PayNet (Payments Network Malaysia)’s Post

Grab-led GXBank Berhad announced that it will spend MYR 1.5 billion ($333 million) in Malaysia over the next five years, including the GX Untuk Semua project, strengthening Malaysia's digital banking position. The company claimed the program shows its dedication to Malaysia's nation-building and KL20's vision of being a top 20 global #startup hub. According to GX Untuk Semua, it fosters local IT talent, develops core skills, best industry practices, and #innovative solutions. The underserved will receive financial access and sustainable solutions through this program using cutting-edge technologies. The competencies and solutions will include AI-based risk and fraud management and personal and #MSME financing. GX Untuk Semua will also promote tech entrepreneurship and help develop digital finance solutions for tomorrow. ”While we are excited to introduce GX Untuk Semua, it is more than a national aspiration or a tech hub to us, “It also symbolises the many big and small financial dreams of every Malaysian we hope to help fulfil,” said Zaiton Binti Mohd Hassan, Chairperson of GXBank. He claimed they are leading the way in meeting Malaysians' financial requirements with a brilliant team of over 95% Malaysians. The surge shows Malaysians' choice for #digital banking and trust in it, the statement stated. Malaysia's first digital bank, GXBank, launched on September 1, 2023. To share your startup story write us on - contact@startuprise.org #GXBank #Malaysia #Banking #Financing #technologies

GXBank, Malaysia's first digital bank, has announced plans to establish a Regional Center of Excellence (COE) for Shared Services in Malaysia by the end of 2024. This initiative is set to create nearly 400 new jobs, focusing on core banking operations, technology, and risk management. As part of a broader RM1.5 billion investment strategy, the project aims to boost Malaysia's economy and technological advancement. In collaboration with Grab and Endeavor Malaysia, GXBank will also mentor high-potential entrepreneurs, aligning with the government's KL20 initiative to position Malaysia as a leader in digital innovation. 💬 For more insights, read the full article here: https://lnkd.in/gYNNKXks #globalbusinessservices #GBS #sharedservices #ssc #digitalbanking

UOB and Silver Lake were recognised for Best Data Integration and Framework Implementation at the TAB Global Financial Technology Innovation Awards 2024. The winners seamlessly integrated acquired lending portfolios, wealth management, and retail deposits across Malaysia, Indonesia, and Thailand.    Employing a factory approach ensured consistency, efficiency, and faster time to market, reducing migration costs by 40% and driving significant business and customer growth.   The Financial Technology Innovation Awards Programme is among the most prestigious of its kind, evaluating the successful implementation of technology projects between financial institutions and their technology partners. We assess financial institutions participating at both international and country levels through a comprehensive evaluation process.   See the full list of winners here: https://bit.ly/3x0kSRt   Li San Chem, Ardian Sapoetro, Hii UK, Terence Chan, Bình Phạm, Kim Sheng Chan, Karen Low, Dwi Asyadid, Amber Hui Yen Khor, Xue Li Loh, Astari Prisila, Michelle Chan Si Min, Helen Chong Hui Ling, Marthana Saputra, Amanda Ng, Alexander Angelin, Simon Mwape, Kenneth Pickover, Bradley Pearl, Imke Koberg, Ann Fisher Lindsay, Bethany Riedy, Foo Boon Ping 胡文彬, Chris Kapfer, Neeti Aggarwal, CFA, David Gyori, TAB Global   #FinTechInnovationAwards #FinancialTechnology #TechInFinance #BankingInnovation #DigitalTransformation #TechAwards #AIinFinance #OpenBanking #AugmentedReality #AutomationTech #BankingAsAService #BigDataAnalytics #BlockchainTech #BranchDigitisation #CloudTechnology #ConsumerLending #CoreBanking #CorporateLending #PaymentsInnovation #CRMSolutions

FRIDAY 9.45am! Astro AWANI 🎥 FINANCIAL INCLUSION VIA INNOVATIVE FINTECH Did you know? Roughly 12% of Malaysia ie; 7 million Malaysians, primarily from rural areas are unbanked - meaning they cannot access ANY financial services. This is a dire need due to the growth rate in mobile banking & e-money transactions, which quadrupled to RM800 billion in 2021. Moreover, financial inclusion gaps among underserved communities such as women, gig workers, and lower-income earners requires significant attention. Niaga Spotlight speaks with Nisa Ismail, CEO, Sedania As Salam Capital Sdn Bhd about the latest in Financial Inclusion via FinTech to help close these socioeconomic gaps, especially in rural areas. #NiagaSpotlightWithTehminaKaoosji #501Awani #FinTech #FinancialInclusion #Digital #Banking #PovertyAlleviation #Malaysia

Exciting news from Bank Negara Malaysia! The Regulatory Sandbox is getting a major upgrade to boost financial innovation. Here's what you need to know: 1. Simplified Eligibility: BNM's Standard Sandbox now has easier admission criteria, opening doors for more innovative solutions to be tested in Malaysia. 2. Green Lane Introduced: Malaysian financial institutions with proven risk management capabilities can now test innovations faster and more flexibly. 3. Collaboration is Key: Recent Sandbox test cases in Malaysia involved 17 partnerships between financial institutions, fintech companies, and tech providers. This trend is set to continue! 4. Pre-screening Programme Launch: FAOM is introducing a new advisory support system with industry mentors to guide Malaysian financial service providers through the Sandbox process. 5. Culture Shift: BNM is encouraging a culture of agility and resilience, where creativity is nurtured and failures are viewed as learning opportunities. As Assistant Governor Suhaimi Ali stated in his opening remarks at the recent Sandbox Open Day in Kuala Lumpur, "Innovation does not happen in isolation. It thrives in an environment where creativity is encouraged, risks are managed, and failures are seen as learning opportunities." Did you know? Since its inception in 2016, BNM's Regulatory Sandbox has been crucial in shaping regulatory policies and fostering responsible innovation in Malaysia's financial sector. These changes reflect BNM's commitment to creating a conducive environment for innovation while effectively managing risks. It's an exciting time for fintech in Malaysia! What innovative financial solutions do you think will emerge from this enhanced Sandbox? Share your predictions in the comments! Visit our website to unlock insights from the inside out! Follow FinFormed now and stay ahead of the curve. Your informed financial future starts here! #FinTechInnovation #RegulatorySandbox

With nearly a quarter of Asia’s population still unbanked or underbanked, and as the shift away from cash accelerates, the collaboration between governments, the financial system and the tech sector is more important than ever. In a piece I penned for The Manila Times, I share the critical role financial technology plays in closing Asia’s financial inclusion gap. From innovative payment solutions to scalable financial infrastructure, there are opportunities for companies to make a lasting impact in the region. At Episode Six (E6) we are proud to be a leader in this space, powering financial service companies in Japan, Indonesia, Malaysia, Vietnam, Singapore, Hong Kong and more, bringing new digital-first solutions to millions of people and businesses across the region. #financialinclusion #APAC #digitalpayments #innovation #EpisodeSix John Mitchell Chermaine Hu Daryn Griggs Sam Hou Loong Nirmal Chander Kallan Hogan AJ Taylor William Belle

#OpenBanking is one of my favorite intellectual discussion because of the different schools of thoughts and #innovations that could emerge. I was therefore thrilled to partake the panel session organized by Maybank together with other distinguished panelists Claude Maroun Mastercard, Sarah Huang Brankas, Ganesh Mahendranathan Gentari and brilliantly hosted by Sim Onn Yong Mr Money TV. Many thanks to Zaid Shariff and Valerie Low for the opportunity. With the increasing demand for true Open Banking in #Malaysia especially amongst the #digitalbanks and #NBFIs, perhaps there should be consideration for a Bank Negara Malaysia mandate beyond publishing the 2019 policy document on Open API. Smart incumbents #TradFis #FSIs #banks such as Maybank are already thinking ahead out of the box and spurring innovations and business opportunities by better embracing/supporting Open Banking. I shared that governments play a vital role as a trusted partner to establish a information sharing framework that facilitate reliable and secured sharing of trusted information among individuals, governments (pan-ASEAN?), banks and non banks. This is an important foundation on which Open Banking ecosystem partners could harness to safely exchange and mesh data with the consent of customers. I furthermore shared use cases such as in #B2B #agritech on meshing farms' #IOT data with bank's to customize financing. On the retail individuals, how about co-relating the customers' #investment preferences with their #sporting activities as monitored through #healthtrackers? Would #soccer players have higher tendency investing in Tesla stocks? JFourth Solutions #fintech #payments #crossborderpayments #banking #singapore

#Throwback to #MEPSCASH in 1999 – A Journey of #JiwaMerdeka 🇲🇾 Ever wondered how #Malaysia started its journey toward a cashless society? 🤔💡 In the spirit of our 67th #Merdeka celebrations and as we approach #MalaysiaDay, we’re excited to launch #ThrowbackFriYay, a new initiative where we look back at key moments that shaped our nation’s #cashless landscape. Every Friday, we’ll highlight milestones that contributed to Malaysia’s digital payment evolution. To kick things off, does anyone remember reloading their cards way back in 1999? Let’s take a walk down memory lane. 💭 1️⃣ September 1999 – The birth of #MEPSCASH: Malaysia's first reloadable card, launched by MEPS (now #PayNet). Within just two weeks, RM210,000 was reloaded, showing how eager #Malaysians were to embrace #CashlessPayments. 📲 2️⃣ Today – We’ve evolved with #MyDebit, delivering an easy, safe, and convenient cashless payment experience. This isn’t just about technology but also a reflection of Malaysia’s growth in #DigitalLiteracy and our push to stand tall on the global stage among other international powerhouses. 🌎 Join us every #ThrowbackFriYay as we share more milestones that define Malaysia’s cashless journey. Let's keep pushing for innovation and shared prosperity for all Malaysians. Together, we can proudly uphold the spirit of #JalurGemilang and build a legacy for future generations.🇲🇾❤️ #HariMalaysia #CashlessJe #DigitalMalaysia

Throwback in March 2021....Julia Chin Liang Jie Ng Amarjeet Kaur Valerie Tan Zehan T. Tengku Mu'adzam Sadruddin Joyce C. Jean Charles Salvin Febryanty Putry thanks to FortNynja e-Fintech School (J HC Fang L.), we shared our journey. COVID-19 pandemic had indeed accelerated the adoption of digitalisation among millions of Malaysians, forcing many traditional brick-and-mortar businesses to pivot online and go virtual for their eCommerce, including those in the entertainment, services and education sectors, just to name a few. The government, under the Malaysia Digital Economy Blueprint, also undertook efforts to nurture future digital talents, as well as upskill and reskill the existing workforce moving towards digital transformation in the advanced digital economy. Fintech is indeed one of the key enablers to drive innovations/digital transformation in all key sectors, particularly the banking sector, which has since witnessed the birth of digital banks to serve the undeserved and unserved, aimed at improving financial access for gig workers, SMEs, and lower-income groups, aligned with Financial Inclusion framework under BNM Financial Sector Blueprint 2022-2026.

📢 Special Appreciation Post   From May 6th to May 10th, 2024, Artem Ventures facilitated a mission trip to Malaysia organised by our partner Singapore FinTech Association (SFA) for their members. Given our experience investing in and developing our startup ecosystem, we were excited to showcase Malaysia’s inclusive and diverse business environment and foster a collaborative knowledge-sharing of our financial market and banking landscape with our neighbours.   Throughout the visit, the delegation engaged with stakeholders from the financial industry on the role of fintech in driving innovation, the digital capabilities of incumbents, and regulatory evolution in areas such as e-KYC/KYB, AML and credit lending.   Key Strategic Engagements and Outcomes: 1. The importance of regulatory frameworks and policies to support digital banking and payments, fostering fintech innovation and consumer protection. 2. Fintech collaborations, e.g. modernising operating models through cloud integration and open banking and AI solutions to enrich customer offerings. 3. Banking beyond traditional frameworks to support lifestyle and business needs, and boosting profitability and customer engagement through digital transformation. 4. Digital innovation initiatives within Malaysia’s digital ecosystem to facilitate digital transformation and support MSMEs, such as PEMANGKIN. 5. Development of security and operational efficiency across Malaysian financial institutions to combat fraud.   A big shoutout to: 1. Our regulators, banks and ecosystem partners for making this trip possible: Bank Negara Malaysia, Securities Commission Malaysia, PayNet (Payments Network Malaysia), Maybank, AEON Bank, Bank Islam Malaysia Berhad, TNG Digital, AFFIN Group, HSBC, Alliance Bank Malaysia Berhad, Hong Leong Bank Berhad, RHB Banking Group, CGC Digital, Malaysia Digital Economy Corporation (MDEC), Malaysia Venture Capital Management Berhad, Christopher & Lee Ong, a member firm of Rajah & Tann Asia. 2. FinTech Association of Malaysia & Malaysian Venture Capital & Private Equity Association (MVCA) for welcoming the delegates to their Raya Open House for a festive afternoon of networking. 3. Esteemed delegates who joined us on this journey for their invaluable contributions to the sessions. 4. Last but not least, Singapore FinTech Association (SFA) for the chance to work together on this.   Moving forward, Artem remains dedicated to forge and facilitate partnerships to drive financial inclusiveness, enhance digital transformation, and support underserved communities within the region.   #Fintech #FinancialInclusion #DigitalTransformation #StrategicPartnerships #Innovation