FINEXUS’ Kayaaku Wallet became the first e-wallet in Malaysia to integrate with MyDigital ID, allowing users to now have an alternative single sign-on login option, in addition to the e-wallet’s existing password and biometrics. MyDigital ID is a government initiative for a secure and trusted digital identity solution, which facilitates identity verification using the government database without storing any personal data.
With MyDigital ID, the government hopes to curb scams, which cost Malaysians a whopping RM53.34 billion in 2024 with identity theft covering 21% of all scam types. In fact, Malaysia recorded the highest rate of personal data leaks among key Asian markets according to Whoscall, with close to three-fourths (72.5%) of Malaysian users discovering that their information had been compromised.
“We are proud to be Malaysia’s first e-wallet to integrate with MyDigital ID, combining convenience with security. Kayaaku users now have an alternative option to securely access their wallet and other MyDigital ID-integrated platforms using a single password, backed by robust digital verification process and cybersecurity measures,” said Clement Loh, Group Managing Director and Chief Executive Officer of FINEXUS.
“Our FINEXUS’ Kayaaku Wallet and MyXaaS Programme Partners can now enjoy enhanced benefits from our banking-grade security. Already, all of our applications and portals are hosted within our fully owned local data centres, ensuring data sovereignty in a highly secure digital environment,” he continued.
With over 2.3 million Malaysians registered for MyDigital ID, Malaysians with MyDigital ID can start accessing various government applications and portals including MySejahtera, MyJPJ, and MyBayar, with future efforts by JPN (National Registration Department) to automatically register every 12-year-old when obtaining their MyKad.
“MyDigital ID plays a pivotal role in strengthening digital trust and security across Malaysia’s digital ecosystem. As the only digital identity platform officially recognised by the Government of Malaysia, MyDigital ID ensures strong cybersecurity and protects Malaysians in the digital realm,” said Nik Hisham Nik Ibrahim, Chief Executive Officer of My Digital ID Sdn Bhd.
“We welcome the integration of MyDigital ID by Kayaaku by FINEXUS in the e-wallet sector, and look forward to seeing more fintech players and service providers across industries adopt this national trust infrastructure in support of secure and seamless digital interactions.”
Besides providing robust security for its applications, FINEXUS also enables MyXaaS Programme Partners to create a licensed and regulated e-wallet supporting fund transfers and both local and cross-border payments via DuitNow, Mastercard, Alipay, Alipay+, and Visa. Users can opt for physical Mastercard or Visa prepaid cards linked to their e-wallet. Another notable feature is request-to-pay, which allows users to easily initiate and manage payment requests.
As a strategic FinTech enabler, FINEXUS supports its partners with regulatory compliance, continuous application enhancements, customer service for e-wallet users, and backroom business processing operations, including fraud detection and settlements. Partners also have the opportunity to become merchants and/or agents for their acquiring or point-of-sale services.
For more information about how to become FINEXUS’ MyXaaS Programme Partner, visit https://home.FINEXUScards.com/partner/
For more information about MyDigital ID, visit https://www.digital-id.my/en