Malaysia Fintech Industry News - June 2017

Islamic finance conference in August 2017

The 11th Islamic Financial Services Board-The Global University of Islamic Finance (IFSB-INCEIF) in Malaysia are a working in tandem on a major conference regarding Islamic finance planned for August. The group will be holding a 2-day forum in August to update senior members of the Finance industry regarding new developments in Islamic finance. The session will also look into creativity, innovation and standardization activities in Islamic finance products (which contextualizes new finch developments and updates as well).

Maybank to start fintech sandbox

To ride on the strong growth in fintech, Maybank has established a fintech sandbox in Malaysia. The sandbox is to test solutions that may be feasible for the Asia region. The Centre is to incubate innovative solutions in the region, and for companies to be exposed in real banking circumstances. The Centre will also allow participants to bounce ideas with seasoned banking industry personnel.

Sedania acquires As-Sidq

Sedania Innovation Bhd currently has investments in IoT, green tech, big data and other heavy IP-based industries. Sedania has recently acquired As-Sadq, a platform which allows individuals to trade using their pre-paid telecommunication airtime credits. The As-Sidq system is already being deployed and used by 21 financial services companies in Malaysia. The As-Sidq system allows a very convenient and novel way for individuals to depend on phone credits as a method to trade.

China Construction Bank opens in Malaysia

Since the year 2000 Chinese entities have entered into Malaysia focusing on real estate, transport and infrastructure projects. The China Construction Bank is a state owned entity from China and is now the third Chinese bank to set up in Malaysia. The news of another state owned bank from China appeals to the Malaysian government in terms of potential investments into infrastructure –related works: such as roads and telecommunication infrastructure.

Transcosmos invests in Malaysian firm

Japanese firm Transcosmos has invested in Malaysian Soft Space Sdn Bhd. The IT outsourcing company is investing in the Malaysian fintech company to increase its activity in digital payment technology. Transcosmos has invested in other new technological ventures in the region, however in this investment, it will gain a substantial foothold digital payments for Malaysia and the Asia region.

Public Bank bags 4 e-payment excellence awards

Public Bank of Malaysia has won four awards at the Malaysian E-payment Excellence Awards 2017 organised by MyClear. The awards recognize banks with innovative products that have potential to transform e-payment solutions, and particularly those new solutions that are secure and reliable for future e-payment requirements. Different award categories were won by Public Bank, including “Outstanding Contribution to Financial Process Exchange” and another for notable contribution to debit card rollout.

Equity crowd funding in Malaysia

More than 60 participants were at a recent equity crowdfunding event organized by the ASEAN secretariat and the Malaysian SME Corp. The SME Corp is the national coordinating body overseeing the development of SME businesses in Malaysia. It was discussed during the event that equity crowdfunding opportunities were not yet well accepted in Malaysia and developing countries. At the same time, the conference recognised the growing importance of fintech solutions within the context of crowdfunded technology and innovation.

Malaysian reinsurance startup firm opens office in Singapore

Specialist Re, a company from Labuan Malaysia, provides a web-based global re-insurance platform to engage the reinsurance industry. The platform connects insurers, reinsurers and brokers in one technology platform in order to save costs and deploy products widely and efficiently. The company’s electronic platform will reduce administrative cost and provide services from a one-stop electronic shop.

Razer expands virtual gaming currency

Razer announced its partnership with Malaysian fintech startup MOL AccessPortal. The deal is part of a wider partnership strategy to distribute zGold, which is a gaming currency. Razer, the US-Singaporean company is already functioning in many territories in Asia Pacific and addresses the growing gaming community through their zGold gaming credits. Razer has acquired a minority stake in MOL.

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