Back in 2022, the Malaysia Digital Economy Corporation (MDEC) introduced the Malaysia Digital (MD) national strategic initiative to encourage and attract companies, talents and investment while enabling Malaysian businesses and people to play a leading part in the global digital revolution and digital economy.
As a result of MDEC’s support, several business facilitation programmes such as Gateway, Amplify, Invest, Nurture (GAIN) and Founders Centre of Excellence (FOX) have helped whittle down the prospective high growth scaleup tech icons to a select few.
GAIN covers capability building and enhancement programmes for qualified tech founders looking to accelerate their growth. As of March 2024, 300 companies have participated in GAIN and recorded a cumulative export total of RM11.27 billion, Bernama reported.
Meanwhile, FOX takes it a step further, offering customised support for 38 selected MD status companies that have showcased high-speed growth with potential to become the next scaleup tech icon. Heavy hitters helping to groom Malaysia’s next few scaleup tech icons include advisory giants KPMG Malaysia, Ernst & Young (EY), Korn Ferry and Endeavor.
We’ve identified 15 fintechs that are making a mark in Malaysia. Many might be familiar with household e-wallet names like Boost and TNG Digital, while P2P and money services players include Capbay and Merchantrade; but which of these 15 Malaysian fintechs do you think have what it takes to thrive?
Billplz Sdn Bhd
Founded: 2015
Billplz is a payment platform for organisations to pay and get paid fastest at the lowest cost possible. Its online payment ecosystem boasts 52,000 merchants, 16 payment partners and recorded an annual gross merchandise value (GMV) of RM5 billion in 2023.
Boost Holdings Sdn Bhd
Founded: 2017
Boost is the regional full spectrum fintech arm of Axiata that serves millions of users and merchants, across 7 countries in Southeast Asia through its fintech ecosystem spanning an all-in-one fintech app, merchant solutions, AI-based lending business, and cross-border payment platform.
The Boost-RHB consortium was one of five groups awarded digital banking licences by BNM. Boost Bank commenced operations in January 2024.
Latest Funding Round: Great Eastern takes 21.9% stake (June 2020)
CapBay
Founded: 2016
CapBay is a Malaysian multi-bank supply chain finance and peer-to-peer financing (P2P) platform. As of July 2023, it announced that it has disbursed over RM1 billion in P2P funding to more than 400 underserved SMEs in Malaysia.
CapBay Group, which includes its multi-bank SCF platform and Islamic factoring house, has provided a total of over RM2.5 billion in financing, helping over 1,600 businesses through its alternative financing solutions.
Latest Funding Round: US$20 million Series A (Q1 2021).
Jirnexu
Founded: 2012
Jirnexu is known for operating RinggitPlus, one of the well-known comparison platforms for products like credit cards, loans and insurance.
In June 2024, Jirnexu announced that it would acquire CompareHero, the Malaysian arm of NASDAQ-listed MoneyHero. It is part of a consortium led by KAF Investment Bank that is planning to launch an Islamic digital bank soon.
Latest Funding Round: US$10 million Series B (December 2018)
Macrokiosk Berhad
Founded: 2000
MACROKIOSK is a digitalisation-as-a-service company, with solutions in the communications, authentication and payments space.Its enterprise solutions platform counts more than 5,000 customers from 37 countries across 24 industries.
Merchantrade
Founded: 1996
Merchantrade is a money services company, offering remittances, currency exchange, e-wallets, insurance, and telecommunications.
It reported an outbound remittance turnover of RM8.15 billion in 2023 and has served over 5 million customers. In August 2024, Merchantrade was approved for digital wage payments – workers can now receive their wages directly into their Merchantrade Money e-wallet.
Latest Funding Round:Kenanga IB increased stake to 19.9% (June 2024)
N2N Connect
Founded: 2000
N2N Connect is a managed services provider for integrated capital market, and network and infrastructure solutions. Today, it is one of the largest providers in Asia-Pacific, with 300 brokers and six development centres.
Neurogine Group
Founded: 2014
Neurogine is a fintech developer for mobile banking, payment, and investments. Its fintech solutions have been adopted for use in Myanmar, Cambodia, the Philippines, Thailand, and Indonesia. It also has strategic partnerships in China, Japan, and the US.
Paywatch
Founded: 2020
Paywatch is an earned-wage access service provider, allowing employees to access a portion of their earned wages in real time before the end of their payroll cycle. As of June 2024, Paywatch has processed over US$58 million in salaries to date, with monthly disbursements nearing US$8 million (around RM37 million).
Latest Funding Round: RM141 million equity/debt round (June 2024)
Securemetric Berhad
Founded: 2007
Securemetric specialises in cutting-edge digital security solutions, prioritising mobile security, identity security, transaction security and revenue security. Today, the Kuala Lumpur-based business is present in Indonesia, Singapore, Vietnam, and the Philippines. In November 2018, Securemetric successfully debuted on the Ace Market of the Kuala Lumpur Stock Exchange (KLSE) in November 2018. Most recently in 2023, Securemetric launched tamper-proof platform SigningCloud in Singapore that integrates with Sign with SingPass – Singapore citizens’ and residents’ trusted digital identity.
Key investment: Acquired 10% stake in Innov8tif Solutions for RM4 million (October 2021)
Senang Insurance
Founded: 2018
Senang.io is a local insurtech. Since January 2019, it has partnered with 14 insurance providers and issued over 1,100 policies.
This has resulted in almost RM150 million in insurance transactions, with 65% of this sum benefiting low and middle-income Malaysians. In June 2024, Senang unveiled a new loan protection insurance product, GoodProtect, tailored for rural banks in the Philippines and underwritten by local insurance providers.
Latest Funding Round: Seed Round (October 2021)
Soft Space
Founded: 2012
Founded in 2012, Soft Space is a leading fintech player headquartered in Kuala Lumpur, Malaysia. It serves over 90 financial institutions and partners across 30 global markets, providing a range of solutions for both merchants and consumers, including contactless payment through mobile devices and comprehensive white-label e-wallet services.
Latest Funding Round: Pre-Series C (March 2024)
StoreHub Sdn Bhd
Founded: 2013
StoreHub is an all-in-one platform that enables retailers and restaurants across Southeast Asia to automate and grow their businesses.
Its ecosystem of solutions range from a cloud-based POS system, to QR-based table ordering, loyalty, customer engagement, and more. StoreHub now serves over 15,000 retail and restaurant outlets across more than 15 countries.
Latest Funding Round: US$13.5 million Pre-Series B (September 2022)
Syntrino Solutions
Founded: 2014
Known for Swif, its B2B2C fintech solutions, its products – SwiFPay, SwiFLink, and SwiF e-Wallet – streamline collections and payments, enabling businesses and merchants to transact easily and transparently by collecting payments from their customers through multiple payment methods.
TNG Digital Sdn Bhd
Founded: 2017
TNG Digital, the operator of TNG eWallet, is Malaysia’s leading fintech player. It was formed of a strategic partnership between Touch ‘n Go and Ant Financial.
In 2023, TNG eWallet became the first and only e-wallet to implement the 5 Safety & Security measures mandated by Bank Negara Malaysia for banks to combat fraud and scams.
Latest Funding Round: RM750 million equity round (July 2022)
MDEC offers various programmes for Malaysia Digital status companies. Apply for Malaysia Digital status here.
Featured image: Edited from Freepik
