Asia-Pacific · GDP rank #35

Malaysia

MY · MYR @ 0.2532/USD

Malaysia ran the highest-velocity DuitNow rollout in ASEAN. PayNet cleared 8.44bn digital transactions in 2025 (+34% YoY), DuitNow QR alone doubled to 3bn, and the country operates the densest ASEAN cross-border QR mesh (live with SG, TH, ID, CN, KH; IN expected 2026). Malaysia is one of the five founding-country IPSs inside the BIS Project Nexus Scheme Organisation. BNM's five licensed digital banks are now in operational years two and three; the Securities Commission frames stablecoin and tokenised-deposit policy.

Tab 07

Fintech & disruption

Malaysia's fintech stack is anchored by the four super-app wallets (Touch 'n Go, Boost, GrabPay, ShopeePay) and the five licensed digital banks (Boost Bank, GXBank, AEON Bank, KAF Consortium, YTL-Sea Group). Atome, BigPay and Curlec (acquired by Razorpay) are scale standalone operators. The structural advantage versus peers is acceptance: DuitNow QR's 3m+ touchpoints provide a distribution layer that wallets, BNPL providers and SME PSPs all share. VC dealflow normalised post-2022 peak; the next catalyst is Project Nexus go-live and the SC stablecoin/tokenised-deposit framework.

Fintech funding · LTM

US$0.5B

USD · May 2025–Apr 2026

Largest unicorn

US$1.2B

Touch 'n Go Digital

Unicorns

Boost (Axiata Digital)

US$1.0B

super-app wallet + digital bank

Kuala Lumpur · founded 2017

Boost

Touch 'n Go Digital

US$1.2B

super-app wallet + transit + financial services

Kuala Lumpur · founded 2017

TNG Digital

Funding

Largest disclosed rounds · LTM

Rounds shown are the largest disclosed in the last twelve months. Private markets remain opaque — valuations at follow-on are the most reliable signal of investor conviction.

Round size

GXBankUS$130M
Bank capital injection · 2026-02-15

Emerging categories

Digital banks

growing

Boost Bank (Axiata-RHB)
GXBank (Grab-Singtel-Kuok)
AEON Bank (AEON Financial Service-MoneyLion)
KAF Consortium (Islamic)
YTL-Sea Group

BNM Digital Banking Licensing Framework 2022; all five live by end-2024. 2026 Financial Inclusion Scorecard underpins pacing for any additional cohort.

Buy Now Pay Later

regulated

Atome
ShopeePayLater
SPayLater
GrabPayLater

BNM Consumer Credit Bill expected 2026 brings BNPL under formal credit-regulator oversight; current operators authorised under e-money / PSP licensing.

Sharia-compliant stablecoins / tokenised deposits

emerging

Maybank Islamic (tokenised deposit pilot)
KAF Consortium

Securities Commission Malaysia consulting on Sharia-compliant stablecoin and tokenised deposit framework; BNM not yet authorised stablecoin issuance for payments.

Embedded finance

▌Grab Financial Services — embedded payments, insurance, lending across Grab super-app
▌Sea Group — ShopeePay + SPayLater + SeaBank stack embedded in Shopee marketplace
▌Touch 'n Go eWallet — Ant International stack, transit + retail + GO+ savings
▌Curlec (Razorpay-acquired) — embedded SME recurring payments