Malaysia’s National Technology and Innovation Sandbox Admits Its First Fintech jomSETTLE™August 19, 2021
jomSETTLE™, a fintech platform developed by Mazer Fintech Sdn. Bhd., announced that it is the first fintech to be admitted into the National Technology & Innovation Sandbox (NTIS) spearheaded by the Ministry of Science, Technology and Innovation Malaysia (MOSTI).
The company empowers businesses especially micro businesses and individuals to pay and receive credit card payments virtually from customers or tenant; without the need for a website, payment gateway, or credit card terminal.
“We aspire to reshape the negative perception of credit cards, which are frequently associated with irresponsible and impulsive spending. With jomSETTLE™, customers can now use their credit cards wisely for essential payments.
In other words, micro SMEs and businesses will now have immediate access to new working capital through their credit card without the hassle of going through the conventional route to apply for business loans or high interest cash advances,”
said Falco Lee, Founder of jomSETTLE™.
NTIS is a Malaysian government initiative to help creators, innovators, startups, and high-tech entrepreneurs to go-to-market to ensure compatibility and suitability of these non-regulated solutions to the market and economy.
As the national solution coordination and facilitation center, NTIS provides relaxations from all or selected processes and/or regulatory requirements to accelerate the development of innovative fintech solutions to being commercially ready.
Among the initiative in the NTIS programme include the Urban Drone Delivery Sandbox, a partnership between AirAsia Digital and MaGIC. The service is now in testing stage with two homegrown drone operators VStream Revolution and Meraque Services.
Other participants in NTIS are DoctoronCall; a medical and healthcare technology, and Vectolabs; country’s first municipal-operated IoT infrastructure.
“We hope through this participation in the NTIS, jomSETTLE™ could demonstrate that a homegrown fintech solution can meet, if not exceed, international standards and requirements from relevant regulatory bodies such as Bank Negara Malaysia,”
added Falco Lee.
On the other hand, jomSETTLE™ is launching its new “Request Payment” method to enable freelancers, consultants or any micro businesses to collect credit card payments from their customers without the need of a website, payment gateway or even a credit card terminal.
Users can request for credit card payments by simply sending a secure payment link via SMS or email to their customers.
Their customers can pay them from anywhere at any time via the payment link issued by jomSETTLE™. This will instantly broaden the payment receiving methods for many.
This will eventually enable them to secure their payments faster and gain a competitive edge over their competitors that are solely dependent on cash terms.