Payments
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Innovative Technology Remedies Almost 100% Of Payment Pain Points in APAC

									by Eli Shoshani, Head of APAC – Bottomline Technologies
January 31, 2023
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The Asia-Pacific region, with 13 countries that process US$17.8 billion in digital payments per year, tends to invite issues as big as the region itself.
As we kick-start 2023, banks and financial institutions (FIs) in the region will be pleased to know that technology is addressing the region’s top-tier payments issues – and not a minute too soon.
That’s just one of the takeaways from Bottomline’s recently released report, “The Future of Competitive Advantage in Banking & Payments”.
The report and APAC’s major issues intersect at many points, most notably for real-time domestic and cross-border payments.

When asked what the top priorities were in the next 12 months, 55% of banks and FIs said adopting new payment rails, such as real-time payments, 53% answered mitigating payment fraud, and 42% said updating cross-border payment rails.
My main takeaways are that it is very dramatic to see that adoption of new payment rails, such as real-time payments, has increased by 15% since 2021.
Therefore, the business case for real-time is no longer in doubt, whereas previously, banks were concerned about having enough volume and value to justify the spend on implementation.
However, the bad news is that in a separate question in the report, 31% said legacy infrastructure was their institution’s most significant barrier to the adoption of real-time payments, and 19% indicated it was the cost and hassle of implementing a new payment rail.
The second-place positioning of mitigating fraud is expected in the context of faster payments – faster fraud which impacts both domestic and cross-border transactions now that real-time payments have become the new norm.
There is no doubt that fraudsters will look to take advantage of this, especially when a new real-time payment scheme appears.
Criminal organisations that use well-developed mule networks are all too ready to take advantage of the speed of real-time payments by moving the money frequently to avoid tracking.
It is also not a surprise to see updating cross-border payment rails feature prominently, especially in APAC, with the aforementioned 13 countries that process US$17.8 billion in digital payments per year.

However, herein lies the issue: 35% cite lack of visibility on payment status as the greatest pain point when sending cross-border business payments, with 23% calling out the slow or unknown speed of arrival and 6% poor quality or loss of data – that equals 64% of pain points.
The other percentages add up to 22%, saying the costs of maintaining so many Nostro accounts is the greatest pain point when sending cross-border payments, with trapped liquidity scoring 13%.
So how do you address these concerns?
Hail the almighty ISO 20022 Native opportunity

I can’t stress enough the importance of transitioning to ISO 20022 Native in helping to solve all the key problems highlighted above.
For real-time payments, 37% of respondents said that ISO 20022 would reduce transaction costs.
Secondly, for cross-border payments, the 35% who called out the lack of visibility on payment status, 23% said the slow or unknown speed of arrival, and 6% mentioned poor quality or loss of data can find a solution by having ISO 20022 at the front and centre of their processes to provide transparency and interoperability.
After all, all global real-time system rails such as Singapore FAST and solutions, such as SWIFT gpi, now use ISO 20022.
ISO 20022 makes a significant difference in the fight against financial crime by being able to enrich data, and the ability to structure that data better and contribute to a better quality of data compared to legacy formats.
From a payment fraud point of view, structured data and standardised messages make it easier to ‘mine’ that data and then provide better fraud detection and prevention analytics with less false positives.
The quality of data and how banks leverage the insights of that data make the difference between improving the customer experience and stopping payment fraud.
Lastly, 56% said the improved data from ISO 20022 would improve fraud monitoring and management, and 53% said it allows them to better utilise data analytics to improve compliance with payment standards.
Without the correct data, we have a lot of empty boxes within the ISO format. By partnering with fintechs, banks can send, receive, and screen the new enriched messages.
But on the core system, until that migration has taken place, we will still have the good old empty box, which is, unfortunately, light on information and will continue to pose challenges for better straight-through processing (STP) rates and effective sanction screening.
SaaS to the rescue

The answer to the inefficiencies and limitations experienced by being stuck with legacy systems for real-time payments is transitioning to a SaaS-enabled platform.
Here it is important to note that legacy infrastructure is not limited to payment systems because to enable real-time domestic and cross-border payments as a bank, these organisations need to also take into account real-time limit checks, real-time sanctions, real-time booking, and so on.
All of these processes will be enhanced via the implementation of ISO Native across the organisation’s whole ecosystem. One can’t just focus on the payment system; one needs to think about end-to-end secondary infrastructure processes too.
Whilst one might think that setting aside extra spending to ‘rip and replace’ your core infrastructure would cause more issues on top of the cost and hassle of implementing real-time rails, the reality is different.
The long-term costs for using the cloud-based versus legacy on-premise are far lower, and companies can also scale the transition by using minimal viable requirements.
Additionally, using standardised APIs allows for better interoperability and speed to market.
Also, it inspires confidence that the organisation’s capabilities will evolve according to market expectations and the demands of their internal strategy regarding appropriate investment, product development, and the generation of new revenue streams.
Lastly, banks and FIs will reap the rewards of a constantly evolving platform optimised by best practices and driven by the collaboration and innovation of vendors and market players – in other words, a best-in-class platform.
Get onboard with multilateral platforms

The tools to help solve pain points in cross-border payments, such as the costs of maintaining so many Nostro accounts and trapped liquidity, can be solved by leveraging multilateral platforms such as Visa B2B Connect.
Here’s an example of how it has worked for the Cambodian bank Sathapana. In order to facilitate its cross-border payment growth in the region, Sathapana investigated new payment rails that would address the very issues called out in the competitive banking report.
It partnered with Visa B2B Connect via the Bottomline Gateway to differentiate itself in the market by offering a multilateral payment platform that co-exists with SWIFT, central bank infrastructures, and non-bank solutions such as Western Union, so it could have more control and visibility over its cross-border transactions.
That multilateral platform also removes the need for Nostro accounts that turn a cross-border payment into a slow and clunky process.
Sathapana’s effort belies the future of cross-border payments, which I believe is in the co-existence of new, innovative channels.
There are a number of complementary, strategic options to choose from that – add true flexibility according to the size, priority, frequency, and geography of a cross-border transaction, including, but not uniquely – Singapore Fast and the Hong Kong Monetary Authority’s Faster Payments System (central infrastructure-based), non-bank solutions (e.g., Western Union) and multilateral payment platforms (e.g., Visa B2B Connect).
Those solutions, were specifically referenced by US Federal Reserve chairman Jerome Powell, who said recently:
“One of the keys to moving forward will be both improving the existing system where we can, whilst also evaluating the potential of and the best uses for emerging technologies.”
And to bring us full circle, multilateral platforms cannot exist with legacy-based architecture (they will need to be SaaS-based), and they need the structured and enriched data of ISO 20022 to allow frictionless intelligent routing.
Read the report and take the real-time benchmarking survey to ensure your financial institution is on track to maximise the changes impacting the payments ecosystem and accelerate your digital payments transformation strategy today.

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Lending
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10 Fintechs That Are Transforming SME Lending

									by Fintech News Malaysia
February 2, 2023
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Small and medium enterprises (SMEs) are innovative, agile and drive competition. However, they’re often shuffled to the back of the line when it comes to accessing credit.
Lending to SMEs can be risky and time-consuming. Traditional financial institutions often require paperwork-heavy application processes and may find it difficult to execute credit risk decisioning without human intervention.
Forty-four percent of SMEs need funding immediately to meet operating expenses, and 56% look to credit to grow their business.
But when accessing credit quickly can mean the difference between a business flourishing or floundering, what are the options?
Increasingly, disruptive lenders, including fintechs and neobanks, are ensuring that SMEs can access credit when they need it.
These 10 global innovators are up for the challenge of credit risk decisioning for SMEs.
OakNorth

UK-based fintech OakNorth delivers instant credit analysis and real-time portfolio insights focused on transforming commercial lending. The co-founders of OakNorth were repeatedly rejected for SME loans themselves, prompting their creation of a robust, sustainable bank and software that enables others to lend to previously underserved SMEs.
NeoGrowth

NeoGrowth Credit is a tech-enabled business that offers unsecured loans to small retailers in India. Combining traditional and alternate data for more accurate credit scoring, NeoGrowth also offers dynamic repayment terms and automated collections processes to help identify the most creditworthy customers. Their mission is to help small business owners drive growth that matches their ambitions.
Kabbage

Selected for the 2019 Forbes Fintech 50 startups list, Kabbage (now owned by American Express) provides SMEs with credit by evaluating business-focused alternative data like accounting info, online sales and shipping. With a nuanced understanding of performance, Kabbage is able to offer flexible credit options in real time.
Banco Pichincha

In 2016, Banco Pichincha – Ecuador’s largest bank – received a credit line of US$55 million from the International Finance Corporation to finance loans to women-owned SMEs. They doubled down in 2019 when they signed an alliance with the Overseas Private Investment Corporation and Wells Fargo for a combined loan of US$108 million to support loans to SMEs in the region that are owned, led by or support women.
Allica Bank

Claiming that SMEs have often been left behind by the ‘big banks,’ Allica Bank combines modern technology with local relationships to ensure SMEs have the tools and the funding they need to operate. Based in the UK, Allica Bank offers SMEs asset financing, with up to £1 million worth of flexible financing options.
Judo Bank

Australia’s only challenger bank built specifically for SME lending, Judo Bank seeks to bring back the lost art of relationships in business banking. They brand themselves as a ‘genuine alternative’ for SMEs who want quick access to not only funds, but the superior customer experience they deserve.
First Circle

Based in the Philippines, First Circle’s mission is to enable SMEs to achieve their full potential through fast and flexible financial partnership. Their customers often have no credit data or fixed collateral and as a result are excluded from the traditional banking sector. First Circle allows these SMEs to secure funding in as little as a day through an automated, digitized application process.
Lulalend

Sixty percent of South African businesses find it difficult to access the capital necessary to grow their business, due to long wait times, painful paperwork requirements and the necessity of high collateral. Lulalend uses AI to score creditworthiness instantly, ensuring small business owners are able to receive funding within 24 hours of applying.
Siembro

Argentinian Siembro uses AI to power their in-house loan algorithm, which enables instant loan approvals for the over 1.5 million small and medium farm businesses in the country who have limited access to credit. Siembro focuses on ensuring corn, wheat and soy farmers obtain the funding they need to survive.
Iwoca

A startup whose founders noticed that small businesses were shut out of access to much-needed credit, iwoca is one of the fastest-growing business lenders in Europe. With a goal of funding one million small businesses, iwoca wants to ensure that SMEs have more time running and growing their business instead of filling out endless paperwork and waiting for approvals.
Faster Loan Approvals
How can these organisations do what larger, traditional lenders can’t? They’ve embraced digital technology, data, and advanced analytics like machine learning to simplify and digitally transform the application process.
AI-powered credit decisioning provides accurate, real-time approvals, allowing SMEs to access funds quicker than ever before. With better data, the offers are more flexible and personalised to each business’s unique needs.
Now, automated data collection, risk decisioning, and pricing, accelerates approvals and ensures funding within a matter of only days – or even hours.
Learn how to build similar world-class SME lending experiences with this e-book from Provenir here.

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Insurtech

Fi Life Joins BNM Sandbox to Rollout Women-Focused Insurance

									by Fintech News Malaysia
February 8, 2023
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Malaysian insurtech startup Fi Life announced today the launch of its first self-underwritten life insurance product which claims to offer the cheapest life insurance for women, available online.
Fi Life said that any woman below the age of 55 will have access to the lowest life insurance premium in Malaysia or get the difference refunded.
The insurtech added that it is also offering the highest sum assured of RM1 million for among all life insurance policies offered online.

In addition to that, it is also the cheapest life insurance for men in their prime working ages and covers foreign professionals with work permits according to Fi Life.
Everything from the application of a policy to making claims can be done online on a web browser and there is no need to install an app.
All policies issued by Fi Life are reinsured by Hannover Re Malaysia, the local branch of the third-largest reinsurance company in the world.
Previously, Fi Life was an online distributor for other insurance companies namely AXA Affin General Insurance and Tokio Marine Life Insurance Malaysia for years.
Now that the firm has received the approval to participate in Bank Negara Malaysia’s regulatory sandbox, Fi Life is able to rollout its own insurance products online.
Malek Ali
“As one of the first movers in Malaysia’s nascent digital insurance market and the first to offer online life insurance, we have been working hard to make insurance more affordable for Malaysians.

We believe nobody should have to choose between protecting themselves and their loved ones or being uninsured due to cost. It is imperative that we make insurance easy and affordable. So it is more accessible to those that need them the most.”
said Malek Ali, Founder and CEO of Fi Life.

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Malaysia
WealthTech

What Can Entrepreneurs Learn from HelloGold’s Failed Consumer Business

									by Johanan Devanesan
February 9, 2023
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During the cryptocurrency frenzy of the mid- to late-2010s, the HelloGold gold savings app was launched in Malaysia to a curious public. Allowing savings in gold for as low as RM 1, many wondered if this alternative business model would actually empower financial inclusion for low- to medium-income users.
Officially launched in 2017, the HelloGold app outlasted many expectations and was recognised for its innovative application of blockchain, becoming the world’s first Shariah-compliant certified online digital gold platform.
But HelloGold announced late last month that it was shutting down its consumer app unit in both Malaysia and Thailand – and that users had until February 2nd to withdraw their funds.

Robin Lee, HelloGold CEO who co-founded the app in 2015 with Ridwan Abdullah, spoke with Fintech News Malaysia’s Vincent Fong on the latest episode of the Fintech Fireside Asia YouTube channel about the challenges they faced, what led to the shutdown, and what’s next for the company.
B2B2C and back again to B2B

Robin noted how the company had always intended to be a B2B2C platform, yet had to pivot to a B2C pureplay when corporate partnerships proved difficult to land. HelloGold slowly began gaining traction during the pandemic, but business “started falling off quite dramatically” as the world was coming out of lockdown.
“And so you know, much as we tried to keep it going, it just made sense to stop the B2C and pivot back to the B2B to see propositions,” he detailed. “So we’re now just focused on the corporate angle and putting all our eggs into that basket.”
Robin said consumers spent less during the lockdown months, with some of that discretionary funds being channelled into their gold. End of enforced lockdowns meant people started spending again, but now with the added issue of inflation, so goods were costing more. “They were taking money out of our gold. The positive to that was that the gold kind of did what it was supposed to do, you know? Unfortunately for us – it was our revenue, too.”
Processing payments and refunds
Since the shutdown, over RM30 million has been returned to customers, with about another RM10 million to be refunded, while around 50,000 users have yet to provide their account details to HelloGold. Robin says daily refunds processing will continue until the end of the week, before reverting to weekly processing, to be followed by monthly processing “until it goes to zero.”
Snippet of HelloGold CEO Robin Lee’s closure email to customers
Aware of the vulnerabilities of their business model and the fact that around 90% of startups fail in their first year, Robin emphasised that his partners and himself were always thinking about what to do in the event of a failure.
To avoid the startup fallacy of either listening to naysayers or believing in their own hype, Robin believes one can have backup contingencies, “from Plan A to B to Z”, but have to face reality at some point.
“But I think once you run out of ideas, and you’re kind of hoping, as opposed to planning, then I think is when you probably have to take a hard look at life,” he mused. When asked what he would do differently if he were to repeat the HelloGold app business, Robin pointed out that the benefit of hindsight is wonderful, and that they made decisions based on the available information at the time.
He laments not sticking to the B2B2C strategy and going B2C, but the company had a watershed decision to make at the time. “Either we just do nothing, and just sit there, or we go for it. And it was a call we made because, you know, we roadmap, and had a plan and milestones to achieve for our investors.”

Robin noted that funding, and therefore strategic thinking, were very different for corporations as compared to startups.
When the HelloGold platform was being developed in 2016, the innovation-driven financial services in Malaysia, including digital wallets and the ability to integrate with corporates for B2B investing, were still in their relative infancy.
Corporations likely have fallback capital, or can defer repayments – startups often don’t have those resources. Robin said HelloGold spoke to many corporates about strategic partnership and integration opportunities, but if the corporation decided not to follow through, there was not much that could be done.
“So I’m not saying that B2B2C is easy, because it has a set of challenges of which you’re getting corporates across the line, to sign a deal, and then start building the platform or integrating with you,” said Robin. “In hindsight, I guess I was naïve. I thought that if you ink the deal, everything is done. That was clearly not the case.”
Vincent highlighted the chicken and egg dilemma of corporations not being ready with their decision, and startups might consider entering the B2C sphere to generate revenue and to show potential investors that they could generate the numbers.
Would HelloGold go the ICO route again?
Robin highlighted how with traditional investing, an investor would have to know someone at a company like Alibaba in order to get in on the ground floor of pouring in funds. But with an ICO, investors big and small globally could participate in something akin to a seed round.
But the ICO’s strength of being able to raise capital quickly and with minimal interference is offset by the inherent instability of the tokenisation ecosystem. Knowing what he knows now, would Robin still raise capital through an ICO, as HelloGold did in 2017?
Robin acknowledged that in hindsight, ICO fundraising was “the Wild, Wild West” and added that he was unsure if he would repeat the decision. “At a personal level, no. As a company going out to raise money — yes. But there’s a huge — less so now, I guess, but certainly in 2018-2019 — there was a huge chat about the whole thing when we talk to partners, banks, etc … Is that happening in the space? People think twice.”
Pivoting to B2B the path to success?
One advantage for HelloGold when it comes to targeting its app and services for businesses instead of consumers, was its network of business partners it had built up. The company plans to integrate HelloGold into other platforms and whitelabel the gold savings component according to their corporate partner.
“So with a low burn and also without the need to look at the retail space and divert resources there, we can really focus on [B2B] and see where that takes us,” Robin exclaimed. “What’s interesting is that over the last week or so, since we announced the closure of the retail business, we’ve had a number of parties come to us, or partnership discussions.”
Robin compared the new B2B strategy to microprocessor makers like Intel and AMD, who work with multiple hardware partners and whose solutions are found in all sorts of electronic devices. And interestingly, partnership opportunities in this space keep presenting themselves.
“It’s interesting that, you know, new B2B business, these are coming out as a result of the closure of the retail business,” commented Robin wryly.
Snippet of HelloGold CEO Robin Lee’s closure email to customers
Vincent asked if these corporate partners had expressed apprehension about the digital gold method, to which Robin replied, “I fundamentally believe it is not difficult if you have a large installed customer base that you can tap into, and you can then acquire customers at a very low cost.”
Lessons from loss
He says that people like gold, even institutions, and would want to save in gold for its financial benefits over holding Malaysian Ringgit or equities. HelloGold has the added advantage of experience in the whole gold platform “and we continue to have a pipeline of opportunities from Malaysia, all the way to Africa.”
Robin says what remains is to activate some of these business relationships. It is in the interest of many of these institutions to leverage HelloGold’s expertise and built-out technology in the gold investment space, rather than building their own solution from scratch.
HelloGold is still focused on paying back its former retail app customers, to maintain its credibility with investors and potential business partners that this was not a ‘rug pull’. But it’s topline revenue has evaporated, and the startup was forced to restructure and slim down its team.
At the same time, Robin points out that the picture might not be as dire as it sometimes appears: the company was originally built with B2B business in mind, and that there are no operating costs presently associated with running that aspect.
Ultimately, Robin says entrepreneurs “with an itch to scratch” will still need to pursue their dream with resilience and confidence, to make it through all the highs and lows of building a business. “So you kind of need something to hold on to, and for me it was trying to do this thing and getting it out there. Do it for the right reasons.”
To check out the full interview, head on over to our Youtube page

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Payments

Joel Neoh Steps Down as Fave CEO Two Years After Pine Labs’ Acquisition

									by Fintech News Malaysia
February 14, 2023
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Payments platform Fave announced that its Founder and Chief Executive Officer Joel Neoh will leave his role by early March 2023.
Co-founder Yeoh Chen Chow will continue to lead the business together with Avantika Jain, General Manager in Singapore, Aik Kuang Heng, Fave’s newly appointed General Manager in Malaysia, alongside local leadership teams in Indonesia and India.
News of Joel’s exit comes less than a year since Fave’s acquisition by India’s Pine Labs in a deal valued at US$ 45 million (RM 185 million) was announced.

The serial entrepreneur was the Co-founder of digital media platform Says.com in 2009. The platform then merged with Catcha Media to form Rev Asia which was then acquired by Malaysia’s largest media conglomerate Media Prima.
Joel was also one of the founders of Groupon in Malaysia in 2011, where he later managed Groupon Asia Pacific’s US$2 billion business with over 2,500 employees.
He continues to remain plugged into Southeast Asia’s digital and technology ecosystem as an investor in over 25 startups, through holding mentorship and advisory roles in Endeavour Malaysia, XA Network, Sunway University, as a limited partner in 500 Southeast Asia III, Better Bite Ventures, and as an investor in Nasdaq-listed Prenetics, among others.
Joel Neoh
Joel Neoh, outgoing CEO and Founder of Fave shared,
“I have had the privilege of a lifetime to work with some of the best talents in Southeast Asia to build Fave into a household brand name – today, 1 out of every 3 Singaporeans, and millions of consumers across Malaysia, Indonesia and India use Fave on a daily basis for payments and rewards.

With the strong leadership and culture we have built, I am confident in the company’s continued growth in the years to come. As I leave Fave, I look forward to further contributing to Southeast Asia’s technology ecosystem, paying it forward by helping other fellow entrepreneurs grow in their startup journeys.”
Amrish Rau
B Amrish Rau, CEO of Pine Labs said,
“He leaves behind a tremendous legacy. Fave is an extremely strong addition to Pine Labs’ company portfolio, and we are excited about the 2023 growth trajectory as Fave is set to break new boundaries in sales volumes and explore new countries.

During the last two years Joel has become a dear friend, and I will continue to pick his brain even as he departs the company. He will always be the founder of Fave and the greatest supporter of the business in the years to come.”

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E-Wallets
Lending
Payments

Shopee Launches SLoan, A Personal Loan Service for Select Users

									by Rebecca Oi
February 15, 2023
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Shopee has broadened its range of digital financial services to incorporate a personal loan product named SLoan. While currently only accessible to a limited group of users, the service is expected to become available to more users.
Users’ credit limit will be pre-established, determined by factors such as their credit utilisation and payment history, among other considerations. It will not be possible to apply for an increase in the SLoan credit limit. However, Shopee may review users’ accounts periodically and adjust the credit limit at their discretion.

The latest SLoan service will offer loans with a repayment tenure of three, six, or twelve months, with interest rates of 18 percent per annum. Users can borrow up to RM100,000. However, for the first transaction, they need to withdraw a minimum amount of RM1,000, and any subsequent withdrawal should be in multiples of RM100.
Users must activate the SLoan service on their Shopee account to apply for the credit limit. However, the service must first be offered to them.

Shopee has introduced SLoan in several of its markets, including the Philippines, Indonesia, and Thailand, in addition to Malaysia. However, the service’s name may differ in some regions; for example, in Indonesia, it is known as SPinjam, while in Thailand, it is recognised as SEasyCash.

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Digital Transformation

Alliance Bank Malaysia Lays Out Growth Plan for the Next 4 Years

									by Fintech News Malaysia
February 16, 2023
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Alliance Bank Malaysia has announced its new strategic plan Acceler8 that will be the blueprint for the bank’s growth for the next four years until 2027.
The Acceler8 plan includes the expansion efforts into new market segments and business verticals such as the education, renewable energy and healthcare sectors to provide its customers with a more comprehensive suite of offerings .
Alliance Bank is also looking to step up its sustainability efforts as well as double down on the fast-growing Islamic finance segment.

Additionally, Alliance Bank is also eyeing the emerging affluent customer segment and is looking to expand its consumer banking business with this new demographic.
The plan also lays out Alliance’s aim for regional expansion as the bank said that it will continue building strategic partnerships to widen its product offering and distribution.
Kellee Kam
Kellee Kam, Group Chief Executive Officer at Alliance Bank Malaysia said,
“We are building upon the successes the bank has achieved so far with the strategy focused on business owners, small and medium enterprises as well as the communities they operate in and this strategy was anchored in a challenger bank mindset with a community-centric approach.

Acceler8 will guide the bank’s growth through to the financial year 2027 and focus on providing fast, convenient and personalised solutions that are relevant to customers even as their needs grow and evolve.”

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Insurtech

FWD to Snap up Majority Stake in Gibraltar BSN Life, Plans for Rebrand

									by Fintech News Malaysia
February 20, 2023
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FWD Group inks deal to snap up a majority stake in Gibraltar BSN Life in a bid to enter the Malaysian life insurance market. The transaction is expected to close in the second quarter of 2023.
Through this deal, FWD Group and other investors will together hold a 70% stake in Gibraltar BSN, which was sold by The Prudential Insurance Company of America.
Bank Simpanan Nasional (BSN) will continue to hold the remaining 30% stake ownership in Gibraltar BSN.

Once the deal has been finalised FWD said that it will partner with BSN to further develop and grow Gibraltar BSN.
Existing customers and distribution channels of Gibraltar BSN will not be affected by this investment and all existing policies will continue to be honoured. Customers will also be able to continue accessing the company’s products and services.
Additionally, existing customers and distribution channels of FWD Takaful will not be affected. FWD Group plans to rebrand the Gibraltar BSN business at a later date.
Malaysia is the fourth largest life insurance market by premium in Southeast Asia, with highly attractive macroeconomic fundamentals and favourable demographics.
FWD Group entered the Malaysian market in March 2019 to provide family takaful products, including term life, critical illness, cancer, hospital cash benefit and medical protection.
Huynh Thanh Phong
Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group said,
“We’re excited to bring our digitally-enabled products and services to more people in Malaysia.

With these strategic developments, we also substantially complete our footprint across key Southeast Asia markets in the 10th anniversary year for FWD Group.”
Binayak Dutta
Binayak Dutta, FWD Group Managing Director, Emerging Markets and Group Chief Distribution Officer said,
“Our partnership with BSN underscores our commitment to the Malaysian market and we look forward to playing our part in the growth and development of Malaysia’s takaful and insurance sectors.

Since establishment, our business in Malaysia has gone from strength to strength.”

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Insurtech

PolicyStreet Secures Australian License in Regional Expansion Push

									by Fintech News Malaysia
February 27, 2023
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Malaysian insurtech company PolicyStreet announced that it has secured the Australian Financial Services License from the Australian Securities and Investments Commission (ASIC).
The license allows PolicyStreet to offer financial product advice and services for general insurance products to Australian retail and wholesale clients.
PolicyStreet said in a statement that the new license marks a “significant milestone in the company’s regional expansion plans”.

With its expertise in personalised and technology-driven insurance solutions, PolicyStreet helps businesses customise and embed insurance as part of their offerings.
Lee Yen Ming
“PolicyStreet’s digital-first platform and data-driven approach to underwriting have won the trust of businesses and consumers in Southeast Asia, and we’re thrilled to expand our footprint in Australia and beyond.

Australia is a mature and well-regulated market, and we believe that our customer-centric approach to insurance, coupled with our digital capabilities, will resonate well with Australian customers,”
said Yen Ming, Co-founder and Chief Executive Officer of PolicyStreet.

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Crowdfunding
Funding

MyStartr Raises RM4.7 Million Ahead of Secondary Market Entry This Year

									by Fintech News Malaysia
March 7, 2023
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Malaysian equity crowdfunding (ECF) platform MyStartr has raised RM 4.7 million through a Fundnel campaign led by 431 investors to support its entry into the secondary market this year.
MyStartr has also received an additional RM931,250 from the Malaysia Co-Investment Fund (MyCIF), a government initiative to support its business growth plans for 2023.
According to a statement by MyStartr, the company is preparing for an initial public offering (IPO) by 2027 as part of its five year growth plans.

MyStartr added that it is set to support more entrepreneurs and startups in achieving unicorn status and eventually gaining access to the stock market.
The company has also formed partnerships with Gamuda’s GMBB to build an entrepreneurial hub which aims to organise at least 100 entrepreneurial-themed events within a year of its official launching.
MyStartr is also collaborating with Astro to produce a crowdfunding reality TV show called The Sandbox that will provide hopeful entrepreneurs with a chance to be coached by established industry mentors, sell their ideas to a panel of investors, and expand their businesses.
Goh Boon Peng
“MyStartr’s vision for the next five years is to assist 3,000 businesses through crowdfunding, with a total funding goal of RM4 billion. Expanding into the secondary market is a natural step forward towards realising that goal.

We are incredibly grateful for the trust and confidence that our investors have placed in us, and we look forward to channeling these funds into helping local startups reach their fullest potential alongside our own,”
said Goh Boon Peng, Founder and CEO of MyStartr.

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E-Wallets
Insurtech

Touch ‘n Go Rolls Out Two More Insurance Products

									by Fintech News Malaysia
March 9, 2023
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Touch ‘n Go Group announced that it has launched 2 new insurance products, CI Insure and MotoInsure on its e-wallet in a bid to become a one-stop insurance hub.
The CI Insure offering is a health insurance provided by AIA, which covers the top 5 critical illnesses in Malaysia, i.e. cancer, heart attack, stroke, kidney failure, and serious coronary artery disease.
They can get an insurance plan at RM10 per month, with the sum insured ranging from RM30,000, RM50,000, and RM100,000.

Users between the ages of 18 to 60 years old just needs to answer 3 simple health questionnaires and no medical check-up is required. The application process is said to take just 3 minutes and the insurance policy is issued instantly.
Meanwhile, MotoInsure is a customisable motorcycle insurance product that allows users to receive and compare multiple quotes from insurance partners such as Takaful Ikhlas and Takaful Malaysia, with more to come.
Touch ‘n Go eWallet users can customise their plans with coverage types and other add-on benefits to meet their specific needs.
In addition, MotoInsure also offers the option of enabling its users to renew their road tax with their insurance.
The entire application procedure is said to take 3 minutes and users can expect to receive their insurance e-policy within 24 hours and their road tax within 3-5 working days.
Touch ‘n Go already has 4 existing insurance offerings namely CarInsure, SafeTrip, SafeHome, and WalletSafe.
The group has issued more than 2 million policies since the launch of its first insurance product in July 2021.
Alan Ni
Alan Ni, Chief Executive Officer of TNG Digital said,
“With the affordable and customisable insurance offerings available so conveniently for purchase via the Touch ‘n Go eWallet, our users will be able to make their insurance purchases and get protected in minutes, so that they will have peace of mind to focus on the other important things in their lives.”

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Islamic Fintech
WealthTech

Saturna Officially Launches Its Shariah-Compliant Digital Investment Platform

									by Fintech News Malaysia
March 9, 2023
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Shariah-compliant fintech firm Saturna has officially launched its digital investment platform which claims to not impose any sales or redemption charges as well as hidden fees.
Saturna manages two shariah-compliant equity trust funds in Malaysia, namely the ICD Global Sustainable Fund and the ASEAN Equity fund, which offer investors exposure to global and regional investments respectively.
Both funds are authorised by the Securities Commission Malaysia, and invest in a diversified portfolio that favours stable earnings for the long-term.

Potential investors will also have flexibility when they choose to invest as Saturna’s funds do not come with a minimum holding period.
In addition to Islamic principles, Saturna’s funds also comply with global Environmental, Social, and Governance (ESG) standards, where investments are made in companies engaging in socially-responsible and environmentally-friendly business practices or products.
Saturna is a wholly-owned subsidiary of US-based Saturna Capital which entered the Malaysian market in 2010. The company has listed the National Higher Education Corporation Fund (PTPTN) and the Employees’ Provident Fund (EPF) as some of its largest corporate investors.
Shahariah Binti Shaharudin
“Our new online platform is designed to be simple and secure for a seamless user experience. It’s accessible enough for anyone to start investing in shariah-compliant solutions instantly, regardless of their experience or investment budget.”
said Shahariah Binti Shaharudin, President of Saturna.
Ruslena Ramli
“With this online platform, Saturna has led the way in making Islamic-based investment opportunities more available to a wider audience, enabling more individuals to benefit from the wealth of expertise they have to offer,”
said Ruslena Ramli, Director of Digital Finance and Islamic Digital Economy of MDEC when officiating the launch.

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Blockchain/Bitcoin

Investors in Dato’ Vida’s LaVida Coin Demanding to Be Repaid RM59 Million

									by Fintech News Malaysia
March 13, 2023
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Dato’ Sri Vida, a beauty mogul and polarising figure on the Malaysian scene, is coming under heat as the investors of her ill-fated initial coin offering (ICO) LaVida Coin are demanding their money back.
According to the Harian Metro, the 41 investors are demanding to be repaid to the tune of RM59 million. Dato’ Sri Vida claims to have no knowledge of the demands and will be seeking legal advise on this.
She declined to comment further on the issue as it was a legal matter but implied that this is a deliberate attack on her reputation and business.

Dato’ Sri Vida added that she is willing to face the investors and have an open discussion about the issue.
While they may not have personally contacted her, the investors had held a press conference earlier to demand their money back after having invested in the LaVida Coin.
They made claims that they have not been able to recoup their investment as well as the promised profits (if there were any) since 2018.
The ICO had initially planned to raise a US$1.5 billion for three areas; an entrepreneur-focused online entertainment channel (US$1 billion), the development of a LavidaPay payment gateway (US$100 million) and the construction of a mosque, described as non-profit (US$400 million).
Fintech News Malaysia had previously done an in-depth commentary of the LaVida Coin’s plans where we uncovered an alarming number of red flags with regard to the project in August 2018.
Just a month later, the Securities Commission Malaysia (SC) has issued a notice ordering Dato’ Sri Vida to cease all promotional activities with immediate effect.
Both the SC and Bank Negara Malaysia had also added DSV Crypto Club, LUX Galaxies and VI Profit Galaxy to their investor alert lists as these companies were also promoting the LaVida Coin.

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Insurtech
Lending

Maybank Offers Financing, Insurance Coverage for EV and Hybrid Customers

									by Fintech News Malaysia
March 15, 2023
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Maybank has launched an integrated automobile financing solution for Electric Vehicle (EV) and Hybrid customers covering various aspects including financing solutions, insurance and takaful coverage as well as EV charging privileges.
On the insurance front, Etiqa had previously introduced an insurance and takaful coverage for EV Home Chargers in October last year.
The coverage is available as a complimentary add-on to the Etiqa private car policy or certificate for newly registered battery-powered Electric Vehicles (BEV) or Plug-in Hybrid Electric Vehicles (PHEV).

Alternatively, a standalone coverage for EV home chargers under the All Risk Insurance and Takaful plan is also available for EV owners who have purchased the EV home wall charger separately from their new motor insurance and takaful.
Maybank had recently revised its target of RM80 billion in sustainable financing to customers by 2025 as well as achieving a carbon neutral position by 2030.
Dato’ John Chong
Dato’ John Chong, Maybank Community Financial Services Group CEO said.
“Apart from that, our initiative is also in support of the Government’s vision of growing the EV market share to 38% by 2040 through the Low Carbon Nation Aspiration under the National Energy Policy 2022-2040.”
Meanwhile, Maybank Islamic claims to be the country’s first financial provider to embark on the EV charging infrastructure landscape having installed EV charging stations at Dataran Maybank, the Kuala Lumpur Golf & Country Club and Mandarin Oriental Hotel in Kuala Lumpur respectively.
Maybank Islamic is also targeting to install several more EV charging stations within the Klang Valley and other states in peninsular Malaysia by December 2024.
Furthermore, customers will receive various rewards and benefits from Maybank Islamic’s EV financing membership programme, InCharge, which provides customers with rebates when utilising charging stations owned by Maybank Islamic and all other charging stations through the ParkEasy app.
Full listing of EV charging ports can be viewed on the ParkEasy app.
Dato’ Mohamed Rafique Merican
CEO of Maybank Islamic, Dato’ Mohamed Rafique Merican said,
“Our ultimate goal is to create a positive impact to the environment and society, and in line with the Group’s mission to Humanise Financial Services, Maybank Islamic will allocate proceeds collected from the usage of the EV charging stations to fund identified social impact initiatives.”

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Payments

Revenue Group’s Woes Mount as Danny Leong Resigns as Group CEO

									by Fintech News Malaysia
March 16, 2023
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Payment solutions provider Revenue Group‘s Group CEO Danny Leong Kah Chern has tendered his resignation just two months after he took up the position in the embattled company.
According to credible sources, Danny will be stepping down officially on 23 May after having first accepted the position on 6 January this year.
The resignation of the former GHL Group CEO has given rise to uncertainties about the company’s future.

Just two days ago, Revenue Group’s Managing Director and alternative Chairman Datuk Eddie Ng Chee Siong resigned from his position and sold off 25.34 million of his shares late last month so he is no longer one of the majority shareholders in the company.
Revenue Group’s boardroom has been a revolving door as executive directors Lai Wei Keat, Ooi Guan Hoe, Loo Jo Anne, Alwizah Al-Yafii Ahmad Kamal and Tham Sai Cheong announced their resignation for varying reasons.
The group had then appointed five new directors to its board on Monday including its new Chief Financial Officer Ng Kuan Horng, Teh Chee Hoe as the executive director along with four independent, non-executive directors Kamari Zaman Juhari, Azman Hisham Che Doi, Chandera Sekaran @ Dawson and Krishnan Dorairaju.
The hits keeps coming for Revenue Group as Co-founders and former executive directors Dino Ng Shih Fan and his brother Brian Ng Shih Chiow were accused of fraudulent disposal of a company asset. They pleaded not guilty to the charge on Tuesday.
In late January, both brothers were suspended with immediate effect for allegedly forcibly entering the company’s premises illegally and stealing documents which the group had reported to the police.
Just days later, the pair were both arrested by the Malaysian Anti-Corruption Commission (MACC) over an alleged false claim relating to the purchase of thermal printing paper worth more than RM400,000, according to a report by The Edge.

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Digital Transformation
Financial Inclusion

Bank Islam Partners MESINKIRA to Aid MSMEs in Their Digital Journey

									by Fintech News Malaysia
March 21, 2023
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Bank Islam Malaysia has partnered with MESINKIRA, a cloud-based retailing platform for MSMEs, to offer underbanked microentrepreneurs a chance to digitalise their businesses through an end-to end integrated mobile business management solution.
Microentrepreneurs that will benefit from the collaboration are Bank Islam‘s microfinancing customers under iTEKAD Programme.
The iTEKAD programme was established by Bank Negara Malaysia to assist low-income microentrepreneurs to strengthen their financial management and business acumen towards generating sustainable income.

Through this partnership, microentrepreneurs will be able to digitally record their sales, accept multimode payments as well as do inventories, business expenses, and bookkeeping which eventually generate a proper financial statement of their businesses in the future by using MESINKIRA’s mobile app.
The integrated bookkeeping functionality linked to the business’ current account also empowers microentrepreneurs to improve their creditworthiness.
MESINKIRA’s integrated solution also helps microentrepreneurs to go cashless and safely receive digital forms of payment, like cards, digital payments, near-field communication (NFC) payments, and e-wallets.
Bank Islam will also leverage MESINKIRA’s Impact Dashboard solution to assess the microentrepreneurs’ performance. This will enable the bank to analyse the microfinancing programme’s effectiveness.
Mohd Nazri Chik
Mohd Nazri Chik, Group Chief Financial Inclusion Officer at Bank Islam said,
“This partnership will provide growth opportunities for microentrepreneurs and help them become financially literate.

The effort is aligned with Bank Islam’s commitment to creating social impact, where we advocate real economy and nurture community upward mobility through entrepreneurship and social finance ecosystem.”
Syed Omar Almohdzar
Syed Omar Almohdzar, Chief Executive Officer of MESINKIRA said,
“Our collaboration with Bank Islam is intended to address financial literacy and, at the same time, improve financial inclusion for the underbanked microentrepreneurs segment.

MESINKIRA’s innovative tools will lower costs and widen access to financial products, enabling these businesses to develop and thrive. MESINKIRA further improves the microentrepreneurs’ net earnings and, more importantly, builds better creditworthiness to this ecosystem.”

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Payments

Danny Leong Reconsidering His Resignation as Group CEO, Says Revenue Group

									by Fintech News Malaysia
March 21, 2023
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Payment solutions provider Revenue Group‘s Group CEO Danny Leong Kah Chern is reportedly reconsidering his decision to resign according to a company announcement on Bursa Malaysia.
The group sought to clarify matters when Fintech News Malaysia published news of Danny’s resignation last Thursday when we caught wind of it from credible sources.
He had tendered his resignation just two months after having first accepted the position on 6 January this year. If Danny decides to proceed with the resignation, he will be stepping down officially on 23 May.

In the meantime, Revenue Group said that has already begun the search for a suitable replacement and has since appointed new executive and independent directors.
“The company wishes to clarify that the present Group Chief Executive Officer (Group CEO), Danny Leong has tendered his resignation where the board has asked him to re-consider his decision and the board understand he is indeed, re-considering it.

Should there be any further developments on the above matter, the Board will release the necessary announcements in a timely manner to Bursa Malaysia Securities Berhad.”

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Blockchain/Bitcoin

Luno’s COO James Lanigan Will Now Serve as the New CEO

									by Fintech News Malaysia
March 23, 2023
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Digital asset exchange Luno announced that its Chief Operating Officer James Lanigan who has been with the company for five years will now serve as its CEO.
Meanwhile, Co-founder and existing Chief Executive Officer Marcus Swanepoel will be moving into a new role as Executive Chairman.
Following the transition, Luno said that Marcus will continue to work closely with James to particularly focus on broadening its investor base to support the company’s next stage of growth.

James had been instrumental in building Luno’s local teams throughout Africa, Europe, and Asia Pacific, while also growing its product portfolio.
As Luno’s COO, James oversaw the operations, commercial, countries, product, marketing, and customer success departments.
Prior to joining Luno in 2018, James held senior commercial, operational and marketing roles across multiple industries, most recently as the Chief Marketing Officer at Bookatable – now TheFork, a global online restaurant reservation platform acquired by Michelin in 2016.
Marcus Swanepoel
“Co-founding and serving as the CEO of Luno for the past ten years has been the greatest honour of my career and I’m excited for our next chapter as we continue to put the power of crypto in everyone’s hands.

I have the utmost confidence that James will continue to deepen our trust with customers and key stakeholders alike, driving both Luno’s business and the industry forward.”
said Marcus.

James Lanigan
“It has been a privilege to serve alongside a founder and leader as strong as Marcus, who cares so deeply about making a positive impact for our customers and employees.

I’m passionate about continuing to help Luno build the products and services that guide our customers in a responsible way along every step of their crypto journey, while maintaining our dedication to trust, security and compliance.”
James added.

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Lending
Sponsored

Mobilewalla LendBetter: The Future of Lending for New-To-Credit Prospects

									by Fintech News Malaysia
March 29, 2023
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Financial inclusion and credit access are essential for driving economic growth and improving livelihoods in numerous emerging markets, including South Asia. However, extending credit to underbanked and unbanked populations comes with inherent risks, especially when dealing with new-to-credit customers who lack a credit history.
Addressing Lenders’ Challenges in Emerging Markets
In order to provide quick and trustworthy lending decisions while minimizing risk, lenders need to explore alternative approaches to enhance their understanding of new-to-credit applicants and optimize loan decisions without jeopardizing overall defaults. This is where LendBetter, a Mobilewalla solution, becomes a crucial tool.
Mobilewalla LendBetter offers over 200 highly predictive features and attributes for consumer creditworthiness to address this challenge. These features enable lenders to better understand their prospective new-to-credit borrowers and make well-informed lending decisions.

In this case study, a prominent digital provider of instant personal loans in India leveraged LendBetter to establish more comprehensive profiles for new-to-credit and thin-file customers.
By opting for the most predictive features suggested by Mobilewalla, the fintech had not only enriched their understanding of these prospects, but also gained valuable insights into their most suitable borrower profile.
Improving a new-to-credit default risk model
By evaluating the impact of LendBetter’s features on thin-file applicants and augmenting the fintech’s existing model, they could compare risk scores yielded by the augmented model with those output by the original model.
The digital lender discovered that thin-file applicants were predominantly placed in high-risk buckets and, to a lesser extent, in medium-risk buckets, highlighting the challenge of evaluating creditworthiness without a credit history. Nevertheless, LendBetter’s features significantly impacted risk assessments for these levels, empowering the fintech to make better-informed credit risk decisions.
As a result of using LendBetter, the fintech reduced its portfolio risk by 15 percent by disqualifying high-risk thin-file applicants for loans or classifying them to receive a smaller loan at a higher interest rate.
Additionally, by using LendBetter, the fintech could lend more confidently to qualified consumers in the middle bucket, including those previously rejected, with higher loan amounts at lower interest rates. This helped the fintech derive a higher return on investment without adversely affecting nonperforming assets for the new-to-credit customer portfolio.
The LendBetter platform provides a unique solution to the challenge of lending to new-to-credit customers. This case study demonstrates the value of its features and attributes in enriching first-party data to understand new to credit prospects better and improve risk decisions.
Optimizing risk assessment models with Mobilewalla’s Expertise
Mobilewalla’s highly predictive features and attributes for consumer creditworthiness empower lenders to confidently provide loans to new-to-credit and thin-file customers, promoting financial inclusion and economic growth.
By comparing the risk scores generated by the original and augmented models, lenders can better understand how LendBetter’s features impact risk assessment. This understanding allows them to make informed decisions regarding loan disbursement, portfolio risk reduction, and return on investment optimization.
Furthermore, fintech companies can optimize their loan portfolio and risk decision-making processes by leveraging Mobilewalla’s feature selection and data analysis expertise. This leads to a more comprehensive lending process that benefits the fintech and their customers, particularly those who might not have had access to credit otherwise.
Please click here for more information about how Mobilewalla LendBetter can improve your business’s performance or read the case study below to learn more.

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Digital Transformation
Innovation

BNM Seeks Public Feedback on Two Key Enhancements to Its Regulatory Sandbox

									by Fintech News Malaysia
March 29, 2023
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Bank Negara Malaysia (BNM) is inviting feedback on its proposal to make several enhancements its existing Financial Technology Regulatory Sandbox Framework.
The central bank said that the enhancements are focused at ensuring proportionate regulatory facilitation and improving operational efficiency of the existing sandbox procedures.
BNM has received over 110 applications from both incumbents and startups over the six years that it has been in operations to enable the testing of new technologies such as electronic Know-Your-Customer as well as new business models including digital insurance, peer-to-peer family takaful, buy-now-pay-later, and digital remittance.

As a result of this, BNM had taken these developments into account when making several policy considerations or enhancements.
Additionally, the sandbox had also strengthened collaborative efforts between stakeholders in the fintech ecosystem by acting as a platform for active and open engagements with BNM.
Here are the two key enhancements in the sandbox exposure draft:
1.  Simplification of Eligibility Assessment
BNM is looking to simplify the existing stage 1 eligibility assessment criteria of the standard sandbox pathway.
The regulator found that the eligibility assessment may be challenging for early stage fintech startups based on engagements with sandbox applicants thus far. This has often led to challenges for applicants to secure necessary resources to support further development of their solutions.
With that in mind, BNM is proposing several enhancements to the eligibility assessment criteria:

Allowing for the value proposition of a new solution to be assessed by BNM at a conceptual level and validated during the testing period, as opposed to requiring upfront evidence on how it can address market gaps and inefficiencies (e.g. detailed market research, completion of a proof-of concept).
Providing greater room for applicants to develop and demonstrate their risk management capability. At the eligibility assessment stage, the priority from a risk management standpoint is to ensure an applicant demonstrates a fundamental ability to identify risks appropriately. Further scrutiny on the applicant’s comprehensive risk assessment and corresponding mitigation measures will instead be undertaken during the preparation stage (stage 2).

The draft proposes that the first stage of applications be determined by the following criteria; (1) identification of regulatory impediment, (2) value proposition, (3) business plan and state of readiness, (4) risk management and (5) fit-and-proper.
It is worth noting that the draft specifies that an applicant needs to be reasonably resourced to run a prototype within three months from the time of application. But an extension could be
granted on a case-by-case basis depending on the nature and complexity of the solution to be tested.
However, the central bank emphasised that this simplification should not be misconstrued as a loosening of safeguards or lowering of standards of entry to the sandbox.
Once an applicant is deemed eligible to participate in the sandbox, they will then proceed to the second stage known as the preparation stage where BNM will consider whether to approve the applicant to test a solution in the sandbox.
The flowchart below illustrates the application process to be followed in order to participate in the sandbox. Source: Financial Technology Regulatory Sandbox Framework Exposure Draft
2. Introduction of the Innovation Green Lane
The Green Lane is an alternative to the standard sandbox track. It aims to provide a simpler and quicker way for financial institutions to continuously test innovative solutions that face regulatory impediments.
According to the central bank, the Green Lane is expected to enable responsible financial institutions to innovate more freely where they can expect reduced compliance costs and faster time-to-market for carrying out market validation trials of new solutions.
BNM has laid out three key principal considerations guide the implementation of the Green Lane:
i. Accountability of financial institutions – Participating institutions approved for the Green Lane must be effective risk managers if it seeks to obtain flexibility to innovate faster with less regulatory impediments and compliance burden.
ii. Consumer-centric risk focus – A participating institution must prioritise and focus on addressing potential risks that may affect consumers to minimise potential harm and preserve consumer confidence in financial services.
iii. Risk-proportionate processes – Although the Green Lane is designed to be practical and to minimise operational complexity, sufficient safeguards must be in place to ensure accountability of participants, timely and effective responses to risks, while allowing BNM to intervene when necessary.
Overview of Innovation Green Lane’s operational mechanism Source: Financial Technology Regulatory Sandbox Framework Exposure Draft
The written feedback on the proposals in this exposure draft must be submitted by 30 May 2023.

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Payments

Malaysia and Singapore’s QR Code Payments Linkage Has Gone Live

									by Fintech News Malaysia
April 3, 2023
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The cross-border QR code payment linkage between Singapore and Malaysia has gone live, enabling customers of participating financial institutions to make payments by scanning NETS QR and DuitNow QR codes.
This will support in-person payments through the scanning of physical QR codes displayed by merchants, and online cross-border e-commerce transactions.
This cross-border QR code payment linkage is made possible through the strong collaboration of various industry players from both countries, including Network for Electronic Transfers (NETS), the Association of Banks in Singapore, Payments Network Malaysia (PayNet), and participating financial institutions from both countries.

Participants from Singapore are DBS Bank, OCBC Bank and UOB while participants from Malaysia are Ambank Malaysia, Boost, CIMB Bank, Hong Leong Bank, Maybank, Public Bank, Razer Merchant Services, TNG Digital and United Overseas Bank Malaysia as at 31 March 2023.
In the next phase, Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) plan to expand the payment linkage to enable cross-border account-to-account fund transfers and remittances.
This will allow users to make real-time fund transfers between Singapore and Malaysia conveniently using just the recipient’s mobile phone number via PayNow and DuitNow. This service is expected to go live by end of 2023.
Singapore had previously linked its PayNow system with Thailand’s PromptPay, touting it as the first of its kind globally and more recently with India’s Unified Payments Interface (UPI) in February 2023.  The island state has similar plans in motion to set up payment linkages with Indonesia and the Philippines.
Meanwhile, Malaysia has gone live with bilateral payment linkages with Thailand, and Indonesia. The payment linkage with the Philippines is currently under development.
ASEAN has made a push for multilateral payment connectivity through Project Nexus given the challenge to establish and scale-up multiple bilateral payment linkages.
The central banks of Malaysia, Indonesia, Philippines, Singapore and Thailand will participate in the next phase of Project Nexus with the aim to have a operationally and commercially viable model ready by 2025.
Ravi Menon
Ravi Menon, Managing Director of the Monetary Authority of Singapore said,
“The NETS- DuitNow QR code payment linkage is the latest addition to Singapore’s growing set of cross-border payment linkages. These linkages will help boost cross-border commerce and enable our merchants, especially small businesses to tap on a wider pool of consumers. This QR code linkage between Singapore and Malaysia is an important milestone in ASEAN’s journey towards seamless regional payments connectivity.”
Tan Sri Nor Shamsiah Mohd Yunus
Tan Sri Nor Shamsiah Mohd Yunus, Governor of Bank Negara Malaysia said,
“The QR linkage between Malaysia and Singapore will benefit millions of commuters across the Causeway as well as business and leisure travellers. It will also be a boost to retail businesses in both countries. We will continue to work closely with our partners to accelerate our digitalisation agenda towards increased regional economic and financial integration.”

This article first appeared on Fintech News Singapore.

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Insurtech

Pet Insurtech Oyen Records RM100M Coverage, Eyes Southeast Asia Expansion

									by Fintech News Malaysia
April 3, 2023
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Oyen, a Malaysian digital-first pet healthcare insurance provider, has provided RM100 million worth of protection and revamped its brand with a new look.
Additionally, the insurtech has also rolled out a new travel insurance product for people and incorporated it with pet protection.
This new travel insurance not only covers avid travelling pet owners, but it also offers additional pet benefits during their trip, i.e. trip curtailment, where the Oyen travel insurance policy will pay for the unused portion of their trip (up to RM50,000) for returning home early should their pet get severely ill or pass away.

This Oyen travel insurance policy will also pay for pet boarding extension due to travel delay of up to RM1,000.
Established in 2021 through a partnership with MSIG Insurance Malaysia, Oyen has assisted pet owners in managing the medical expenses for their pets and claims to have experienced a growth of sixfold from 2021 to 2022.
Oyen said that it aims to achieve 50,000 pets coverage in Malaysia and 100,000 in Southeast Asia by 2025 while also further expanding its product range.
Kevin Hoong
“We founded Oyen during the pandemic when we discovered that pet owners were struggling to pay unexpected vet bills.

You will see that with every product offering, Oyen focuses on incorporating pets as a key element in our product.”
said Kevin Hoong, Chief Executive Officer and Co-founder of Oyen.

Michelle Chin
“To stay competitive in a rapidly evolving landscape, our secret sauce lies in owning the end-to-end insurance journey of our customers – from onboarding and claims to renewal.

By utilising our proprietary digital insurance platform, our team is empowered to exceed customer expectations beyond their insurance needs. This ensures that every customer and fur kid receive personalised attention and care.”
says Michelle Chin, Chief Operating Officer and Co-founder of Oyen.

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Insurtech

Tune Protect Ties up With bolttech to Offer Device Protection Services

									by Fintech News Malaysia
April 3, 2023
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Insurtech firm bolttech has partnered with digital lifestyle insurer Tune Protect Group to launch device protection solutions and support services in Malaysia.
The device insurance coverage is underwritten by Tune Protect Malaysia, providing protection for cracked screens, accidental and liquid damage, as well as extended warranty for insured devices, including smartphones and home appliances.
The device support services, provided by bolttech, include device trade-in, 24/7 technical support, device repair concierge service, and logistics service for device pick-up and delivery.

The solutions are available as a bundled package or can be purchased separately, i.e., insurance coverage only or support services only.
Customers can visit their nearest Samsung, Ascend SP, Ultimate Devices or Unifi stores to find out more and subscribe to a programme that suits their needs.
Tune Protect said that more distribution partners are expected to launch the offering for their customers in the coming months.
Mark Simmons
Mark Simmons, Chief Executive Officer, Europe and Asia, bolttech said,
“Our partnership with Tune Protect offers customers in Malaysia comprehensive protection and support beyond the insured device.

We will continue to work with Tune Protect to create innovative solutions that cater to the needs of the customers’ modern and digital lifestyles.”
Rohit Nambiar
Rohit Nambiar, Group Chief Executive Officer of Tune Protect said,
“In line with our strategic vision as a digital and lifestyle insurer, this collaboration with bolttech offers us the opportunity to extend our market reach and seamlessly embed our insurance solutions.

We’re starting it first in Malaysia and will continue to explore other opportunities to expand it in other countries.”

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Payments

Setel Users Can Now Make DuitNow QR Code Payments

									by Fintech News Malaysia
April 4, 2023
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The Setel app, Petronas’ e-payment solution that enables fuel purchases directly from mobile devices, can now be used to scan and pay at any merchant that displays the DuitNow QR code.
Within the year, Setel users will be able to send and receive funds using DuitNow and generate their own DuitNow QR to facilitate fund transfers into their e-wallet.
From 30 March 2023 to 31 May 2023, Setel users will earn Mesra points for every payment using DuitNow that can be used to redeem fuel and other rewards.

By joining the large ecosystem operated by Payments Network Malaysia (PayNet) through the integration of DuitNow QR, the Setel Pay feature in the app will broaden cashless payment acceptance for the users.
Mazlin Erawati Ab Manan
Mazlin Erawati Ab Manan, Chief Executive Officer of Setel said,
“Our customers are at the centre of everything we do, and we have received constant requests to expand the convenience of using Setel app in their daily lives.

The integration with DuitNow QR is a clear demonstration of our commitment to better serve our core customer demographic today – the motorist – while also making Setel more inclusive and accessible to a wider customer base across their retail purchases and other needs.”
Gary Yeoh
Gary Yeoh, Chief Commercial Officer of PayNet said,
“At PayNet, we’re committed to driving financial inclusion and innovation in Malaysia.

With this partnership between Setel and DuitNow, we are providing greater convenience and accessibility to Malaysians.”

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Lending

Malaysian BNPL Firms May Be Subject to RM2 Million Minimum Requirement

									by Fintech News Malaysia
April 5, 2023
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The Consumer Credit Oversight Board (CCOB) is seeking public feedback on the proposed regulatory framework for credit businesses in Malaysia.
The proposals outlined in this second public consultation paper (CP2) will provide further details on the implementation of the Consumer Credit Act (CCA) which is targeted to be enacted by year-end.
The immediate focus of the CCOB in Phase 1 (from 2024 to 2025) will be on non-bank credit providers and service providers which are currently unregulated including those carrying on Buy Now Pay Later (BNPL) activities.

Non-bank credit providers which are currently regulated by a Regulatory and Supervisory Authority (RSA) such as moneylenders, pawnbrokers and hire purchase companies, will not be required to secure authorisation from the CCOB in this phase.
The transfer of powers pertaining to the regulation of existing credit service providers that are under the purview of the Ministry of Local Government Development (KPKT) and Ministry of Domestic Trade and Cost of Living (KPDN) to the CCOB is expected to take place only in Phase 2 which kicks off after 2025.
Details on the licensing and registration process
In assessing an application for authorisation, the CCOB will look into 4 criteria; organisational structure, shareholding composition, financial resources, as well as qualification and competencies of key personnel.
In the event where an entity intends to carry on multiple credit (or credit service) activities, the CCOB will coordinate with the relevant authorities.
They will be expected to demonstrate that they have the requisite system and procedures in place to monitor the relevant regulated activities and avoid any conflicts of interest.
Following the enactment of the CCA which is targeted in the 4th quarter of 2023, there will be a grace period of 6 months for all existing non-bank credit service providers covered under Phase 1 to secure authorisation.
The CCOB’s authorisation is a one-off process and will take up to one to three months.
CCOB will turn towards digital technologies
The CCOB said that it will leverage on digital technologies from the onset to operate at scale in regulating the conduct of industry players in the consumer credit market.
Starting at authorisation, industry players are expected to submit their data digitally via a one-stop portal that will take into consideration the different consumer credit business requirements.
This will be an integrated complaints system driven by an Application Programming Interface (API) that will be freely accessible to industry players to ease regulatory costs and reporting obligations.
The API-powered platform will also publish information on regulated industry players, allowing the general public to validate their credibility.
Minimum financial requirements
CCOB outlined that a credit provider and credit service provider must have sufficient financial resources commensurate with the nature, complexity and scale of its business.
Together with the submission of the annual audited financial statement, the board of a credit provider or credit service provider is expected to submit a written undertaking or confirmation that the credit business or credit service business has adequate financial resources for the next 12 months.
Here are the minimum financial requirements, which have been benchmarked against those set by BNM for e-money and money services businesses as well as KPKT for moneylending and pawnbroking businesses.

Crackdown on deceptive and aggressive advertising
CCOB is seeking to ensure that advertisements and promotional material on credit or credit services are clear and not deceptive.
Important information, such as key product features, risks and any applicable fees and charges that are likely to affect credit consumers’ borrowing decisions must be prominently displayed.
These entities need to ensure that any warnings or disclaimers in relation to an advertised credit product or service are not obscured or disguised by the content or design of the advertisement.
Additionally, the credit provider/credit service provider cannot adopt aggressive tactics such as harassing or pressuring customers to sign up for their products or services.
They are also not allowed to make false commitments or representations to potential customers.
The CCOB received feedback from the industry that was concerned that the ‘without interest’ phrase in the BNPL definition may hinder industry development and some have suggested that the definition be clarified to ‘without incurring compound interest’.
Responsible lending through proper credit checks
Credit provider will have to conduct an affordability assessment on a consumer prior to entering into an agreement with them or when increasing the amount of credit provided.
They will need to obtain information such as their financial means (through salary slips, EPF statements, bank statements or tax returns) or outstanding debt obligations and repayment history from reliable sources such as from a registered credit reporting institution.
CCOB also recognises the emergence of the use of alternative data points for the assessment and said that flexibilities may be considered for entities applying such data points.
Credit providers will have to apply the debt service ratio (DSR) computation to facilitate the assessment of these consumers’ ability to meet the repayment obligations.

Abu Hassan Alshari Yahaya
Abu Hassan Alshari Yahaya, Bank Negara Malaysia‘s Assistant Governor and the Head of the CCOB Task Force said,
“It is critical that credit providers and credit service providers are regulated and conform to high professionalism or conduct standards. We will continue our extensive engagements with the currently unregulated industry and consumers to deliver a practical regulatory response.

The aim is to strengthen the protection for consumers while supporting the development of a consumer credit industry that effectively serves the needs of individuals and small businesses.”

Feedback and comments can to be submitted to the task force by 15 May 2023 via email at CCAConsultation@bnm.gov.my or this form here.

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Payments
Security

Alliance Rolls Out Dynamic Virtual Card With Single Use Numbers That Lasts 30 Minutes

									by Fintech News Malaysia
April 5, 2023
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Alliance Bank Malaysia has introduced its new dynamic virtual credit card to make online transactions more secure in partnership with Visa, CTOS Digital, RinggitPlus’ owner Jirnexu, mobile network operator YTL Communications (YES) and TNG Digital.
A virtual card becomes available for customer use immediately after generating and assigning a random 16-digit card number which changes every 30 minutes.
Here are the steps to get the one-time card number
Customers will also have the flexibility to determine a dedicated dynamic card number as well as the number of times it can be used for a particular subscription service.

This enables customers to track and manage their digital transactions on-the-go more conveniently and securely via their mobile phones.
The single-use dynamic card number is said to offer a more secure and safer way of making daily purchases and minimises the customers’ exposure to fraudulent risks, identity thefts and other financial scams.
Additionally, it also reduces production of plastic credit cards and helps to lower credit card footprint on online channels.
The application process is fully online with digital submission of supporting documents such as EPF statements or salary slips. Successful applicants will be notified through a push notification.
Gan Pai Li
“In line with Alliance Bank’s customer-first mindset, we constantly innovate and enhance our suite of digital solutions to meet our customers’ expanding banking needs, and also deliver a seamless digital payment experience.

The new feature on the Alliance Bank Visa Virtual Credit Card provides our customers with greater peace of mind by way of a more secure payment option, addressing concerns of credit card data breach at third party sites when they transact online,”
said Gan Pai Li, Group Chief Consumer Banking Officer of Alliance Bank.
Alan Ni
“The virtual credit card will enable users a smooth experience when fulfilling their payments, reload and purchasing needs.

Furthermore, the main edge of the virtual credit card is its dynamic card numbers which is in tandem with TNG Digital’s main aim for being a safe and secure eWallet in line with Bank Negara Malaysia’s standards,”
said Alan Ni, Chief Executive Officer of TNG Digital.
Ng Kong Boon
“With more Malaysians relying on digital commerce, we believe it is important that they feel empowered and secure when making digital payments.

Hence, we have partnered with Alliance Bank on this dynamic card number solution for the virtual credit card. We hope to give customers more confidence as they shop and pay for their purchases online.”
said Ng Kong Boon, Visa Country Manager for Malaysia.

Featured image: (From left to right) Yeoh Keong Ren, Chief Marketing Officer of YTL Communications; Erick Hamburger, Group Chief Executive Officer of CTOS Digital; Alan Ni, Chief Executive Officer of TNG Digital; Kellee Kam, Group Chief Executive Officer of Alliance Bank; Gan Pai Li, Group Chief Consumer Banking Officer of Alliance Bank; Ng Kong Boon, Visa Country Manager for Malaysia; Siew Yuen Tuck, Co-Founder of Jirnexu

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Funding
Payments

Soft Space Closes Series B With US$31.5 Million Fundraise

									by Fintech News Malaysia
April 6, 2023
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Malaysian digital payments technology provider Soft Space announced that it has secured US$31.5 million in its latest Series B1 funding round.
This is an extension of Soft Space’s Series B funding round where the firm had raised an undisclosed sum from Sumitomo Mitsui Card Company (SMCC) in 2019.
The fundraise was led by Southern Capital Group (SCG) and joined by existing investors, transcosmos, Japanese credit card company JCB as well as venture capital fund Hibiscus Fund which is jointly managed by RHL Ventures and South Korea’s KB Investment.

Soft Space had already made a prior announcement in January 2022 that JCB had invested US$5 million in it.
The company said that it will be using the funds to fuel its continued growth by widening its customer base and pushing its global expansion plans.
According to Soft Space, its revenue has almost doubled in the last 2 years and its full stack payment services is being used by more than 70 financial institutions and partners in Japan, Europe, Oceania and Americas.
Joel Tay
“Building on our strong momentum, the new funds will help expand our global footprint and widen our customer base by accelerating the innovation of our full-stack payments platform while expanding into next generation technological solutions,”
said Joel Tay, Chief Executive Officer of Soft Space.

Chris Leong
“With the closing of this round, we are restructuring Soft Space’s capital base to catapult the company towards high growth and strengthen our global market position, and we are confident that Soft Space will continue to attract global investors and further its ambition of creating impactful services for our clients.”
said Chris Leong, Chief Strategy Officer of Soft Space.

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Insurtech

FWD Group Finalises Majority Stake Acquisition in Gibraltar BSN Life

									by Fintech News Malaysia
April 6, 2023
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Multinational insurance company FWD Group announced that it has completed the transaction to snap up a majority stake in Gibraltar BSN Life, marking its official entry into the Malaysian life insurance market.
First announced in February 2023, the deal will see FWD Group and other unnamed investors to jointly hold a 70% stake in Gibraltar BSN, which was sold by The Prudential Insurance Company of America.
The government-owned Bank Simpanan Nasional (BSN) will continue to hold the remaining 30% stake ownership in Gibraltar BSN.

Through this partnership, FWD Group can now provide a full-service offering in Malaysia, which it first entered in March 2019, spanning both life insurance and family takaful products.

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Insurtech
Security

Tune Protect Rolls Out Cyber Crime Insurance With Coverage up to RM10,000

									by Fintech News Malaysia
April 6, 2023
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Malaysian insurer Tune Protect announced that it has launched its first personal cyber crime insurance for individuals named Tune CyberSecure.
With premiums from RM145 per year, Tune CyberSecure protects customers against cyber risks including electronic fund transfer fraud, online retail fraud and identity theft, with coverage up to RM10,000.
Tune CyberSecure covers the entire family and the electronic devices connected to the internet at the registered address.

Customers will be able to secure the policy online with coverage confirmation within 7 minutes, and obtain clarifications or direct their queries through the 24/7 incident response call center at its toll-free line 1800 819 783.
Tune Protect had partnered with home growth insurtech Senang as its corporate agent to distribute the product via their digital platform.
The unique offering aims aims to protect customers from cyber threats with 24/7 technical support in light of the alarming number of recent data breaches.
Jubin Mehta
“Cyber insurance has previously been seen as something only relevant to businesses, but this is no longer the case due to the rapidly increasing number of cybercrimes against individuals.

In line with our digital and mobile-first strategy, we are thrilled to introduce Tune CyberSecure as one of our initiatives to make cybersecurity accessible to everyone,”
said Jubin Mehta, Chief Executive Officer of Tune Protect Malaysia.

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Payments
Security

GHL Taps PayNet’s MyDebit Secure Card-Not-Present for Safer Online Payments

									by Fintech News Malaysia
April 11, 2023
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Payment solutions provider GHL Systems announced that it has enabled MyDebit Secure CNP (Card-Not-Present) from Payments Network Malaysia (PayNet) which is set to benefit over 1,500 of its online merchants.
A CNP transaction is a payment card transaction made where the cardholder is not physically present at the merchant when the payment is made.
GHL is the latest PayNet ecosystem participant to offer the more secure and safer online card-not-present payment solution in this country.

Capable of being delivered via merchant plug-ins or bank applications, both these MyDebit Secure CNP enablements are designed to facilitate 3D secure payment verifications to assist fraud prevention in online debit card purchases.
This offers protection from fraud to both merchants and customers regardless of the device used to make or receive online payments – mobile, desktop or tablet.
Kevin Lee
Kevin Lee, CEO of GHL Malaysia said,
“As the e-commerce industry continues to grow rapidly, we understand that merchants need reliable payment solutions to protect their business and their customers.

With MyDebit Secure CNP, our merchants can now offer their customers a more secure and convenient way to pay online without compromising on their shopping experience.”
Gary Yeoh
Gary Yeoh, Chief Commercial Officer of PayNet said,
“Malaysia lies within Asia Pacific, the ‘sweet spot’ growth region of retail e-commerce. This is alongside the rise of 3D secure payment authentication market which is set to exceed US$ 2.76 billion by 2030, again led by the Asia Pacific region.

With MyDebit Secure CNP, PayNet aims to better support our ecosystem participants capture their share of these enormous opportunities and meet their customer demands for safer and more secure online CNP payments using the latest 3D secure technology protocols, regardless of size, type, or location.”

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Payments

Mercedes, Maybank Roll Out Credit Card for Those Earning Min RM100K per Year

									by Fintech News Malaysia
April 12, 2023
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Mercedes-Benz Financial has announced an exclusive partnership with Maybank to introduce a credit card nationwide where Visa will be the exclusive payment network for this new offering.
The all-new metal card will allow customers to earn accelerated points on selected purchases at any Mercedes-Benz Autohaus nationwide.
According to a statement by the luxury car manufacturer, cardholders would be entitled to 10% discount on Mercedes-Benz parts, official merchandise, and accessories in addition to accumulating 10x TreatsPoints with every RM1 spent per visit.

Additionally, the card also offers up to 8% discount on comprehensive Mercedes-Benz Extended Limited Warranty Programme and up to 20% off MobilityPlus, a Mercedes-Benz car replacement programme. Terms and conditions apply for this.
Besides the Mercedes-Benz exclusive offers, cardholders will also get 3% cash back on petrol spend (capped at RM50 a month), complimentary Accor Plus Explorer membership, dining discounts up to 40% in premium dining venues at Marriott Bonvoy Hotels in Malaysia, complimentary green fees at 100 golf courses worldwide and more.
Successful applicants of the Mercedes-Benz card will get a two-year waiver on the annual fee waiver, while subsequent year annual fees will be waived with an accumulated card spending of RM80,000 per annum.
Application is open to all with a minimum annual income of RM100,000. Interested customers can apply for the metal card across all dealerships nationwide or visit the website for more information.
Anamika Talwar
Anamika Talwar, Managing Director of Mercedes-Benz Services Malaysia said,
“We are excited to launch our first credit card product with Maybank and Visa to offer an exclusive branded metal credit card that complements the luxury brand experience for our customers.

The Mercedes-Benz Card is designed to enrich the experience of card holders who are lifestyle enthusiasts. Our customers can now have the prized 3 pointed Star, not only in their garage, but also in their wallet.”
B. Ravintharan
B. Ravintharan, Senior Executive Vice-President and Head, Cards, Group Community Financial Services at Maybank said,
“Maybank is honoured to partner with Mercedes-Benz Services Malaysia and become the first in Malaysian automotive history to introduce a one of its kind, metal card offering exclusive and luxurious benefits to its customers.

As the market leader for cards in Malaysia, Maybank continues to offer customer centric, new value-added offerings and best in class products for our customers.”

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Insurtech

Tokio Marine, Finology and KirimMan Roll Out Insurance Products for Gig Workers

									by Fintech News Malaysia
April 13, 2023
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Tokio Marine Insurans (Malaysia) has partnered with KirimMan, an e-commerce fulfillment logistic solution provider and courier service, and Malaysian fintech Finology to offer affordable insurance products for gig economy workers with a focus on delivery riders.
One of the new products, which is priced as low as RM1 per day, offers gig workers affordable protection against accidents while on the job.
It covers accidental death or permanent disablement, medical expenses due to accidents, and ambulance fees. The protection is enforced throughout the day, not limited to delivery trips.

The collaboration has also churned out the Goods in Transit insurance that offers logistics providers affordable coverage for goods in transit. With rates as low as RM2 per parcel, the product provides sum insured coverage that is higher than other logistic providers.
The Personal Accident for Rider and Goods in Transit insurance products are available now for KirimMan customers.
Ng Hang Ming
Ng Hang Ming, Chief Executive Officer at Tokio Marine said,
“We believe that everyone deserves access to quality insurance protection, and we’re proud to partner with KirimMan and Finology to offer affordable insurance to gig workers.”
Robin Ang
Robin Ang, Group CEO and Co-founder of Finology said,
“Our mission at Finology is to simplify insurance and make it more accessible to everyone. By leveraging our technology and expertise, we are dedicated to enabling embedded insurance solutions for our partners.

By partnering with Tokio Marine and KirimMan, we’re able to enable an affordable insurance product that’s easy to understand and easy to purchase.”

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E-Wallets
Insurtech

Touch ‘n Go Sets up Insurance Hub GOprotect Comprising 6 Products

									by Fintech News Malaysia
April 13, 2023
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Touch ‘n Go Group via TNG Digital has set up the GOprotect platform where its users can purchase various types of insurance offerings through the eWallet app.
GOprotect currently features the 6 insurance products; WalletSafe, SafeTrip, SafeHome, CarInsure, CI Insure, and MotoInsure.
With GOprotect, Touch ‘n Go said that its users can purchase an insurance plan in less than 3 minutes after comparing quotes from its insurance partners such as AIA Malaysia, Allianz, Etiqa, MSIG, Takaful Ikhlas, Takaful Malaysia, and Zurich Takaful.

Touch ‘n Go added that its users are also guaranteed a hassle-free claim process through the 24/7 insurers’ claim hotline.
They can also keep track of the insurance policies through the “My Policies” tab on their eWallet app.
Alan Ni
Alan Ni, Chief Executive Officer of TNG Digital said,
“Touch ‘n Go eWallet already has more than 2 million policies issued since the launch of its first insurance product in July 2021. In 2022 alone, we managed to issue 1.5 million policies and we plan on doubling the number of policies this year.

By working closely with our trusted insurance partners, Touch ‘n Go eWallet will introduce more value-for-money insurance products in the near future.”
Starting from RM1 for 6 months, users can get themselves protected with WalletSafe, in the event of death caused by accident or COVID-19, paying up to ten times the balance amount, with a maximum of RM25,000 in their Touch ‘n Go eWallet and GO+ balance.
If users are looking to travel domestically, they can opt to purchase SafeTrip, starting from RM3 daily, and get covered for travel inconvenience, medical expenses, personal accidents, and extra COVID-19 protection.
SafeHome is an insurance plan which offers up to 66% savings and protects one’s home against losses or damages for up to RM3 million for the building and up to RM50,000 for its contents due to events such as fire and lightning. Users can also expect to receive RM2,000 cash relief and RM5,000 per person in medical coverage.
The latest insurance offering, CI Insure is a health insurance plan, which covers the top 5 critical illnesses in Malaysia.
For CarInsure, users are provided with free personal accident protection worth up to RM50,000. Likewise, with MotoInsure, it offers the option of renewing road tax in conjunction with their insurance purchases.

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Lending

Funding Societies, CGC Sign RM10 Million Guarantee for SME Financing

									by Fintech News Malaysia
April 17, 2023
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SME digital financing platform Funding Societies has signed an SME Portfolio Guarantee agreement with the Credit Guarantee Corporation Malaysia (CGC) where eligible SMEs can apply for financing between RM50,000 and RM500,000.
Funding Societies and CGC are extending the first tranche of financing up to RM10 million with the aim to propel the growth of Malaysian SMEs by providing them easier access to financing.
SMEs that qualify for the scheme will have access to longer-term financing and get preferential interest rates, which is the lowest among Funding Societies’ existing portfolio of financing from similar segments.

Details of the SME Portfolio Guarantee and Funding Societies’ Business Term Financing facility is available here.
Kelvin Teo
Kelvin Teo, Co-founder and Group Chief Executive Officer, Funding Societies | Modalku said,
“With the PG in place, we would widen access to financing facilities for underserved and unserved SMEs in our key market, Malaysia. These SMEs may have a viable business model but lack the collateral to obtain financing via traditional financing channels.

Our financing would support SMEs to either expand or sustain their operations, particularly as SMEs bounce back post-Covid in resilience. As for our investors, the SME PG also lowers the risks of non-repayment by SMEs.”
Datuk Mohd Zamree Mohd Ishak
President & Chief Executive Officer, Datuk Mohd Zamree Mohd Ishak said,
“CGC is pleased to launch this inaugural Portfolio Guarantee (PG) with Funding Societies, our first collaboration with an SME digital financing platform.

This RM10 million PG will enable Funding Societies to offer the lowest financing rate and the longest tenure up to 60 months compared to the current tenure of up to 18 months to unserved and underserved MSMEs.”

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