Alliance Bank Malaysia Berhad recognised by Malaysia National Business Awards 2026 and Malaysia Technology Excellence Awards 2026

The Bank enables secure one-time and subscription-based digital payments through Open Embedded Banking.

Alliance Bank Malaysia Berhad receives the Excellence Award - Banking at the Malaysia National Business Awards 2026 and the E-Commerce - Banking award at the Malaysia Technology Excellence Awards 2026 for its Open Embedded Banking initiative. 

In collaboration with Visa as the global payment technology partner, the Bank launched a Virtual Credit Card (VCC) platform designed to support digital transactions and embedded financial services as consumer banking activity increasingly shifted towards digital channels. Since the launch of VCC in April 2023, the number of monthly VCC transactions increased more than 230x between April 2023 and December 2025, demonstrating strong customer demand for secure digital payment solutions.

Expanding embedded banking for digital commerce

The Open Embedded Banking initiative began in 2022 with the rollout of the Virtual Credit Card solution, designed to enable seamless integration for digital business owners. The system allows merchants to embed credit card capabilities within their mobile applications. Through this integration, business owners are able to offer credit facilities to customers directly through their platforms.

In 2023, Dynamic Card Number (DCN) capabilities were incorporated into the Virtual Credit Card – the first implementation of its kind in Malaysia. Customers can generate unique card numbers for one-time transactions or recurring payments and manage their cards entirely through their smartphones. If a card number is compromised, users can immediately freeze or delete the number and generate a replacement virtual card without requiring a physical card reissuance. Virtual credit cards support the Bank’s environmental, social, and governance (ESG) commitments by eliminating the need for paper forms and plastic cards.

Advancing secure digital payments through open banking

Additional payment capabilities have expanded the platform’s usability across both online and physical retail environments. In 2024, Near Field Communication (NFC) payments functionality was introduced through Google Pay and Samsung Pay, enabling customers to make contactless payments by tapping their mobile devices or wearables at compatible point-of-sale terminals.

Further developments have been introduced in 2025 to facilitate the launch of Supplementary Virtual Credit Cards issued through an invitation-based model. Primary cardholders will be able to assign cards to family members such as spouses, children, or elderly parents to facilitate secure online credit card usage through Digital Card Numbers (DCN). The system provides primary cardholders the ability to set spending limits, receive transaction notifications, and freeze cards instantly in the event of suspicious activity.

We are integrating the virtual credit card with one of Malaysia’s largest e-wallet platforms using open banking APIs. This enables customers to apply for personal financing and credit cards directly within the e-wallet interface, while allowing the partner platform to retain control over its application interface and user experience. The initiative was delivered through an agile delivery approach supported by microservices architecture, which allowed new functions and integrations to be introduced through incremental releases.

The Malaysia National Business Awards is designed to celebrate and honour outstanding homegrown, local businesses in Malaysia. The awards programme serves as a tribute to the remarkable contributions of Malaysian firms to the nation's dynamic business landscape.

The Malaysia Technology Excellence Awards recognises exceptional companies at the forefront of technological innovation and digital transformation, playing a pivotal role in driving Malaysia's rapidly growing economy to greater heights.

The Malaysia National Business Awards and Malaysia Technology Excellence Awards are presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2027 awards programme and be acclaimed for your company's outstanding contributions in pursuit of technological innovation, please contact Danica Avila (+65) 3158 1386 or [email protected].