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KUALA LUMPUR: The Federation of Investment Managers Malaysia (FIMM) has reprimanded former unit trust consultants (UTC) Tan Chee Num and Norhazlinda Mohd Basir for misconducts/breaches of FIMM’s Code of Ethics and Rules of Professional Conduct (Unit Trust Funds), Second Edition dated Jan 22, 2013.
Tan was found to be in breach of Clause 3.1.3(a), Clause 3.1.7(a) and Clause 3.3.5 of FIMM’s Code for misappropriating a potential investor’s money amounting to RM5,000 that was credited to Tan’s personal bank account for purposes of investment in a unit trust fund. Further, Tan misrepresented himself by showing the potential investor a business card not related to Kenanga Investors Bhd (KIB) while being registered as a UTC of KIB.
Norhazlinda was found to be in breach of Clause 3.1.3(a) and 3.3.5 of FIMM’s Code for making redemptions amounting to RM10,205.85 and RM16,293.31 respectively from an investor’s unit trust investment account and caused the money to be credited into her personal bank account instead of the investor’s bank account.
Clause 3.1.3(a) of FIMM’s Code requires a UTC, at all times, to act with honesty, dignity and integrity. Clause 3.1.7(a) of FIMM’s Code requires a UTC to not misrepresent or recklessly represent his qualifications or that of the principal he represents. Clause 3.3.5 of FIMM’s Code requires a UTC to neither accept cash nor have it credited into their personal bank account from investors for purposes of investment in unit trust funds.
Tan’s misconduct was identified and notified by KIB to FIMM, while Norhazlinda’s misconduct was identified and notified by Principal Asset Management Bhd (formerly CIMB Principal Asset Management Bhd) to FIMM, which have resulted in FIMM taking a disciplinary action against both individuals.
In addition, since Tan and Norhazlinda are currently not a UTC registered with FIMM, they have been barred from future registration with FIMM effective July 10, 2019.
The investing public is reminded to refrain from giving cash or have it credited into unit trust or private retirement schemes consultants’ personal account for investment purposes. The investing public is also advised not to pre-sign any investment application forms and ensure receipt of investment statement upon investing.
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PETALING JAYA: TFP Solutions Bhd has entered into a product co-branding agreement with Tune Talk Sdn Bhd to promote and market Tune Talk’s product and services.
This will be done through its co-branded mobile fintech product – OneCALL targeting the “unbanked” population (people without bank accounts) in Malaysia.
“The OneCALL mobile fintech product will contain unique features such as remittance, virtual ATM, game PINS, lifestyle tools, bill payments together with B40 entrepreneur programme,” TFP said in a filing with the stock exchange.
TFP said the agreement shall be effective from July 15, 2019 for a period of three years until expiry on July 14, 2022 unless terminated by the mutual agreement. It may be renewed for a further period of two years upon expiry.
TFP will market, promote and sell Tune Talk services comprising sim cards, service subscription terms and conditions, packages, plans, peripherals, materials, online appearances under the its brand name, logo and trademarks.
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KUALA LUMPUR: The Fintech Association of Malaysia (FAOM) is in discussion with the relevant financial authorities of the Labuan financial centre in facilitating businesses onshore Malaysia and abroad to utilise the uniqueness of Labuan’s financial regulatory framework focusing on fintech startups, SMEs, growth and scaleable companies that seek to tap on foreign investments and funds.
FAOM president Ridzuan Abdul Aziz (pix) said Labuan’s financial regulatory framework is able to facilitate non-ringgit financial services and transactions, provided that the corporations duly established their presence within the relevant financial regulations under the purview of the Labuan Financial Services Authority (LFSA). The process to be approved by LFSA is currently facilitated by the Labuan International Business and Financial Centre (Labuan IBFC).
“A lot of people forget that Labuan is part of Malaysia, which is able to manage ringgit and non-ringgit (trading) at the same time. The ability to manage non-ringgit for the benefit of businesses, especially for start-ups, is unique because no other countries in Asean can do that,” he told SunBiz at the MyFintech Week 2019 last week.
FAOM is in talks with both LFSA and Labuan IBFC for relevant improvements to be made and the possibilities of linking Labuan’s midshore financial ecosystem with Malaysia’s onshore financial ecosystem as well as with other countries.
While the availability of many peer-to-peer lending and equity crowdfunding platforms help to fund the needs of young start-ups, Ridzuan said companies that are seeking Series B and Series C funding or US$10 million-US$30 million, would find it a challenge. He said several areas that need quick improvement include facilitating company registration, opening of bank account and eventually facilitate funding activities, especially if it is to be sourced from abroad.
“FAOM noticed that several Malaysia-registered companies had to shift their business abroad to ease Series B and Series C funding, as they found that it was quite challenging to manage the activity onshore. Thus, the Labuan financial regulatory framework presents an opportunity for the LFSA and Labuan IBFC to link their financial ecosystem with the Malaysia onshore and other countries’ ecosystems in facilitating the needs of these companies, especially in seeking investment from foreign sources.”
Ridzuan is also the country director & head of Asean business of an approved remittance provider WorldRemit Malaysia, a subsidiary of WorldRemit Ltd, London. He was recently appointed as one of the International Advisory Panel members for the LFSA since June 2019 for a two-year tenure.
“The initial understanding about the regulatory structure is this is something that can be done quickly and Malaysia can take advantage of this fairly fast. We could be able to facilitate the flow of foreign money into Malaysia via this method.”
Ridzuan pointed out that if the idea is well executed in Labuan, it can be replicated in other tax-free jurisdictions in Malaysia, such as Langkawi.
The LFSA and Labuan IBFC are already initiating innovative steps and FAOM will work closely in connecting with and creating awareness to the fintech firms of various needs about these opportunities. Among others, the LFSA had approved more than 20 digital asset exchange companies that facilitate trading of various digital assets and are now considering for fund raising via tokenisation and coin offering.
In addition, FAOM is keen to suggest for a sandbox-like framework to the LFSA in facilitating more experimentation under a controlled and non-ringgit environment to spur more innovative business model creation and technology adoption.
Funding is one of the five pillar strategies of FAOM, alongside talent, branding, technology and environment.