Background Mount Kinabalu, reknowned for its high biodiversity and endemism, is a National Park in the State of Sabah on the northern end of the island of Borneo. Every year many visit the higher part of the Kinabalu National Park, while most lowland forests in the Park are under-explored. Two unknown species of Begonia were collected from a peridotic (ultramafic) cliff in the Kinabalu National Park at ca. 400 m elevation. Results The two species are named B. moneta C.-I Peng, Rimi & C. W. Lin and B. peridoticola Rimi, C.-I Peng & C. W. Lin. Begonia moneta (sect. Baryandra) is similar to B. gueritziana Gibbs, a widespread species of the same section in Borneo, differing in the peltate (vs. basifixed) leaves and the smaller flower parts. Also, their chromosome numbers are different (B. moneta, 2n = 30; B. gueritziana, 2n = 28). The peltate and succulent foliage of B. moneta is also reminiscent of B. burttii Kiew & S. Julia and B. payung S. Julia & Kiew, both of sect. Reichenheimia, from Sarawak. Begonia moneta is distinct from the two species in having branched (vs. entire) placental lamellae. Additionally, B. moneta differs from B. burttii in having 4 (vs. 5) tepals in pistillate flowers and markedly unequal (vs. equal) fruit wings. Begonia moneta differs from B. payung in the smaller leaves and conspicuously winged (vs. wingless) capsules. Begonia peridoticola (sect. Petermannia) resembles B. punchak Kiew & S. Julia from limestone areas in Kuching Division, Sarawak, differing in the entire leaf margin (vs. distantly dentate), much larger capsular wings (8–11 mm vs. 2–3 mm wide) and yellow, spiral (vs. crimson, U-shaped) styles. Conclusion A careful study of the herbarium materials and literature supports the recognition of the two new species. Detailed descriptions, line drawings, color plates, chromsome data, foliar SEM observations and comparisons with phenetically similar species are provided to aid in identification. Electronic supplementary material The online version of this article (doi:10.1186/s40529-015-0087-5) contains supplementary material, which is available to authorized users.