Juwai IQI launches bank-grade ‘checkout' feature to protect property buyers, renters from fraud
'Malaysian home buyers and renters finally have a bank-grade 'checkout' button for their purchase and rental booking fees and deposits,' said Juwai IQI co-founder COO and CIO Nabeel Mungaye.
He said they created the system in partnership with payments infrastructure provider FPX, and it works with every major bank in the country, including Maybank, CIMB, Public Bank, RHB Bank and Hong Leong Bank.
'The average rental deposit is RM4,800 and the average buyer's booking fee is about RM14,500. That's a significant share of anyone's household budget, so we have a responsibility to make sure it is secure, he said, adding that this payment integration complies with anti-money laundering rules, safeguards all parties to property transactions and helps prevent property scams.
Mungaye said some 300 people lose more than RM12 million to property fraud every year. The most common scams include fake rental listings, inflated deposits, fees for fake services and even sale of properties that scammers do not own.
'Malaysians transacted 28% more via digital payments in 2024 than in 2023. If every Malaysian goes on to pay their real estate booking fees via a digital payment system like IQI's, that would add RM3.6 billion in value to the country's digital payments. Real estate would boost the RM14.7 billion of annual digital payments by nearly 25%.'
Mungaye believes they are the first to integrate secure payments into buying and renting through an online payments system in partnership with a top provider like FPX.
He said, 'Before, you might have given cash to agents, written a cheque, or transferred funds into an agent's personal bank account. You had to wait to see if your funds made it to their destination. As of now, you just scan a QR code, add your info, and hit the button. The money goes into verified company accounts and is linked to you personally and to your property transaction. The benefits of the new system are a payments log-in you trust, instant receipts, no hidden fees, and 24-7 clearance.'
Juwai IQI co-founder and group CEO Kashif Ansari said, 'The average house price across Malaysia now stands at RM486,070 and grew by 0.9% in January to March, compared to a year earlier. The number of newly launched residential units doubled to 12,498, and unsold inventory, especially serviced apartments, continued to shrink.'
He added that they expect steady growth In the second half of the year, which will be supported by construction activity and new supply.
Kashif said innovations like their new secure payments integration will help make property buying and renting simpler and faster, which could result in more deals done.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
an hour ago
- The Sun
130 scholarship recipients all set for Taiwan experience
KUALA LUMPUR: A record 130 Malaysian students are set to head to Taiwan, thanks to the 2025 MOE Taiwan Scholarship and Huayu Enrichment Scholarship (HES) – the highest number awarded to date. For 24-year-old Eizyan Syazana Hairuzaman, missing out on a Taiwan internship during her undergraduate days turned out to be a blessing in disguise. A year later, she is now bound for National Taiwan University under the prestigious MOE Taiwan Scholarship, where she will pursue a Master's in Food Science and Technology. 'I was crushed when I had to let go of the internship, but I kept trying. Now, I'm grateful for this two-year opportunity,' she said, adding that she's eager to pick up Mandarin, dive into research and soak up Taiwanese culture. Eizyan is sorting out her medical check-up and visa, with plans to fly off by end of August. Classes begin on Sept 1. As a Muslim student, she initially had reservations but was reassured by Taiwan's growing Muslim-friendly initiatives. 'I've read about Salam Taiwan and their support for Muslim students,' she said. Also Taiwan-bound is Ong Lip Qin, 39, who will pursue a PhD in Physical Therapy in Healthcare at National Cheng Kung University – his first fully funded overseas scholarship. 'I'm honoured to be chosen. Taiwan feels familiar and warm. It's a great place to study,' he said. Ong leaves next week and will finalise accommodation once he arrives. As a Malaysian Chinese, he's not too worried about the language barrier but admits the four-year journey ahead will require mental grit. 'I've heard Taiwan is stunning - mountains, beaches, culture - I'm ready to explore all of it,' he added. Ong plans to return in his third year to continue research at Malaysian clinics or hospitals. At the award ceremony, Taipei Economic and Cultural Office representative Phoebe Yeh said Taiwan has been awarding these scholarships since 2004 to support top Malaysian talent and promote Mandarin learning. 'Over the past 20 years, hundreds of Malaysians have graduated from Taiwan's universities and language centres, excelling in their fields and strengthening bilateral ties,' she said. Yeh also highlighted Taiwan's rising global profile, noting its 6th-place ranking among 69 economies in the 2025 IMD World Competitiveness Rankings. She pointed to Taiwan's rich cultural heritage, Mandarin-speaking environment and expanding English-taught programmes as key reasons it's become a top study destination. 'With more Muslim-friendly services and diverse academic offerings, Taiwan is increasingly appealing to international students,' she said. This year, 130 scholarships were awarded – 37 under the MOE Taiwan Scholarship (including five PhD, 25 Master's and seven undergraduate students), 88 under the HES and five under the Taiwan ICDF (International Cooperation and Development Fund) Scholarship for Master's programmes. The Taiwan MOE scholarship recipients will receive tuition waivers worth RM5,800 per semester, along with monthly living allowances of between RM2,200 and RM2,900. HES scholars will get RM3,900 monthly. 'These scholarships don't just open academic doors. They also strengthen Malaysia-Taiwan relationship,' Yeh said.
The Star
2 hours ago
- The Star
Delegation visits Uzbekistan to strengthen tourism cooperation
The delegation in Samarkand, Uzbekistan. MALAYSIA'S tourism industry delegation, representing more than 25 Malaysian travel companies made a working visit to Uzbekistan. Organised at the initiative of the Embassy of the Republic of Uzbekistan in Malaysia and the Uzbekistan tourism committee, the delegation included leaders from key Malaysian tourism associations such as the Malaysian Association of Tour and Travel Agents (MATTA), the Association of Bumiputera Tourism Operating Companies of Malaysia (Bumitra) and the Association of Umrah and Hajj Tourism Agencies (Papuh). Malaysian actress and TV presenter Adrea Abdullah also joined the visit at the invitation of Uzbekistan. During their week-long stay earlier this month, the delegation toured the Jizzakh, Samarkand and Bukhara regions as well as the capital city Tashkent. 'The visit provided the Malaysian delegation with a unique opportunity to explore Uzbekistan's rich cultural heritage, Islamic pilgrimage sites, and growing tourism infrastructure,' the Embassy of the Republic of Uzbekistan in Malaysia said in a media statement. 'A series of presentations showcasing Uzbekistan's tourism potential were held alongside G2B (government-to-business) and B2B (business-to-business) meetings. 'These sessions brought together Uzbek and Malaysian tour operators to discuss opportunities for expanding the flow of Malaysian tourists to Uzbekistan and establishing long-term partnerships.' Delegates also had the opportunity to experience the services provided by Uzbekistan Airways on its direct Kuala Lumpur-Tashkent flights. This landmark visit followed the official visit of Uzbekistan president Shavkat Mirziyoyev to Malaysia last February and served as part of the implementation of key bilateral agreements in tourism. 'The visit underscores the shared commitment of both nations to foster closer cooperation in the tourism sector and paves the way for increased people-to-people exchanges and economic collaboration,' the statement concluded.
New Straits Times
8 hours ago
- New Straits Times
RTS Link achieves major milestone of ICQC structure
JOHOR BARU: The construction of the Johor Bahru–Singapore Rapid Transit System (RTS) Link project reached a major milestone today with the structural completion of the Immigration, Customs and Quarantine Complex (ICQC) at Bukit Chagar, here. Malaysia Rapid Transit Corporation (MRT) Corp chief executive officer Datuk Mohd Zarif Hashim said the structural completion of the ICQC was marked with a topping-out ceremony by IJM Construction Sdn Bhd (IJM), the appointed contractor for the ICQC package under the project. "This milestone signifies that the project has moved into the next stage, which is the final design fit-out installations alongside the facade installation, which will commence in September 2025," he said in a statement yesterday. He said the ICQC is a critical component of the project and will feature co-located clearance facilities for both Malaysian and Singaporean authorities, the first of its kind in Southeast Asia. Mohd Zarif said the topping-out ceremony officiated today reflects the collective determination, professionalism, coordination and technical excellence of IJM Construction, consultants and contractors in delivering a nationally strategic infrastructure and bringing the ICQC to its current stage of development. He said it also stands as a testament to the professionalism, coordination and technical excellence demonstrated by IJM Construction, as well as all consultants and contractors, in bringing the ICQC to its current stage of development. In the meantime, Mohd Zarif said the track installation and structural works for several key components of the RTS Link project, namely the Marine Viaduct, Bukit Chagar Station and Wadi Hana Depot, have been completed, while the interior works at the Wadi Hana Depot are expected to be fully completed by December this year. "Meanwhile, installation of the station's signature roof facade is currently underway at Bukit Chagar Station," he said. At the same time, he said the power supply to the Wadi Hana Depot was successfully energised in June 2025, two months ahead of schedule, through close coordination with Tenaga Nasional Bhd (TNB), enabling early preparations for systems testing to begin. "As per the terms of the bilateral agreement, the next key milestone will be the dynamic testing of the RTS train system, scheduled for May 2026. "This critical phase will see the train operating along the full alignment from Wadi Hana Depot through to stations, paving the way for operational validation and readiness," he said. The RTS Link project, scheduled to be completed in December 2026 and begin operations in early 2027, is a four-kilometre commuter rail network connecting Malaysia and Singapore, covering the route between two stations, namely Bukit Chagar here and Woodlands North in Singapore. The rail transport system has a capacity of up to 10,000 passengers per hour in each direction, with an expected daily ridership of about 40,000 passengers. – Bernama
