“This decision comes after concerns about the platform’s compliance with local regulatory requirements and protecting investors’ interests,” the regulator said Monday. It added that operating a digital asset exchange without being registered is an offense under section 7(1) of the Capital Markets and Services Act 2007.

Read more: The Block

The post Huobi Global ordered to stop operations in Malaysia by the Securities Commission appeared first on FinTech Ranking.

Established in 2017, BigPay provides money transfer, microinsurance, bill payment, and budgeting services on top of offering a prepaid debit card that works with Visa- and Mastercard-compatible portals. The company currently has operations in Malaysia and Singapore, with the goal of setting foot in Thailand and then other Southeast Asian countries.

Read more: Tech in Asia

The post Fintech arm of AirAsia secures US$100mil from Korean SK Group appeared first on FinTech Ranking.

The central bank of Malaysia stated that a wide range of companies or business have filed applications for the virtual bank license. These companies and organizations include banks, industry conglomerates, tech firms, digital commerce service providers, Fintech industry participants, cooperatives and even state governments.

Read more: Crowdfund Insider

The post Bank Negara Malaysia Receives 29 Digital Banking License Applications, Up to 5 Will be Issued appeared first on FinTech Ranking.

BigPay has put together a strong consortium of strategic partners to support its application: Malaysian Industrial Development Finance Berhad (MIDF), Ikhlas Capital and a foreign conglomerate with fintech expertise. Each of the consortium partners is contributing something unique for the success of BigPay Bank. In addition to the consortium partners, BigPay is part of the airasia Group and has access to a broad ecosystem that includes eCommerce merchants and consumers, insurance and telecoms. 

Over the past 4 years, BigPay has successfully added a number of regulated financial products to its offerings, from e-money and international remittance to micro insurance and budgeting, with the goal of being a one-stop solution for Malaysians’ financial needs. In the coming months, BigPay will launch a number of new services – including responsible credit, micro savings and an offering for mSMEs and freelancers.

Read more: AirAsia

The post BigPay officially applies for a Digital Banking Licence in Malaysia appeared first on FinTech Ranking.

For example, Real Property Gains Tax (RPGT) products use technology in several ways. Many companies now offer financial services via the internet or an app, and leading Malaysian financial companies aim to raise technological literacy amongst Malaysian people. Hence, they are more able to access financial products in the modern world.

Banks and financial advisors use technology to advise customers on their financial products or to offer quotes, assessments, and application forms. Digital financial services have never been more popular, and almost everyone uses some form of online banking these days.

The Real Property Gains Tax, or RPGT, on your Malaysian property is no different. With fintech involved, customers can now access simple infographics or other digital guides to financial products. 

Financial products are typically overwhelming and can be confusing for the average customer or demographic, especially in areas where digital literacy is low. Nevertheless, with new fintech, infographics, and digital financial services, the world of finance is starting to get a lot easier to use. 

Another fintech solution to financial services is the online credit assessment tool and comparison tools for financial products.

It’s not only individual consumers that can benefit from fintech either, as companies in the financial sector themselves can also utilise financial technology. Whole new companies exist purely to advise, implement and maintain fintech for banks, fintech app manufacturers, insurance underwriters, and other such companies. 

The post Fintech and Real Property Gains Tax (RPGT) appeared first on FinTech Ranking.

Operated by Payments Network Malaysia Sdn Bhd (PayNet), DuitNow QR is Malaysia’s National QR designed to encourage nationwide adoption of cashless payments and the digital economy through the use of an interoperable QR code. DuitNow QR will provide consumers with a safe, easy payment method for in-store purchases, and give merchants access to the millions of consumers who have adopted the digital-first lifestyle. 

Read more: Grab

The post GrabPay Introduces DuitNow QR Feature in Malaysia appeared first on FinTech Ranking.

The Malaysian central bank’s new document on the licensing framework for all-digital banks has been published after completing a 6-month public consultation.

Bank Negara officials stated on December 31, 2020, that the licensing framework for digital-only banks will support the application of the latest technologies to enhance the financial well-being of individuals and companies while also promoting sustainable growth.

Read more: Crowdfund Insider

The post Malaysia’s Reserve Bank Issues New Policy Document for Virtual Banks appeared first on FinTech Ranking.

In a statement today, Deloitte Malaysia consulting executive directors Timothy Ho and Cheng Yen Chu as well as audit and assurance partner Joshua Yan said that late last year, Bank Negara Malaysia (BNM) announced the issuance of up to five licences to establish digital banks, off the heels of regulators in other Asean countries.

The trio said fintech companies are also disrupting various aspects of the traditional banking value chain, such as payment and lending, challenging the incumbents with differentiated product pricing, innovations and customer experiences.

Read more: The Edge Markets MY

The post Deloitte: Banks can expect stiff competition from digital banks and fintechs appeared first on FinTech Ranking.

Instapay, which operates an e-wallet-based remittance service, has partnered with Ria, a leading money transfer company and subsidiary of Euronet Worldwide Inc (NASDAQ:EEFT), to provide customers in Malaysia with greater options thanks to Ria’s far-reaching network composed of more than 430,000 locations all over the world, also benefiting from their substantial experience of over 30 years in the industry. This alliance ensures that Instapay can extend and provide service to its clients in as many locations as possible, providing them with credible and secure e-banking facilities to meet their remittance needs.

Through the partnership with IME Ria, Instapay is bridging the financial gap inclusion to help workers use formal financial channels in a convenient way for their transactions. Instapay account users are now able to seamlessly transfer money online to 160 countries using the delivery channels offered by IME Ria, all available now via Instapay’s mobile app.

“The trust that customers have in the IME Ria brand, we know our customers’ money is safe. Also, their wide network in the countries that our customers remit money is an added advantage”, noted Rajnish Kumar, Co-founder and CEO of Instapay Technologies Sdn Bhd.

“Remittance processes are evolving. In the last decade, retail remittance largely moved from banks to remittance houses. Since the Covid outbreak, people are reluctant to go to crowded locations to send money, and have sought to embrace safe and convenient digital alternatives to meet their financial needs”.

The all-in-one Instapay application embraces:

Financial Inclusion

Instapay’s e-wallet solution moves the migrant worker’s payroll to their Instapay Account, enabling them to store money in the account and transact conveniently using the Instapay mobile application or Instapay Mastercard card.

Digitisation of Salary

One of Instapay’s key offering is the Instapay Salary Account; ensuring the worker’s salary is paid into the account. Instapay eases the burden of companies who pay their workers in cash. This process is cumbersome for companies and also inconveniences migrant workers who need to set aside savings and manage the income they receive in cash.

Cross-border Remittance

Instapay’s low remittance costs ensure easier transactions for the workers and lower fees on sending cross-border remittances.

Instapay Customer Service

Instapay’s customer service team ensures on-boarding runs smoothly and are available to customers and businesses as well. Many migrant workers aren’t digitally savvy, and often not familiar with managing financial transactions through an app. Instapay’s customer service team, with linguistic skills that cater to the target segments, work closely with the migrant workers to ensure that they understand how to use the Instapay app.

The post Instapay Technologies Partners with Ria Money Transfer (IME) to Promote E-Wallet Services in Malaysia appeared first on FinTech Ranking.

The app already has a waiting list of over 20,000 people, BigPay said. The company plans to launch new business lines such as loans, insurance and wealth management in the coming months, and expand to other Southeast Asian markets early in 2021, the announcement said.

Read more: finews.asia

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