Kuala lumpur: Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across ASEAN, adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
According to BERNAMA News Agency, CIMB Bank Bhd and CIMB Malaysia chief executive officer Gurdip Singh Sidhu stated that the bank is scaling its ASEAN presence through both physical expansion and cross-border digital offerings. This strategy has enabled it to serve over 50 million users across Southeast Asia. Gurdip emphasized the bank’s digital transformation efforts and its significant investment in Touch ‘n Go Digital, which operates Malaysia’s largest e-wallet and functions as a non-bank digital super app. The integration of Touch ‘n Go eWallet with the Alipay+ platform facilitates seamless cross-border payments for both foreign visitors and Malaysians abroad, while also enabling local small and medium enterprises to accept payments from international customers.
Gurdip also highlighted CIMB’s success in the Philippines, where the bank established a digital-first presence from the ground up in just six years. The bank partnered with a leading local e-wallet to initially offer banking products via their platform before launching its own app, now serving nearly 10 million customers entirely through digital means.
In support of broader regional integration, global digital payment and fintech provider Ant International is also strengthening cross-border infrastructure through its Alipay+ platform. Jake Xue, Ant International general manager of global business services and support, explained that the company is expanding its cross-border payment infrastructure and digital financial services to connect 1.7 billion users with over 100 million merchants worldwide. Malaysia is strategic to Ant International’s global vision as both a gateway to ASEAN and a source of diverse and digitally savvy talent. The company plans to expand its Malaysian team to 1,000 employees by year-end, up from 800 currently.
Visa’s head of Products and Solutions for Regional Southeast Asia, Kim Hak, noted the complexity of cross-border payments, emphasizing the importance of interoperability and shared standards in building trust and confidence in the system. Meanwhile, the Fintech Association of Malaysia president Anil Singh Gill praised Bank Negara Malaysia (BNM) for its solid and competent financial governance, suggesting that open finance could introduce competition and transparency to further reinforce trust.
Nexea chief executive officer Ben Lim commented on the significance of corporate partnerships for startups, citing an example where a startup, Lapasa, experienced a 1,600 percent growth in a single year by securing a large corporate client. Such partnerships can provide the leap needed for startups to go regional or even global.
The Media Panel Session was part of MyFintech Week 2025 (MyFW 2025), held from August 4 to 7, bringing together nearly 1,000 industry leaders, regulators, and innovators to explore the future of finance and technology. With the theme ‘Ideate, Innovate, Co-create: Shaping the Future of Finance’, the event reinforced its role as Malaysia’s flagship fintech event, co-organized by BNM, the Securities Commission Malaysia, the Asian Institute of Chartered Bankers, the Fintech Association of Malaysia, and the Malaysia Digital Economy Corporation. This year’s program featured keynote addresses, panel discussions, masterclasses, workshops, and live demonstrations, spotlighting trends and solutions driving innovation and financial inclusion.