannot talk about the resurgence of the payments scene without also discussing the rise of e-wallets in this region, in a bid to emulate that worked in China and seemingly the next step in our e-payments evolution.
There’s lots of potential in our market for sure, but we don’t foresee any giants rising from this to see success outside of Malaysia, because:
Still Working on That E-Wallet Convergence
So far, we have not produced unicorn wallets yet ala GrabPay that has made its way here from Singapore, or even Go-Jek’s Go-Pay. Both of these unicorns didn’t start out in payments, but their status certainly helped grow and expand their offerings.
We talked about it before, but it is still a question worth asking: are there too many e-wallets in Malaysia? Opinions are still mixed, with some concerned about user fatigue while others argue that competition breeds excellence.
From the Malaysian Fintech Report 2018
The field does seem promising. RM6.5 trillion was transacted through online banking, leaps and bounds over the billions in credit or debit card. This was part of the reason behind MOLPay’s and iPay88’s success, as making online purchases directly through their bank accounts seem more convenient.
In sheer value, debit and credit card transactions still overtake e-money transactions, yet in transaction volumes, e-wallets have overtaken card payments. This showcases some success in Malaysian e-wallet’s vision of enabling smaller transactions, as usually cards are imposed a minimum spending limit (illegally).
My personal observation so far is that many of the e-wallets in Malaysia are just doing what worked elsewhere, and offer nothing unique to cater to the Malaysian people. That being said, for what they are, some wallets certainly feel refined, and strategic partnerships do lead to heightened interest.
At this juncture, there are a few e-wallets that have begun to turn the tide in the coliseum and make a name for themselves, but it’s hard to say if any show signs of leading the curve.
In this, we are pretty much in the same boat with many other nations in Southeast Asia.

In all likeliness, considering the high penetration of e-wallets across neighbouring countries, whatever giant that rises in our region will probably stay within Malaysia.
Users in Singapore are long used to digital payment methods like PayPal, Visa Checkout, MasterPass, Apple Pay, Samsung Pay, and etc, but they and other Southeast Asian nations are no less inundated with large swaths of local players.
With the exception of Singapore, many Southeast Asian countries saw a sudden surge in e-wallets sometime in 2018.
It’s said that Philippines and Thailand have adapted well to the use of e-wallets, more than us, perhaps in no small part owing to a heightened need for financial access from low banked populations.
Payments and e-wallet players in Phillippines.
Meanwhile in Malaysia, e-wallets seem like an added hassle. Many of us already savvy to cashless prefer bank-affiliated cards, which already provides discounts or cashbacks. That’s at least 74% of Malaysians. This leaves wallets to target more cash-dominated areas, like hawker stalls, bazaars, or less developed areas with low card payment options.
While mobile phone penetration is high, only 28.4% of Malaysians have made purchases through a mobile phone.
From the Malaysia Fintech Report 2018
We’re similar to Singapore in this regard, it citizens primarily using the NETS network that facilitates debit and credit card. In fact, Fintech News feels like Malaysia and Singapore are on a similar payments trajectory, only at different stages.
That’s not all we have in common.
Most Governments in Southeast Asia Have The Same Idea
Malaysia and other Southeast Asian governments are permissive or even encouraging of this e-wallet battleground, and growing internet infrastructure has been helping with adoption.
Many wallets eye a promising future ecosystem and hope that similar to China or Kenya, would eventually coalesce into convergence and the rise of a few dominant players.
In the meantime though, all of these wallets will have to absorb high prices in encouraging adoption, and cutting through the trust issues Southeast Asians have about mobile wallets.
Many Southeast Asian countries are united in firstly, encouraging interoperability between banks, and secondly evening out the battleground between financial institutions and new local players.
And Their Strategies Mimic Each Other
Tan Nyat Chuan from BNM explaining ICTF.
The Monetary Authority of Singapore has the Singapore Quick Response Code (SGQR), a single QR code network that should be compatible with 27 e-payment providers in hopes of simplifying an increasingly messy landscape.
They’ve also been working on an interbank payment gateway, allowing both financial institutions and fintech firms quicker access to the nation’s Fast and Secure Transfers (FAST) system.
Malaysia combines both of these functions into its  Interoperable Credit Transfer Framework (ICTF) framework—planning to issue their own universal QR code (though it has been said that the ICTF won’t compel Malaysia’s wallets to be on the system, only make it available as an option). Its goal, in parts, is to put local e-wallets and banks on a more equal ground through encouraging interoperability.
One of its measures is the Real-Time Retail Payment Platform, with the long-term plan of linking one’s monetary account with unique identifiers like mobile numbers and IC numbers for payments.
The Indonesian central bank has its National Payment Gateway (NPG). The first phase last December was focused on building interbank infrastructure to reduce the cost of interbank transactions, and also reduce toll payments for road users.
The second phase, yet to be deployed, would facilitate lenders to cut cross-bank transaction costs by streamlining the process out of its inefficient bureaucratic layers. As an aside, this could boost Indonesia’s increasingly valuable P2P lending scene.
Phillippines’ InstaPay was built by the Banko Sentral Ng Pilipinas (BSP) in April to create smooth interoperability between different banks, though it may still require more banks on board to see a lot of value.
Many of these measures, while similar, are conducted in their own country silos.
This is in contrast with the Bank of Thailand and Cambodia, that have joined forces to roll out a joint QR code payment system by 2019. The Bank of Thailand has also initiated a cross-border fund transfer in collaboration with Cambodia, Laos, Myanmar, and Vietnam, which hopes to reduce the costs for migrant workers to transfer funds between regions.
Focus on interoperability has forced existing financial institutions to expand or upgrade their payments systems as well, so many of them that were already doing so gained an advantage in that regard.
Conclusion
Malaysia, more recently Vietnam, and many other Southeast Asian nations can track the rise of digital payment fintech through the rise of e-commerce. Companies like MOLPay and iPay88 made their marks here specifically through increased digital payments for online shopping or food deliveries like foodpanda.
Now, similar payments companies could also see continued business through the plethora of e-wallets available, by facilitating online banking transfers from bank accounts into e-wallet accounts.
We think that Malaysia’s e-wallets still has a long way before it hits its peak, and Southeast Asia’s overall faith in the growth of e-wallets lends well to this conclusion.
The question is: will e-wallets here dethrone plain old plastic, or will they be players at equal footing?
With most of us on a similar trajectory, could we look forward to collaborations between central banks to grow their cashless societies, ala Thailand and Cambodia? Or would the collaborations veer towards inter-company collaborations?
Many observers predict coalescence and dominance of a few e-wallets in each country, which would be a fair assessment based on precedent. But with a whole region heading towards the same direction, there is a possibility that companies will coalesce across country borders as well. As it is, we don’t see Malaysia forming an e-wallet giant on its own, but it could still very well play a part in forming an inter-SEA e-wallet giant.
And that would be an interesting combo-breaker.
Featured image via vCash

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Payments

BREAKING: Soft Space Co-Founder Leaves To Pursue Other Ventures

									by Fintech News Malaysia
October 10, 2018
2 comments

It’s official, Chang Chew Soon, co-founder and Group CEO will be stepping down from Soft Space effective 13th November 2018. He will also relinquish his role as director, though remain in the company as a shareholder.
The Soft Space board of directors have decided that there will be no replacement for the recently vacated spot.
In a press release, Soft Space attempts to assuage concerns by stating that day-to-day operations will not be impacted. Joel Tay, CEO of Soft Space and Chris Leong, CEO of Fasspay (a subsidiary of Soft Space) with continue to assume their leadership position in both companies, and have assumed day-to-day operations for the past 18 months.

The pair is said to be actively engaged in business decisions for new opportunities in the region.
Under Chang Chew Soon’s leadership and helping hand, Soft Space rose to become one of Malaysia’s highest funded fintech firms through its payment platform and service that allows merchants to accept card payments in a wide variety of situations.
Chang Chew Soon
“Although I leave with a heavy heart, I’m also convinced that Soft Space is in good hands because my co-founders have been with me from the very beginning and are more than capable of taking the company to new heights,” said Chew Soon.

“I am proud of the progress the whole team has made. I’d like to take this opportunity to thank the Board of Directors, my co-founders, and all Soft Space staff for having stuck on with us, some of them from the very beginning. All of you are an inspiration to me and I am grateful to have had this experience, and I wish you all the very best ahead.”
In a joint statement, Joel and Chris commented that:
“Mr. Chang has always been an innovator, a disruptor at heart, and he has now come to a decision that it’s time for him to venture into something else. While we value Mr. Chang as a co-founder of Soft Space, he has decided to move on and in the spirit of entrepreneurship, we understand and respect his decision to do so.”

“As a co-founder and still a shareholder of Soft Space, he is still committed to making sure the company continues to succeed even if he’s no longer with us.”
Featured Image via a Wobb interview

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Crowdfunding

P2P Lending Player Fundaztic to Raise RM3 Million Through pitchIN

									by Fintech News Malaysia
October 11, 2018
0 comments

Fundaztic announced that they will be raising RM 3 Million via equity crowdfunding platform, pitchIN — which is the maximum sum permitted by Securities Commissions Malaysia to be raised on an equity crowdfunding platform.
This is perhaps the first time in the region that a P2P lending player will be raising funds through a crowdfunding platform. The campaign will go live on pitchIN on 17th October 2018.
Why is a P2P Platform raising funds on an ECF platform?
Kristine Ng, CEO, Fundaztic, expressed that while they could have easily secured funding through VCs and PEs, they have instead opted for ECF to allow their customers to also be shareholders to enable them share Fundaztic’s growth journey.

Fundaztic also believes that by involving customers in their journey will convert them into brand advocates and drive the P2P platform to new heights.
This move also signals that players within the alternative funding ecosystem are confident enough in the system to also raise funds through the same methods they’ve been preaching.
Both parties share the sentiment that by having a P2P lending platform raise funds on an ECF platform, awareness in the market will be heightened.
It will also provide opportunity for both platforms to expand their user base, as investors who are keen on this note will need be registered on both Fundaztic and pitchIN
What will the funds be used for?
The P2P lending platform shared that the funds will be used to grow their staff strength in both the front office and back office in order to increase penetration in the SME markets while maintaining the quality of notes raised.
Fundaztic also indicated that the funds will be used to develop their own secondary market to allow for investors to trade notes before its maturity to enable them to cash out earlier if needed.
Kristine also expressed their ambition to have Fundaztic to be a public listed company in the near future.

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E-Wallets
Payments

44 Banks Want to Free You From The Hassle of Memorising Account Numbers

									by Fintech News Malaysia
October 15, 2018
3 comments

Last friday, some of you may have gotten a potentially questionable text from your banks—that your phone number might be integrated with something called ‘DuitNow’, and that you’re given a specific amount of time to opt out.
Many Malaysians were rightfully concerned, as many of them have not heard anything about DuitNow apart from a text informing them that they have been included.
But DuitNow is actually an initiative by Bank Negara Malaysia (BNM), and an extension of the ICTF Framework that we keep talking about. The service was developed Paynet which is jointly owned by 11 banks, with BNM being the largest shareholder.

Rather than having to memorise bank account numbers or share unwieldy screenshots of them, the DuitNow service allows users to instead share their phone numbers to receive any payments or money transfers.
In business transactions, users would also be able to send money to business IDs.

DuitNow has confirmed that users could register multiple IDs into the system, but only one bank account can be tied to one identifying number at a time. Therefore, you could theoretically have your IC number tied to your Bank Islam account, but your mobile phone number tied to your CitiBank account.
Transfers made with DuitNow, as per BNM’s goal of encouraging cashless use amongst Malaysians, are free up to RM5,000. Sending more money than that could see a 50 cent charge each transaction, though some banks may be waiving this fee.
For now, we have received reports that Maybank and RHB Bank users are in the process of being ported into the DuitNow network. Eventually, the service would be available on internet and mobile channels of 44 banks in Malaysia, and soon expand into e-money apps as well.
Many of the most-used banks in Malaysia are adopting DuitNow.
For now, we don’t have a lot of information on how bank accounts are selected to tie with specific phone numbers, especially if one has multiple bank accounts in different banks. Our theory for now though, is that the selections are made based on your most active account in recent months.
Personally, I’ve had my Maybank account for most of my adult life, yet I received my DuitNow text from my more often used RHB Bank account, which I only obtained a couple of months prior.
In my case, I used the same number to receive texts from both my Maybank and RHB account.
DuitNow is currently being implemented in stages, so if you are a user for one of the above banks, you might see a similar text message coming into your phone sometime soon. You are also able to opt out of the service if you choose to do so.

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Blockchain/Bitcoin

MoneyMatch Completed Its First Cross-Border Blockchain Transaction with Ripple

									by Fintech News Malaysia
October 15, 2018
17 comments

Following MoneyMatch’s earlier announcement that they will be embracing Ripple’s blockchain to power their payments in April, the fintech startup has recently announced that they have successfully conducted their first ever live cross-border transaction out of Malaysia on the blockchain
According to a statement issued by MoneyMatch they have been working closely together with the Ripple engineering the past few months to be fully integrated into the RippleNet xVia platform.
In this transaction, MoneyMatch claimed to have helped a retail user convert MYR to EUR at a significantly lower cost than a bank’s traditional telegraphic transfer.

They also added that, they were able to successfully process the transaction within just several hours via the blockchain compared to the traditional SWIFT network used by the banks which would take a minimum of two days and often times longer.
With this first successful blockchain cross border transaction to Europe, MoneyMatch is gunning towards offering the best pricing and fastest speeds for international payments out to Europe.
Simultaneously they will also continue working with multiple other regulated partners in overseas jurisdictions who are also on the Ripple blockchain such as India, Thailand, USA and other such jurisdictions.
Image Credit: WatchTower and Friends
“We’re really proud to make this announcement today as we show clear evidence that a FinTech startup made wholly in Malaysia by young Malaysians is capable of integrating into the Ripple blockchain and performing a live legitimate international money transfer from Malaysia to Europe bringing blockchain innovation to the traditional Malaysian financial services industry.” said Adrian Yap, the CEO of MoneyMatch.
MoneyMatch has also successfully signed on a partnership with the Stellar blockchain as well and will be integrating with Stellar partners in the future as well as MoneyMatch evolves into a multi-blockchain enabled cross border FinTech platform.

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Payments

Soft Space Partners Up With Singaporean Fintech Firm for eKYC and Market Expansion

									by Fintech News Malaysia
October 15, 2018
0 comments

Depsite having their co-founder recently step-down, Soft Space is showing no signs of slowing down. The payments company widely regarded as one of the leading payments fintech company in Malaysia has signed a memorandum of understanding (MoU) with Jewel Paymentech, a financial risk technology company.
This partnership is aimed at combining the technological strengths of both companies through the use of open application programming interfaces (APIs).
Soft Space plans to capitalise on Jewel Paymentech’s suite of financial risk solutions for third-party acquiring services, which includes its merchant electronic “Know-Your-Customer” (eKYC) and on-boarding platform as well as its fraud protection technology.

The collaboration will allow Soft Space to conduct merchant due diligence thoroughly and manage end-to-end transaction fraud risk effectively through the use of predictive analytics. This tie-up is expected to enhance Soft Space’s solution capabilities to better serve its customers
Earlier this year, Jewel Paymentech forged a capital alliance with Japan’s largest payment processor, GMO Payment Gateway, that enables them to make their entry into the Japanese market.
Soft Space, on the other hand, has gone through a series of investments from two different Japanese conglomerates; transcosmos inc. and Sumitomo Mitsui Card Company, and with this collaboration, they plan to work together to venture into the Japanese market hand-in-hand to boost their company’s portfolio and business opportunities.
Soft Space plans to venture into Singapore’s dense fintech space with Jewel Paymentech’s support, given their local established presence in the country, which is often hailed as the fintech hub in Southeast Asia

Joel Tay, Chief Executive Officer of Soft Space said, “The strategic alliance with Jewel Paymentech is a perfect match to complement Soft Space’s technical expertise and it will enable us to provide cutting-edge, next-generation payment platforms for all transacting electronically.”
Joel has also hinted at rolling out a new payment method which they claim will be first in the world with Jewel Paymentech by year-end.

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Lending

Funding Societies: New Expansion Could Help SMEs With Their Cashflow Woes

									by Fintech News Malaysia
October 18, 2018
1 comment

Funding Societies has announced that they will be launching financial services to complement their usual P2P funding platform—this time targeted at solving cashflow issues inundating SMEs.
When conducting regular business, SMEs may face issues collecting invoices, especially when dealing with large corporates as the paperwork and bureaucracy involved in the process of releasing payment could take some time—sometimes months.
Bigger companies may have the floating funds needed to keep them going through that entire process, but SMEs may lack that same runway.

Funding Societies’ Solution, in Essence, is an SME Loan
So Funding Societies’ solution is to provide up to 80% of the owed funds to SMEs within 5 days of their request, and a 1% interest rate per month.
They require no collateral, and offer a term range of 30 to 120 days—which fits nicely into the average 94.1 days it takes for regular Malaysian businesses to pay its dues.
Funding Societies’ Invoice Financing would not be the first mover into this segment, with other players like CapitalBay already eking out their own clientele in the SME market. Nevertheless, the scene for this type of service would not be considered ‘crowded’, and more players servicing a similar segment could be a boon for SMEs in Malaysia
According to the Malaysian SME Association, surveys revealed that 73% of SME respondents have taken late payments due to established business culture. The average credit term that SMEs offer is 47.3 days and on average with payment being delayed further by 46.8 days.
Since SMECorp Malaysia identified that 98.5% of businesses established here in 2016 are SMEs, this could mark a significant issue for the national economy.
Funding Societies’ usual operations involve peer-to-peer financing, where creditworthy SMEs are put on a marketplace that helps them connect with individual or institutional investors, which widens their net in acquiring crucial and relatively quick investments. The crowdfunding element of the website also allows for smaller injections from individual investors.
The company also operates in Singapore, and in Indonesia they are known as Modalku.
Wong Kah Meng, CEO of Funding Societies Malaysia, said:

“Compared to business term financing, SMEs opting for invoice financing will only need to make interest and principal repayments upon maturity rather than throughout the tenure of the financing. This repayment structure will enable SMEs greater flexibility in managing their monthly cash flows.”
“Cash flow management is especially important for small businesses. An SME’s growth trajectory will be dependent on its ability to finance its future customer orders. Thus far, SMEs applying for invoice financing are either wholesalers or manufacturers who utilize our funds to purchase inventory or raw material to meet additional customer orders.”
To date, it has approved more than 13,000 financing to SMEs totalling more than RM700 million across Southeast Asia. The company’s Series A and Series B Funding amounts to US$10 million and US$25 million, respectively. Its Series B Funding round was announced in April 2018 and was supported by  SoftBank, Ventures Korea and Sequoia India.

Featured image via Funding Societies

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Crowdfunding

It Only Took Fundaztic 38 Minutes to Raise RM3 Million on pitchIN

									by Fintech News Malaysia
October 24, 2018
5 comments

Peoplender, the company behind the Fundaztic P2P Financing platform, has become the fastest ever funded equity crowdfunding deal in Malaysia. The company raised RM3 million in just 38 minutes on pitchIN.
64 investors put in the maximum allowed RM3 million into Fundaztic when it went live on 17 October 2018. The deal was confirmed fully funded by pitchIN after it completed the mandatory 6 days cooling off period today.
Fundaztic CEO Kristine Ng said:

Kristine Ng
“We are overwhelmed with joy to see the love investors have shown us. When we planned this fundraising round, we felt that our Elite Club members, who are the strongest supporters of our P2P Financing deals, should be given opportunities to invest in Fundaztic.”
“The best platform to do this was through ECF and we naturally turned to pitchIN.”

Sam Shafie, pitchIN’s CEO said that:

“We knew from its strong pre-live interest that Fundaztic would be successfully funded and we were delighted to see the deal funded in just 38 minutes.”
“Fundaztic is also special to us because it is a fellow Registered Market Operator with the SC, albeit in the P2P Financing sector. This deal marks the very first time that two crowdfunding platforms that are regulated as Recognised Market Operators (RMO) by Securities Commission (SC) came together in a fundraising alliance.”
According to Sam, “This has boosted the awareness, trust and acceptance in the industry. We were very pleased that Fundaztic decision to raise a portion of its funds through ECF as it validated the power of equity crowdfunding. We thank them for choosing to raise on pitchIN.”
According to a press release, Fundaztic is pitchIN’s 22nd successful equity crowdfunding deal, and the latest addition to the equity crowdfunding platform’s 100% successful deal rate since their 2016 launch. Reportedly, pitchIn has raised over RM29 million for Malaysian companies to date.

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Payments

PayNet & Soft Space To Enable Card Payments Acceptance Using Only Smartphones

									by Vincent Fong
October 25, 2018
2 comments

Malaysians will soon be able to enjoy a new payments service that was made possible thanks to a partnership between payment company Soft Space and Malaysia’s national payments network PayNet.
Dubbed as Fasstap, businesses will be able to use any Android-based smartphones with NFC technology to accept and process MyDebit payments — which is available on all Malaysian debit cards.
Making card acceptance more accessible to small businesses

Still at its pilot phase, the new payments service can potentially make accepting card payments much more accessible to the likes hawkers, pasar malam traders and other small businesses.
In order to accept card payments businesses typically have to pay up to RM 1,000 and that’s excluding the fixed cost associated with the POS terminal. By using Fasstap, the such costs will largely disappear since their smartphone could double up to receive card payments.
The sign-up process is comparatively simpler compared to the traditional route, in order to start accepting card payments through Fasstap, business owners with existing merchant IDs just need to download the app via Google Playstore and within a few taps start accepting payment.
Compared to Soft Space’s earlier mobile payment iteration which requires businesses to plug in a dongle to accept card payments, this new service requires no additional hardware to get it up and running.
For now, this service is only available to debit cards and acceptance for credit cards will be made available after the pilot. Joel Tay, CEO Soft Space expressed that it is crucial that they use this period to better understand merchant behaviour prior to a wider roll-out.
What this service could mean to Malaysians
Where most fintech companies are going the e-wallet route, Soft Space and Paynet’s initiative is more targeted towards a large user base of debit cards holders who are already comfortable with this method of payment.
If Fasstap sees widespread adoption, restaurant owners could equip their waiters with the app and diners might not need to walk to the counter and wait a long time for the waiter to bring the POS device to make a payment anymore.
When engaging in contractors services, homeowners could also easily pay them using their cards instead of having to go through the hassle of either paying by cash or online banking.
This new payments service paired with Paynet’s recent Duitnow and an ongoing push for e-wallets provides Malaysians with more options of cashless payments and perhaps could be the tipping point that Malaysia needs in order to transition into a cashless economy.
Peter Schiesser, CEO, Paynet, who was also present during the launch event, expressed much optimism for a cashless Malaysia to be possible with Fasstap’s low-barrier to entry and MyDebit’s lower average MDR cost of 0.56% compared to the average 1.33% for credit cards.
Soft Space’s Future Ambitions

Joel Tay told Fintech News Malaysia that they are also aiming to launch this service in other regions as well. They have their eyes set on Japan where they can leverage off their existing relationship with Sumitomo Mitsui Card Company to introduce this to Japanese consumers.
Currently, Soft Space is targeting to have this service available in Japan during the Tokyo Olympics which is happening in 2020.

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Banking
Digital Transformation

Ambank’s New Fintech Playbook Involves a Chatbot and Robo-Advisors

									by Vincent Fong
October 29, 2018
1 comment

Since the wave of fintech disruption arrived on the shores of Malaysia several years back, many 1st-tier banks have each responded with their own strategies.
Ambank was the only tier-1 bank that has not clearly spelled out their game plan, beyond their Group CEO, Datuk Sulaiman’s statement that they are ready to embrace fintech earlier this year.
That has all changed today as Ambank unveiled their chatbot AMY and their intentions to launch a robo-advisory service by early 2019.

What is AMY and what purpose does it serve?
AMY essentially is an acronym for AmBank Malaysia, currently at its first iteration AMY will be primarily focused on assisting customers on credit card services.
According to Jade Lee Managing Director, Retail Banking, Ambank, AMY was designed based on the most frequent credit card related queries received on their call centre.
The chatbot’s current version will be able to assist customers to activate a new card, reset forgotten pin, arrange a temporary or permanent credit card limit increase, block a lost card and guide customers to apply a credit card that is most suited to their needs.

While Ambank is not the first bank to release a consumer facing chatbot, their COO, Iswaaran Suppiah stressed Ambank’s iteration is focused on services that are not already available via existing digital channels.
He shared that for example if a customer were to lose a credit card, he or she would have to go through the tedious process of calling the bank to cancel the card and schedule for a time to visit a bank branch to get the card replaced.
Echoing his view, Jade also expressed having the option of increasing transaction limits through the chatbot is also far more seamless than going through traditional channels.
During their press conference, Ambank also revealed that they have plans to incorporate NLP (Natural Language Processing) and machine learning into AMY in the near future and expand its functionalities beyond the credit card portfolio.
Ambank’s Upcoming Robo-Advisor and Other Future Plans

In recognising the inevitable arrival of robo-advisors in Malaysia Ambank’s Group CEO, Datuk Sulaiman has also hinted at rolling out robo-advisor in early 2019.
He expressed that the robo-advisory service will be leveraging existing data that they have to recommend investments based on their risk-profiling — which could provide them an upper hand over the other robo-advisors attempting to enter the Malaysian market, who will have to start from scratch.
Ambank also hinted at a service called “People Like Me” which will recommend investment portfolios to users based on the demographic that they are in.
Riding on the success of their new AmOnline launch with has seen their transactions multiply by 100 times, the bank also shared that they will be looking at rolling out new features and services every 3 months.

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Blockchain/Bitcoin

Taylor’s University to Create Blockchain Syllabus in Partnership with NEM

									by Fintech News Malaysia
October 30, 2018
0 comments

Taylor’s University recently announced that they will be including blockchain in its syllabus thanks to a partnership between them and NEM.
The scope of the partnership will see NEM assisting the university in the creation of a blockchain syllabus in its Taylor’s University School of Computing and IT (SOCIT).
According to NEM, by providing industry expertise and feedback they will be able to help Taylor’s University further enhance and facilitate the creation of the syllabus.

Both parties will also be working together to create the “Taylor’s University Blockchain Lab”, where all blockchain related projects will be conducted. Students involved with the Blockchain lab will be given training by the NEM to further equip them with knowledge in blockchain and NEM’s technology.
This is perhaps the first instance we’ve observed in Malaysia where a private higher learning institution  is partnering with a major industry player to introduce blockchain into its learning, which is a good first step to address the blockchain talent gap faced by Malaysia.

“We see this signing with Taylor’s University as an important step in the adoption of blockchain by future generations and we look forward to extending our reach to the regional education scene with similar partnerships in the future.” said Lance Cheang, NEM Southeast Asia Project Director

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WealthTech

StashAway is The First Robo-Advisor The SC Has Approved for The Malaysian Market

									by Fintech News Malaysia
November 1, 2018
3 comments

Singaporean company StashAway has arrived in Malaysia, bringing their artificial intelligence-enabled investing platform here.
Basically, instead of having to pay high fees to get a human portfolio manager to plan your next investments, StashAway leaves the brunt of this work to data-driven AI, which allows them to offer these services for relatively lower costs to the general public.
Perhaps coincidentally, Ambank announced that they’ll be offering robo-advisors in 2019.

It is often said that robo-advisors could serve as a doorway for the average person to join the seemingly complicated investment world. The technology is able to reduce the costs of human labour while still offering personalised portfolios, and can usually be accessed as long as one has an internet connection and cash to spare.
StashAway claims that they can offer their platform with no minimum balance, no sales charge, flexible deposits and withdrawals, and annual management fees between 0.2%–0.8%.
Image Credit: StashAway
Currently, the platform is being rolled out to the approximately 5,000 people who signed up for the waitlist, with the company gearing up for public access by early November.
The platform will be available at their website, or on Google Play and the App Store.
StashAway’s brand of robo-advisor is named ERAA (Economic Regime-based Asset Allocation), and the company claims that ERAA combines a detailed risk management strategy with macroeconomic data-driven asset allocation strategy.
The company claims that the ERAA is desgined to navigate the ups and downs of economic cycles.
StashAway Malaysia Country Manager, Wong Wai Ken said:

“We’ve seen what’s been happening in the investment space in countries around the world, and by now, we expect these low-cost, convenient, transparent, and sophisticated investment options to be available to us.”
“Over-priced, inconvenient and one-size-fits-all Unit Trusts and Investment Linked Policies don’t cut it anymore. Malaysia’s population is growing and life expectancy is increasing; we need investment solutions that enable us to manage our growing wealth better.”

Co-founder and Group CEO, Michele Ferrario said:

“When you think about how 43% of gross financial assets in Malaysia are in bank deposits, it’s clear that current investment options aren’t doing their jobs of enabling Malaysians to build their long-term wealth through intelligent investing. This huge amount of wealth sitting in cash proves that the financial services industry has failed thus far to equip Malaysians with the right investment tools.”
StashAway’s entry into Malaysia is the fruition of Securities Commission’s regulatory framework for robo-advisors, the Digital Investment Framework Management. The introduction of this framework is one arm of the Securities Commission’s goal of democratizing access of investment products to the general public.
According to Tan Sri Ranjit Singh, the authority was looking into issuing licenses sometime mid-2018.
What this tells us is that StashAway won’t be the only players in the market offering artificial intelligence-enabled investing, and we may see this space heating up very soon.
Featured Image via StashAway

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Blockchain/Bitcoin

Budget 2019: Securities Commission Malaysia to Regulate ICOs in 2019

									by Fintech News Malaysia
November 2, 2018
6 comments

During the Budget 2019 speech, YB Lim Guan Eng, Finance Minister, stated that Securities Commission Malaysia will be coming up with a regulatory framework for cryptocurrencies, though not much details beyond the fact that it will be gazetted in 2019.
Seeking clarification we reached out to Securities Commission Malaysia to get further details on the matter.
In statement issued to Fintech News Malaysia, Securities Commission Malaysia confirms that they are indeed developing a regulatory framework for both ICOs and digital asset exchanges which will come into effect in the 1st quarter of 2019.

The statement also indicates that the regulator also acknowledges ICOs as one the methods to broaden retail participation and could potentially stimulate more innovative market-based financing options.
However the regulator also emphasized that one of the key goals of the framework is ensure a fair and orderly development for this nascent market.
This is a step in the right direction for Malaysia as many within the industry feel there is a lack of clarity when it comes to ICOs in Malaysia, with most statements coming for the regulators taking a caveat emptor stance.
Currently the only regulatory framework for cryptocurrencies in Malaysia are centered around anti-money laundering and counter financing of terrorism.
The Fintech News Malaysia team will be updating on our readers on the ICO and digital assets framework once more details are made available to us.

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Lending
Malaysia

FundMyHome is Fine, It’s Just Mismarketed

									by Fintech News Malaysia
November 7, 2018
3 comments

Of all of Budget 2019’s announcements, its peer-to-peer homeownership section has been the product of biggest contention. The FundMyHome scheme, which came surprisingly quickly following the budget’s announcement seems to be a very specific and very convenient extension of the budget announcement—raising the hackles and suspicion.
Concerned netizens have pointed out that FundMyHome has similar language to that of Budget 2019’s homeownership proposal, but it’s important to clarify that they may end up completely different altogether.
For one thing, Putrajaya’s approach is to issue a framework, which will only be launched in 2019, following discussions with the National House Buyers Association (HBA) before implementation. The HBA previously expressed concern that the proposed peer-to-peer programme could promote speculation and debts on property, which could balloon property prices and potentially lead to a property bubble.

The Securities Commission also released a statement regarding Budget 2019’s P2P crowdfunding, stating that all platforms operators are required to registered with the regulator under the Guidelines Recognised Markets (RMO Guidelines). It is expected to come into effect first quarter of 2019.
This means that Budget 2019’s homeownership crowdfunding scheme could end up looking different compared to FundMyHome’s current iteration, based on these discussions.
What is FundMyHome Even About?
The customer-journey on the website, which does explicitly encourage the possibility of selling the home (Image Credit: FundMyHome)
The scheme owned by EdgeProp is said to allow Malaysians to own property at just 20% of its price, while the rest of the property is owned by investors, who could be private banks or corporations.
You’ve paid 20% of the home, but you’ll also only own 20% of the house that you’ve purchased. Those familiar with Islamic financing mortgages will see some similarities here.
The scheme will put your 20% into a trust account that will be used to pay off the annual 5% investment return to the investors for five years.
During those five years, you’ll be able to live in the house without the need for rentals or repayments. After five years, you’ll have the option of either divesting your share of the home, or getting a mortgage to own the rest of it.
But here are some things to note:

If you choose to go the mortgage route in 5 years, the prices are based on the current value of the house. If it has appreciated, you’ll be looking at paying much higher for the 80% of the house you don’t yet own, at least according to the below figure provided by FundMyHome in their FAQ.

Similarly, if you choose to divest, it will be at the price of the property at the time. So if the property has appreciated, you’ll have made a profit on the home but if it has depreiated, you will have made a loss. The same risk is borne by your investor.

FundMyHome’s example of how the mortgage will work.
So here’s why we think the scheme is mismarketed:
Seems More Viable as an Investment Scheme Rather Than a Homeownership Path
During FundMyHome’s Launch (Image Credit: FundMyHome)
If someone already has 20% in-hand to pay for a house, then they’re probably better off just getting a conventional loan to own a house. After all, the biggest barrier to homeownership in Malaysia isn’t usually the monthly payments, but the initial lump sum required for the deal to get signed.
But if you view FundMyHome as an investment scheme, you’ll come out after 5 years with more money if the property appreciates, and can then choose what to do with your extra money, even if it means investing it back into the house for a full mortgage. Meanwhile, you’ll have free reign to do to the house as you so wish—even rent it out to earn a little extra cash along the way.
If you’re a property investor and currently have enough cash in the bank for one house, you can utilise FundMyHome to instead diversify that same asset into 5 different homes and slightly mitigate some risk (as long as FundMyHome doesn’t have a quota on the number of houses you can purchase).
Or if you’re someone who wouldn’t otherwise be able to participate in property investing, FundMyHome basically enables you to make profits or losses with a smaller fee, and only within 5 years.
The FundMyHome website even seems to encourage this purpose, with a calculator that allows you to predict your potential gains.
You’re able to input the property price, and percentage of potential property appreciation.
In fact, more of the top FAQ questions seem to be geared towards exiting rather than converting it into a mortgage:
Image Credit: FundMyHome
So if you’re buying a house to live in, the only real benefit we see is if you want to live in your own home (technically) 5 years earlier than you’d think you’ll be able to afford to.
Therefore, if you view it as just another avenue for investment: it’s fine. We can’t say that it’s great or bad, especially given that FundMyHome doesn’t have a track record yet, but as far as investments go, it’s almost laughably mundane, and in fact, we’d even question the P2P branding.
The concern here is that is that FundMyHome is presented like a viable option for users to own a home. In fact, some netizens expressed concern that the scheme is selling the illusion of homeownership to those who may not be able to afford it.
So Why Was It Marketed like a Homeownership Scheme?

Perhaps it is a more consumer-friendly way to get the point of the scheme across, and to address some pain points that have been raptly discussed over the years by many working-class young adults. Perhaps, the marketing also boils down to the feel-good factor as well. Allowing those who wouldn’t otherwise access homeownership like the B40 (Bottom 40% in the Malaysian income groups) a chance is a nice narrative to propagate.
But when all is said and done, is that really the case?
Here’s the tea: with the existence of the scheme, HBA is rightly concerned that it will only increase the instances of property speculation. Too much speculation, especially if there are more investors jonesing for property rather than potential homeowners in a market, and property prices will shoot up and cause a bubble.
This effect can somewhat be mitigated if FundMyHome only allows one home per individual, or if it has other ground rules and background checks to mitigate such effects.
But even when the programme is under the best stewardship to mitigate speculation, we too, raise our concerns regarding the type of individuals the scheme is courting, and what implicit promises are being made to them that they might not be ready for.

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WealthTech

StockBit Aims to Level the Investment Playing Field with Their Social Fintech App

									by Fintech News Malaysia
November 8, 2018
0 comments

The information gap between financial investors in the capital market can create an unfair game of lottery for those who are not privy to organised and reliable data.
Comprehensive financial access and tools can be expensive, financial data disorganised and information obtained from public figures questionable.
Enter Stockbit, a fintech startup hailing from Indonesia, it recently launched their services in Malaysia to connect stock investors in a more reliable manner, while providing access to timely and transparent financial information via a one stop social networking platform.

A Service Designed for First-Time and Veteran Investors
In 2017, Malaysia saw its capital market grow 12.6% to RM3.2 trillion with strong growth across all segments. Larger numbers of younger investors are now entering the market, with Bursa Malaysia revealing a 36% jump in the number of Central Depository System (CDS) account holders aged 25 years and below.
A younger population of stock investors, coupled with an increased global dependence on smartphones has inspired the founders of Stockbit to design its interface and layout to have similar designs and features to popular social media technologies such as Twitter and Instagram.
One such feature is the stream function, where daily news and announcements from official sources, posts and comments from fellow users will be shown on a user’s feed.

Users can also benefit from free analytical tools, covering both fundamental and technical analysis.

With the recent large jump in younger investors in mind, the timely expansion of Stockbit to Malaysia will hopefully reap the same success as it did in its home country, Indonesia. To date, the total number of users on the platform has grown to over 70% of the daily active retail investors in the Indonesian Stock Exchange (“IDX”).
Complete, Transparent and Timely
Stockbit Malaysia extracts stock related news and announcements directly from Bursa and various media sources in Malaysia. Company price, financial and fundamental data in Stockbit are all powered by Morningstar, a leading investment management firm from North America.
Users are able to access this relevant information in a timely manner.
Push notifications on related news and events will ensure no important piece of information is missed, something that is vital for an investor’s success. In a nutshell, users now have the opportunity to access a complete array of information in the palm of their hands!

Future Plans
Stockbit Malaysia told Fintech News Malaysia that they are constantly on the lookout for potential collaborations – with universities, investor relations or brokers – and also on ways to continuously improve.
At this juncture, Stockbit Malaysia already has many unique features such as price alert, price target and seasonality. More features such as the ‘stock screener’ is in the pipeline, where investors will be able to filter stocks based on the criteria they set and can even choose to follow famed investors like Warren Buffet, Peter Lynch or Joel Greenblatt.
With its ease of use and features, the social network technology of Stockbit can help the most novice to the savviest of investors in their investment journey and decision making.
Stockbit Malaysia is optimistic that this innovation will contribute as a catalyst to support the government as well as Bursa’s program which aims to increase retail investor participation in capital markets to 25% , so that they in turn can push for sustainable economic development in Malaysia.

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