Banks, fintech players step up cross-border expansion and collaboration in Asean
Reflecting this regional shift, CIMB Bank Bhd and CIMB Malaysia CEO Gurdip Singh Sidhu said the bank is scaling its Asean presence through both physical expansion and cross-border digital offerings, a strategy that has enabled it to serve over 50 million users across Southeast Asia.
'We may historically be viewed as a legacy financial institution, but we are accelerating our digital transformation. At the same time, we are also the largest investor in Touch 'n Go Digital, which operates the largest e-wallet in Malaysia, and functions as a non-bank digital super app, facilitating smoother transactions.
'With Touch 'n Go eWallet now supported on the Alipay+ platform, cross-border payments are seamless for both foreign visitors and Malaysians abroad, while also enabling local small and medium enterprises to accept payments from international customers,' he said during a media panel session titled 'Going Beyond Borders: How Fintechs and Financial Institutions are Redefining Regional Scale' on Tuesday.
On regional expansion, Gurdip highlighted CIMB's success in the Philippines, where the bank established a digital-first presence from the ground up in just six years.
'We partnered with the leading local e-wallet and initially offered banking products via their front end before launching our own app. Today, we serve nearly 10 million customers. All through digital,' he said.
In support of broader regional integration, global digital payment and fintech provider Ant International is also strengthening cross-border infrastructure through its Alipay+ platform.
Ant International general manager of global business services and support, Jake Xue, said 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 our global vision, not only as a gateway to Asean, but also as a source of diverse and digitally savvy talent,' he said, adding that the company plans to grow its Malaysian team to 1,000 employees by the year-end, up from 800 currently.
On supporting startups with regional ambitions, Xue said Ant International forms strategic partnerships with both local and regional players.
'With startups, we co-develop solutions and provide global exposure through initiatives such as our 10x1000 Tech for Inclusion programme,' he said.
Meanwhile Visa head of Products and Solutions for Regional Southeast Asia, Kim Hak, said cross-border payments remain complex and require careful planning and coordination, making interoperability and shared standards essential.
'It comes down to trust in the system. If a fintech enters the space without a proven track record, having consistent, recognised standards or interoperable frameworks helps build confidence – both for us as partners and for their ability to scale,' he said.
Fintech Association of Malaysia president Anil Singh Gill said Bank Negara Malaysia (BNM) is now globally recognised as one of the most solid and competent regulators in terms of financial governance for both institutions and fintechs.
'BNM has clear guidelines like Risk Management in Technology, which help immensely. But what we may need next is open finance, this could introduce competition and transparency that further reinforces trust,' he said.
Nexea CEO Ben Lim opined that corporate partnership can serve as a strong vote of confidence for startups, signalling they have passed due diligence and are ready to scale.
'For example, one of our other startups, Lapasa, grew 16 times – 1,600% in a single year – simply because it secured one large corporate client. Such clients can provide the leap needed for startups to go regional or even global,' he said.
The media panel session was held on the sidelines of MyFintech Week 2025, which runs from Aug 4 to 7 and gathers 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 third edition of MyFW 2025 reinforces its role as Malaysia's flagship fintech event.
The event is co-organised 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 programme features keynote addresses, panel discussions, masterclasses, workshops, and live demonstrations, spotlighting trends and solutions driving innovation and financial inclusion. – Bernama
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