by Ferry Bayu | Sep 5, 2023 | Business
GRAB-LED DIGIBANK GXBANK BECOMES FIRST TO GET MALAYSIA CENTRAL BANK’S APPROVAL TO COMMENCE OPERATIONS
The Grab-led digital bank, GX Bank Bhd (GXBank), is the first of the five digital bank licence applicants to receive the approval to commence operations from the Minister of Finance and Bank Negara Malaysia (BNM) ahead of the April 2024 deadline set by BNM.
GXBank has completed an operational readiness review and has been approved to commence operations effective Sept 1, 2023, the bank said in a statement on Tuesday.
GXBank will leverage technology and innovation to serve the needs of the unserved and underserved individuals, and micro and small medium enterprises (MSME). Additionally, the digital-only bank will support customers’ needs through various channels including a bank app and 24/7 customer support via multiple platforms, it added.
The lack of access to financial services and its consequences in particular to the unserved and underserved segments and MSME is not new. The longstanding complexity of financial access, coupled with the unprecedented events over the last few years, have eroded financial buffers for individuals, households and businesses, the bank noted. Since the pandemic, 55 percent of Malaysians’ household income has decreased dramatically, with almost 50 percent now claiming to have difficulty raising at least MYR1,000 ($214.49) as emergency funds.
GXBank, with more than 95 percent Malaysian employees from both the technology and finance sectors, is led by Pei Si Lai, who brings with her over 25 years of extensive experience in consumer and commercial banking. The more than 200-strong team share the same conviction that combining today’s technology and finance expertise will provide the platform to empower local communities and businesses to be financially resilient.
“At GXBank, we are driven by our shared purpose and passion to bring positive transformation to the financial industry, starting with solutions to address the financial struggles of Malaysians and businesses. We are thankful for BNM’s guidance, support and trust in us to offer financial solutions and help the unserved and underserved communities achieve their dreams and better quality of life. Standing on Grab’s legacy of innovative tech and economic inclusion, we hope to redefine banking and reshape Malaysia’s financial landscape. Our collaboration with consortium partners such as Kuok Group and other industry players will enable us to work hand in hand, leveraging our respective ecosystems to nurture a resilient and financially inclusive Malaysia, where no one is left behind,” said Pei Si Lai, CEO, GX Bank Bhd.
Supporting GXBank is the newly appointed Board of Directors, spearheaded by Zaiton Mohd Hassan. She brings with her more than 30 years of experience in banking, audit, risk management and focus on governance and financial inclusion. Her previous roles in a variety of non-profit organisations and local banks reflects her deep passion to build and promote sustainable growth for the financially underserved.
Zaiton shared that the board is excited to be part of GXBank’s journey to drive real change and the reinvention of Malaysia’s financial sector. “We are at the forefront of the region’s fast evolving fintech landscape. With the collective strength of all our partners and digital banks in Singapore and Indonesia, GXBank is poised to offer equitable access to an innovative and transformational banking experience. We hope this will enable moreMalaysians to be financially independent, creating a better future for themselves, their families and the country,” said Zaiton.
With the commencement of operations, the bank will begin beta-testing its app – starting with its employees from GXBank, Grab and Kuok Group – and progressively roll out to a wider pool of users. This will enable GXBank to continuously receive feedback and refine the user experience before launching to the broader public.
GXBank is a subsidiary of GXS Bank Pte. Ltd., – the digital bank joint venture between Grab Holdings Ltd and Singapore Telecommunications Ltd (Singtel) – and a consortium of other Malaysian investors, including Kuok Group, founded by Malaysia’s richest tycoon Robert Kuok.
In Singapore, GXS Bank, which is backed by a consortium consisting of Grab Holdings (Grab) and Singtel, has launched Singapore’s first digital bank for consumers and businesses in August last year.
Banking made better
At GXS, we are a digital bank on a mission to make banking better for Singapore’s everyday consumers and small businesses.
(+65) 3105 2055
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by Ferry Bayu | Sep 5, 2023 | Business
Responsible Cyber Officially Licensed to Provide Penetration Testing Services in Singapore
SINGAPORE, September 5 – Responsible Cyber, a leading name in the cybersecurity sector, proudly announces that it has been officially granted the license to provide Penetration Testing Services in Singapore. The license, bearing the License No: CS/PTS/C-2023-0413, is a testament to the company’s commitment to adhering to the highest standards of cybersecurity practice.
In recent years, cyber threats have shown a significant increase, posing grave risks to businesses and consumers alike. With this official recognition, Responsible Cyber is poised to help companies in Singapore bolster their defenses, ensuring a robust security posture in the face of evolving cyber threats.
Companies are now strongly encouraged to engage with licensed cybersecurity service providers. This license assures clients that they are partnering with a provider that has met stringent requirements set by regulatory authorities, ensuring top-tier service quality and expertise.
“We are thrilled to receive this license, as it underscores our dedication to providing exceptional cybersecurity services,” said Dr. Magda Chelly, Managing Director of Responsible Cyber. “We are committed to helping businesses in Singapore safeguard their digital assets and maintain the trust of their stakeholders. With this recognition, we are better equipped to achieve that goal.”
Engaging with a licensed provider like Responsible Cyber ensures that companies are getting not just expert service but also a partner who remains up-to-date with the latest in cybersecurity trends, techniques, and threats.
Responsible Cyber has consistently showcased its prowess in the realm of cybersecurity. With this new license, it further establishes its position as a reliable and esteemed cybersecurity service provider in Singapore.
Responsible Cyber Pte. Ltd is a Singapore-based cyber security and risk management start-up established in 2016 by industry veterans Magda Chelly and Mikko Laaksonen. Today, the company has a presence in the UK, France and Poland. Its corporate shareholders include Singtel Innov8 and NUS Enterprise. The company stands at the forefront of cyber security innovation with the introduction of two pioneering AI-powered products: IMMUNE X-TPRM and IMMUNE GRC.
IMMUNE X-TPRM is our answer to modern third-party risk management challenges. On the other hand, IMMUNE GRC is designed to streamline governance, risk, and compliance processes.
To learn more about Responsible Cyber, visit www.responsible-cyber.com
Wen Sin LIM
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by Ferry Bayu | Sep 4, 2023 | Business
Blue Duck Tech helps tenants beat the rental deposit blues
PETALING JAYA: Blue Duck Tech Sdn Bhd aims to replace up to RM500 million in rental deposits per year in the local property industry, which it hopes to achieve within the next five years via its Zero Deposit Programme.
Founder and CEO Earnest Wong said the programme, launched in 2021, intends to assist tenants in securing residential rental or commercial property without the need to pay a hefty upfront deposit. Instead, the tenant will pay a small fee to cover the cash deposit.
Wong said the company which is in the financial technology property segment, has replaced “more than RM12 million of rental deposits”. Based on reports, he said, the monthly gross rental value for residential and commercial properties in Malaysia totalled RM6 billion.
He reckoned that if the average was three months of rental deposits, it would be close to RM18 billion.
Wong said Blue Duck hopes to replace RM500 million in rental deposits per year and expects to achieve its target “five years from now”. Additionally, it aims to increase its market share to 5% within the same timeline.
However, he said the company is essentially focusing on zero deposit solutions, unlike other companies with similar offerings on the market.
“We work with all the stakeholders in the property sector to offer our solutions. We also have the USP (unique selling point) of giving focus on the tenant’s side rather than the landlords in terms of our product mainly because we need the tenant to actually commit,” he told SunBiz.
He said the company operates on business-to-business (B2B) and business-to-consumer (B2C) models. B2C consists of operators as well as property managers, which manage the properties on its platform. Consumers comprise tenants and landlords.
Currently, there are around 1,000 active tenancies on its platform and close to 90% of its tenants are below 35 years old.
In terms of revenue contribution, Wong said properties in Klang Valley contribute about 70%, followed by Johor Bahru 20% and Sabah 10%.
The company, he said, is targeting to grow by 50% this year, by partnering with players in the local property ecosystem.
“Previously, we worked with tenancy managers, now we’re expanding ourselves to property managers. So, we work with the property managers in town to expand our influence and increase adoption (for our offerings) and gain more market share.
“With property managers on board, then I can introduce more business tools and then we work with those ecosystem partners and they are already familiar with our products … it’s a natural growth, because the market is still very new and 50% is very conservative,” Wong said.
On outlook, he opined that the company is benefiting from increased interest rates due to the overnight policy rate hikes, as it discourages home ownership and indirectly uplifts the rental market.
“Loan costs are getting more expensive. In terms of buying a property, the cost will be slightly more than in the previous years, which will discourage a lot of people from … home ownership. With that, there’s an opportunity for us. Living is still a basic necessity for everyone, whether you are a home owner or renter.
“Our industry will continue to move (forward). (From what) we see on the market, if the interest rate goes up, it will also drive up the rental rate as well. For the past few months, the per square of the room and unit rental has increased more than 10% to 15%, which is alarming but that’s how the market goes.
“We are in the position to help the tenants … landlords and the industry. We need to position ourselves better in order to capture a bigger market share,” Wong said.
Blue Duck plans to expand to Thailand and Indonesia and is open to talking to investors.
We help residential and commercial tenants to save cash up front while landlords and agents are able to rent out faster to a verified tenant.
+6016 6117154
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by Ferry Bayu | Sep 4, 2023 | Business
NBA, vivo announce multi-year marketing partnership in the Philippines
The National Basketball Association (NBA) and vivo today announced a multi-year marketing partnership that sees vivo return as the Official Smartphone of the NBA in the Philippines.
The agreement builds on a previous marketing partnership in the Philippines that saw vivo serve as an official partner of the Jr. NBA – the league’s global youth basketball program for boys and girls – and NBA 3X Philippines, a 3-on-3 basketball tournament featuring men’s and women’s teams, interactive fan activities and authentic NBA entertainment.
Through the collaboration, vivo will be the Presenting Partner in the Philippines of NBA All-Star Voting – a platform that gives fans the opportunity to vote for the NBA All-Star Game starters via the NBA App and NBA.com – and return as an official partner of NBA 3X Philippines presented by Mountain Dew, which will take place later this year.
In addition, vivo will launch promotions that will provide fans in the Philippines with the chance to win authentic NBA prizes. The NBA and vivo will also co-develop content for the NBA’s localized Facebook and TikTok pages in the Philippines.
“We’re thrilled to welcome vivo back to our growing roster of marketing partners in the Philippines and align with a brand that shares our commitment to innovation,” said NBA Philippines Senior Director of Global Marketing Partnerships Mae Dichupa. “Our collaboration with vivo represents an excellent opportunity to elevate the NBA experience across digital, retail and events, and showcase vivo’s smartphones as a convenient and ideal device for fans to immerse themselves in the excitement of the NBA.”
“Our passion for innovation extends beyond the confines of technology, and we recognize that sports provide an ideal platform to bring communities together and inspire positive change in the way we live our lives,” said vivo Philippines management. “This guiding principle reinforces our efforts to collaborate with sports organizations such as the NBA that enable us to foster a deeper connection between our brand and the world of sports.”
Fans in the Philippines can shop for official NBA merchandise at the NBA Stores at SM Megamall and SM Mall of Asia and at NBAStore.com.ph. For all the latest NBA news and updates, fans in the Philippines can visit www.nba.com, download the NBA App, and follow the NBA on Facebook, X, and TikTok.
For more information on vivo Philippines and vivo’s latest product offerings, visit vivoglobal.ph and follow the official vivo accounts on Facebook, X, Instagram, TikTok, and YouTube.
by Ferry Bayu | Sep 4, 2023 | Business
Group-IB Exposes Scam-as-a-Service Operation Profiting USD $64.5 Million by Targeting APAC Brands
-Group-IB’s latest findings shed light on an ongoing scam-as-a-service operation known as Classiscam.
-Substantial Profits: This operation has already generated a staggering USD $64.5 million for the scammers.
-APAC Target: The operation’s primary focus has been targeting reputable brands within the Asia-Pacific (APAC) region.
Singapore, August 31, 2023 — Group-IB, a global cybersecurity leader headquartered in Singapore, can reveal that the scam-as-a-service operation Classiscam is continuing its worldwide campaign well into 2023. In a new blog, Group-IB analysts detail how the automated scheme uses Telegram bots to assist with the creation of ready-to-use phishing pages impersonating companies in a range of industries, including online marketplaces, classified sites, and logistics operators. These phishing pages are designed to steal money, payment data, and recently in some cases, bank login credentials from unsuspecting internet users.
According to Group-IB’s findings, 251 unique brands in a total of 79 countries were featured on Classiscam phishing pages from H1 2021 to H1 2023. In addition, the phishing templates created for each brand can be localized to different countries by editing the language and currency featured on the scam pages. As a result, one particular logistics brand was impersonated by “Classiscammers” targeting users in as many as 31 countries.
Within the APAC region, the country with the highest number of brands targeted by Classiscammers was Australia (34.6% of regional total). Other heavily affected countries were India (11.5%), Hong Kong (10.3%), Singapore (7.7%), Sri Lanka (7.7%), and Malaysia (5.1%).
Since the second half of 2019, when the Group-IB Computer Emergency Response Team (CERT-GIB) in cooperation with the company’s Digital Risk Protection unit first identified Classiscam’s operations, 1,366 separate groups leveraging this scheme have been discovered on Telegram. Group-IB experts examined Telegram channels containing information pertaining to 393 Classiscam groups with more than 38,000 members that operated between H1 2020 and H1 2023. During this period, these groups made combined estimated earnings of USD $64.5 million. Group-IB has noted how the threat actors behind Classiscam have worked, since inception, to formalize and expand the scam model’s operations. From 2022 onwards, Classiscammers have introduced new innovations, such as phishing schemes designed to harvest the credentials of victim’s online bank accounts, and some groups have begun to use information stealers.
In line with its mission of combating global cybercrime, Group-IB will continue to share its findings about Classiscam, drawn from the company’s proprietary Digital RIsk Protection solution, with law enforcement authorities. The primary aim of this research is to raise public awareness about the latest scamming methods and reduce the number of victims of this scam operation.
Gone global
Classiscam originally appeared in Russia, where the scheme was tried and tested before being launched across the globe. The scam-as-a-service affiliate program surged in popularity in spring 2020 with the emergence of COVID-19 and the subsequent uptick in remote working and online shopping.
Group-IB experts noticed how the scam scheme was exported first to Europe, before entering other global regions, such as the Asia-Pacific (APAC) region, the United States, and the Middle East and Africa (MEA). As of H1 2021, Classiscammers had targeted internet users in 30 countries. Group-IB experts can reveal that, as of H1 2023, this figure has risen to 79. In the same time period, the number of targeted brands on the global market has increased from 38 to 251.
More than 61% of the Classiscam resources analyzed by Group-IB experts that were created between H1 2021 and H1 2023 targeted users in Europe. Other heavily targeted regions were the Middle East and Africa (18.7% of resources) and the Asia-Pacific region (12.2%). A full breakdown of the share of targeted brands by region can be found in Figure 2 (below).
Within the APAC region, the country with the highest number of targeted brands was Australia (34.6% of regional total). Other heavily affected countries were India (11.5%), Hong Kong (10.3%), Singapore (7.7%), Sri Lanka (7.7%), and Malaysia (5.1%).
The average amount lost by Classiscam victims worldwide was $353, although UK users lost the most, on average, to Classiscammers, as the average fraudulent transaction was $865. Users in APAC and MEA were less likely to fall victim to Classiscam schemes, although victims in Singapore lost $682 on average to the scam. In Australia, this figure was $515, and in Saudi Arabia (MEA), successful Classiscam schemes saw victims lose, on average, $525.
Figure 4: Leaders in average amount charged per fraudulent Classiscam transaction in H1 2023
What’s new?
Classiscam was initially launched as a relatively straightforward scam operation. Cybercriminals created fake ads on classified sites, and leveraged social engineering techniques to trick users into “buying” the falsely-advertised goods or services, whether by transferring money directly to the scammers or by debiting money from the victim’s bank card.
Classiscam operations have become increasingly automated over the past two years. The scheme now utilizes Telegram bots and chats to coordinate operations and create phishing and scam pages in a handful of seconds, and many of the groups offer easy-to-follow instructions, and experts are on hand to help with other users’ questions. A full rundown of how the Classiscam scheme works in practice is provided in the below Figure 6.
Over the past year, Group-IB researchers have seen roles within scam groups become more specialized within an expanded hierarchy. Classiscam phishing pages can now include a balance check, which the scammers use to assess how much they can charge to a victim’s card, and fake bank login pages that they use to harvest users’ credentials. At the time of writing, Group-IB experts found 35 such scam groups that distributed links to phishing pages that include fake login forms for banking services. In total, Classiscam scammers created resources emulating the login pages of 63 banks in 14 countries. Among the targeted banks were those based in Belgium, Canada, Czech Republic, France, Germany, Poland, Singapore, and Spain.
“Classiscam shows no sign of slowing down and the ranks of the Classiscammers are continuing to swell. Over the past year, we have seen scam groups adopt a new, expanded hierarchy, and roles within organizations are becoming increasingly specialized. Classiscam will likely remain one of the major global scam operations throughout 2023 due to the scheme’s full automation and low technical barrier of entry,” Afiq Sasman, Head of Group-IB’s Computer Emergency Response Team in the Asia Pacific, said.
Group-IB will continue to monitor global Classiscam campaigns, engaging with both law enforcement and affected brands to assist in efforts to take down these scams. Companies whose brand and likeness are impersonated by scammers are recommended to leverage Digital Risk Protection solutions that can actively monitor, identify, and take down phishing domains.
PINPOINT PR is assisting Group-IB with media relations.
Group-IB, with its headquarters in Singapore, is one of the leading solutions providers dedicated to detecting and preventing cyberattacks, investigating high-tech crimes, identifying online fraud, and protecting intellectual property. The company’s Threat Intelligence and Research Centers are located in the Middle East (Dubai), Asia-Pacific (Singapore), and Europe (Amsterdam).
Group-IB’s Unified Risk Platform is an ecosystem of solutions that understands each organization’s threat profile and tailors defenses against them in real-time from a single interface. The Unified Risk Platform provides complete coverage of the cyber response chain. Group-IB’s products and services consolidated in Group-IB’s Unified Risk Platform include Group-IB’s Threat Intelligence, Managed XDR, Digital Risk Protection, Fraud Protection, Attack, Surface Management, Business Email Protection, Audit & Consulting, Education & Training, Digital Forensics & Incident Response, Managed Detection & Response, and Cyber Investigations.
Group-IB’s Threat Intelligence system has been named one of the best in its class by Gartner, Forrester, and IDC. Group-IB’s Managed XDR, intended for proactively searching for and protecting against complex and previously unknown cyber threats, has been recognized as one of the market leaders in the Network Detection and Response category by KuppingerCole Analysts AG, the leading European analyst agency, while Group-IB itself has been recognized as a Product Leader and an Innovation Leader.
Gartner has named Group-IB a Representative Vendor in Online Fraud Detection for its Fraud Protection. In addition, Group-IB was granted Frost & Sullivan’s Innovation Excellence award for Digital Risk Protection (DRP), an Al-driven platform for identifying and mitigating digital risks and counteracting brand impersonation attacks, with the company’s patented technologies at its core. Group-IB’s technological leadership and R&D capabilities are built on the company’s 20 years of hands-on experience in cybercrime investigations worldwide and over 70,000 hours of cybersecurity incident response accumulated in our leading DFIR Laboratory, High-Tech Crime Investigations Department, and round-the-clock CERT-GIB.
Group-IB is an active partner in global investigations led by international law enforcement organizations such as Europol and INTERPOL. Group-IB is also a member of the Europol European Cybercrime Centre’s (EC3) Advisory Group on Internet Security, which was created to foster closer cooperation between Europol and its leading non-law enforcement partners.
Group-IB’s experience in threat hunting and cyber intelligence has been fused into an ecosystem of highly sophisticated software and hardware solutions designed to monitor, identify, and prevent cyberattacks. Group-IB’s mission is to protect its clients in cyberspace every day by creating and leveraging innovative solutions and services.
For more information, please contact:
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