Malaysia Fintech Industry News - August 2017
First shariah-compliant robo advisory in Malaysia
Robo advisors are disrupting the financial and wealth advisory industry in Malaysia. A robo advisory product called Algebra will advise on Shariah compliant investments. The product relies on smart beta trading algorithms to derive its active equity portfolio, it then blends with fixed interest Exchange Traded Funds, or Sukuk bond funds.
Hong Kong's SuperCharger fintech accelerator is moving to Malaysia
SuperCharger Fintech Accelerator from Hong Kong is moving to Malaysia with the support of Standard Chartered Bank, Allianz Malaysia and the country's Digital Economic Corporation (MDEC). SuperCharger seeks to discover, train and scale promising fintech companies focused on Asia. To date, 16 companies have undergone the programme, which has delivered 12 proof of concepts, contracts and pilots.
AirAsia to release fintech products
AirAsia announced it will launch a mobile payment service among other fintech related products. The Malaysian low-cost carrier said the proposals are part of "vertical integration" now that it has established a firm footing in Southeast Asia.
CIMB unit, Ant Financial in e-wallet joint venture
CIMB Group Holdings Bhd and Ant Financial Services Group have teamed up to create a payment solution in Malaysia. CIMB Group, through subsidiary Touch 'n Go Sdn Bhd, will be the majority shareholder in a joint venture (JV) to provide mobile wallet solutions and other related financial services. The envisaged mobile wallet will allow these users access to more services on mobile phones. Ant Financial is a company formed by Jack Ma of Alibaba.
Hong Leong Bank wins best bank in Malaysia at Euromoney Awards
Hong Leong Bank Berhad has clinched the title “Malaysia's Best Bank” at a prestigious Euromoney Awards. Hong Leong Bank deployed Artificial Intelligence in support of customer service, which is a robotic concierge at branches to help guide customers. In addition it has launched a "Loan2Go" mobile auto loan application platform. Euromoney received almost 1,500 submissions globally for its awards programmes.
Bank Islam wins Asset Triple A Islamic Finance Awards
Bank Islam Malaysia Bhd has won the “Best Islamic Environmental, Social and Governance (ESG) Bank” at the recent The Asset Triple A Islamic Finance Awards. The Asset Triple A Islamic Finance Awards, organised by The Asset publication, is the top award for the Islamic Finance in Asia's financial industry.
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