The significance of FinTech in Malaysia continues to increase. Currently, the transactional value is US$7.207 billion per annum. This value is predicted to grow at 21.4 percent per annum up to 2021 when the transactional value will stand at US$15.540 billion. Digital payments dominate the FinTech industry in Malaysia. Let’s take a look at Malaysia’s most prominent top 10 FinTech start-ups.
GHL operates in several Asian pacific countries including Malaysia, Singapore, Thailand and Australia. The company focuses on the provision of end-to–end payment services to consumers. Its services are available to clients in several industries such as oil and gas, banking and financial services, retail, transportation and telecommunication. GHL is accredited by both Visa and MasterCard.
2) Soft Space
Soft Space is a market leader in the provision of solutions in the payment and e-payment industries. Founded in 2012, the company operates in several East Asian countries providing services to leading banks in the region.
Tranglo was founded in 2008 and focuses on providing services in 3 distinct areas:
- Prepaid reload
- Money transfer
- Digital gifts
Current clients include over 250 mobile operators and over 400 banks. The company operates offices in London, Kuala Lumpur, Dubai and Jakarta.
Mpay focuses on the provision of end-to end electronic payment solutions and financial services to enterprises. The company offers both m-commerce and e-commerce solutions. The Company is currently listed on the ACE Market of Bursa Malaysia with market capitalization of over RM120 million.
5) Ethis Kapital
Ethis Kapital is a licensed Islamic peer-to-peer crowdfunding platform. The company is part of a group of companies that focuses on Islamic finance. Affiliate companies include Kapital Boost, Ethis Crowd and Muslim Women Tech.
Neuroware uses blockchain technology to develop protocols and tools for businesses. Additionally, the company provides training workshops and private training to both private and public financial institutions. Operating in Southeast Asia, the company’s focuses on projects that combine decentralized identity and authentication, on-chain data storage, and public key logistics.
Crowdo was established in 2013 and is currently regional leader in crowdfunding. It has over 17,000 members. The company focuses on the South East Asian market and has offices in Singapore, Indonesia and Malaysia.
iMoney was founded in 2012 and operates a network of financial comparison websites. The company operates in Malaysia, Singapore, Hong Kong, the Philippines, Indonesia and Thailand. iMoney serves over 10 million clients by enabling them to compare and apply for loans, insurance products, broadband and credit cards.
9) MyCash Online
MyCash online is an online market place targeting Malaysian and Singaporean migrants. The company has a platform that offers convenient and secure services to foreign workers who may not have access to credit cards or online banking.
MoneyMatch is a fully digital P2P currency exchange platform with eKYC functionality allowing users to conduct cross border remittances and exchange foreign currencies. MoneyMatch offers two main services:
- MoneyMatch Travel which is a simple and free website with travel information.
- MoneyMatch Exchange which uses an app to link those who want to exchange one currency with another. The two persons can then exchange their currencies without the use of an intermediary.
We will see more and more fintech start-ups to emerge locally. Perhaps, soon we will have even more start-ups to feature in an article. What are your thoughts, do you think Malaysia will rise to be a gateway for FinTech in Asia Pacific?