February 27, 2024

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Malaysian start-up and bank announce FinTech collab

A Malaysian FinTech start-up and the Malaysian branch of a Kuwait bank announced a strategic collaboration to provide cross-border payments for its customers.

The collaboration, the first of its kind between a foreign Islamic bank and a local FinTech start-up, enables the bank to deliver cutting-edge, Syariah-based solutions to its customers. This partnership marks the start-up’s maiden entry to provide enterprise solutions via its newest product BankFX, and ultimately to improve the cross-border payments experience for consumers regardless of platform.

The start-ups Chief Executive Officer stated that it is excited to have the bank onboard as its first Bank FX customer. The firm strongly believes that everyone should have access to the best exchange rates regardless of platform.

Through this network collaboration with the bank, the efforts to transform the experience of cross-border payments for all will be greatly amplified.

To celebrate the launch of this collaboration, the bank customers will be entitled to a 100% service fee waiver promotion for all native-currency cross-border payments made via its physical branches nationwide. This offer is valid until 31 August 2019.

The start-up and the bank will complement each to introduce inexpensive, convenient and faster cross-border payment services to customers.

The bank is always seeking ways to innovate and its partnership with the Malaysian start-up enables its customers to perform cross border payments at an affordable, transparent and swift manner.

In addition, this is in-line with the aspiration of Bank Negara Malaysia for financial institutions to provide value-added services to customers by leveraging on fintech-based solutions, according to the bank’s Chief Treasury Officer.

With the introduction of the start-ups Bank FX service, the bank can now enjoy low-cost and simple cross border transfers with 38 available currencies across 58 countries.

The cross-border transaction rides on blockchain technology that provides benefits such as transparency, enhanced security, improved efficiency, speed of transaction and at lower costs.

Banks in Malaysia have been partnering local start-ups and companies in greater numbers this year.

For example, a recent report noted that a Malaysian universal bank has introduced an app which enables merchants to accept credit card payments from customers without the need for a point-of-sale terminal.

The nation’s largest bank is the first in South-East Asia to introduce the payment solution, which is supported by the latest Android-based smartphones that are equipped with Near-Field Communication (NFC) and Trusted Execution Environment (TEE) technologies.

The bank aims to enable over 10,000 device acceptance points within the next 12 months. The app, named Tap2Phone, is expected to generate an additional RM350 million in the value of merchant transactions, on top of RM60bil in current transactions.

The simplicity of transactions on the app is the invaluable service it provides; by allowing merchants to provide seamless and instantaneous payment options for their customers through a secure and easy-to-use mobile payment technology.

Continuing commitment to spurring the country’s economic growth is a key priority for the bank. This is done by supporting the growth of SME development as well as the nation’s cashless agenda by leveraging on technology.

The bank expects the service to benefit businesses and give them greater control in managing their daily operations. The app was designed to cater to small businesses as well as delivery and sales agents.

Merchants will simply have to download and launch the Tap2Phone app on their smartphones and customers can tap their payment cards on the back of the merchant’s smartphone to transact. The fee for the service is RM5 per month.

Tap2Phone accepts all contactless payments for transactions of RM250 and below. It will be fully rolled out in September 2019.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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