Malaysia and Hong Kong Operationalise a Single-Submission Channel for Dual IPO Listings
The Securities Commission Malaysia (SC) and Hong Kong's Securities and Futures Commission (SFC) have launched a Single Submission Arrangement for companies seeking simultaneous listings in Kuala Lumpur and Hong Kong. An applicant pursuing a primary listing on either the Main Board of the Stock Exchange of Hong Kong or the Main Market of Bursa Malaysia, with a simultaneous secondary listing on the other, makes one coordinated submission and uses a single listing document to meet the statutory and listing requirements of both markets. The arrangement puts into operation the simplified dual-listing framework set out in the memorandum of understanding the two regulators signed on July 23, 2026.
The SC, SFC and the exchanges have also set up dedicated dual-listing review teams to align review timelines, streamline queries and provide direct contact points for applicants and their advisers. SC Chairman Datuk Mohammad Faiz Azmi said the initiative "will enhance access to cross-border fundraising opportunities and broaden investor reach." The arrangement is aimed at reducing regulatory duplication and compliance costs at the IPO application stage; it does not change the substantive listing criteria of either exchange.
GXBank Narrows Its Path to Profit: RM1.21 Billion in Loans, a Wider H1 Loss and a 2028 Target
GXBank reported a net loss of RM122.1 million for the first half of 2026, up from RM119.9 million a year earlier, even as operating income roughly tripled to RM61.4 million. Credit loss allowances rose to RM61.9 million from RM18.6 million as lending grew. Gross loans reached RM1.21 billion at June 30, about RM1 billion of it retail, with its FlexiCredit product drawing over 100,000 customers. The bank has over 1.6 million customers, customer deposits of RM2.03 billion and total assets of RM2.54 billion.
CEO Kaushik Chowdhury said GXBank "targets pre-provision operating break-even by the end of March 2027," EBITDA break-even by September 2027 and full-year profitability in 2028. Bank Negara Malaysia is assessing the bank's application to exit its foundational phase, which would lift the RM3 billion asset ceiling that currently applies.
Webull Malaysia Account Opening Moves Inside TNG eWallet's GOfinance Hub
TNG Digital and Webull Malaysia announced that eligible Malaysians can now open and fund a Webull Malaysia trading account through TNG eWallet, without downloading a separate app. The account, accessed via GOfinance, the wallet's financial services hub, gives access to US, Hong Kong and China A-share markets. The minimum deposit is RM200, and a launch campaign offers RM30 in Apple fractional shares to eligible users who keep the RM200 deposit for at least 30 days. Webull lists zero commission and no platform fees on eligible US stocks and ETFs.
As of August 2026, GOfinance had 8.5 million users, with over four million transacting monthly and 46% holding multiple financial services products. Webull Malaysia CEO Kenneth Chan said "global markets have been out of reach for too many first-time investors," while TNG Digital CFO Desmond Teoh said the aim is "to bring more financial choices into an app Malaysians already use."
Eyes on the Day Ahead
Nothing concrete is scheduled for the next 24 hours, so this looks to the next few days. XREX Group's Stablecoin Summit takes place in Singapore on October 8, and MAS's consultation on writing its stablecoin framework into the Payment Services Act closes on October 16. Watch for the first announced applicants under the SC-SFC dual-listing channel and for any BNM decision on GXBank's foundational-phase exit.
Layer 7 Ventures is a research-driven firm focused on AI and cryptocurrency in Southeast Asia. Views expressed are those of the firm and do not constitute investment advice.
