Malaysia’s fintech sector is not the largest in ASEAN, but it is increasingly one of the most strategically important.

With over 300 fintech companies (according to our Malaysia Fintech Report 2024) spread across verticals, the country’s digital finance ecosystem is thriving. It is all thanks to strong government support, high mobile and internet penetration, and fundamentally, a group of digitally literate population.

Unlike some regional peers that have chased blitz-scaling and unicorn valuations, fintechs in Malaysia have taken a more integrated and institutionally anchored approach.

Many of the most successful players are closely tied to incumbent banks, sovereign wealth funds, telcos, and conglomerates. These relationships have provided not just capital, but also distribution, regulatory credibility, and cross-sector synergies.

Despite a significant drop in Southeast Asian fintech funding in 2024, Malaysia’s leading fintech companies continue to raise substantial equity rounds.

From e-wallet giants and SME lenders to payments infrastructure pioneers and Islamic fintech innovators, these firms are actively shaping Malaysia’s financial future. Most of these companies are moving beyond basic payments. They are currently starting to offer lending, insurance, investments, and even full-fledged digital banking services.

This article presents a ranked list of the five most funded fintechs in Malaysia as of 2025, based on cumulative equity capital raised. Debt capital has been excluded to focus on shareholder investment and long-term growth potential.

Just for a bit of information, unlike traditional startups, digital banks in Malaysia typically do not raise funding through conventional Series A, B, or C rounds.

Instead, they are capitalised through internal capital injections by their institutional backers. So while these investments may not always be reported as “funding rounds,” they represent substantial shareholder backing.

Last Updated: 21 April 2025

Disclaimer:

1. All monetary values were converted based on the currency exchange rate as of 14 April 2025, with USD $1.00 equivalent to RM 4.41.
2. The funding figures mentioned are based on publicly disclosed information from various news outlets and databases. Only companies with publicly available funding data have been included in this article.

A List of the 5 Most Funded Fintechs in Malaysia

TNG Digital – RM 1.061 Billion

The top most funded fintech company in Malaysia is TNG Digital, one of the country’s well-known fintech names. TNG Digital operates the Touch ’n Go eWallet, a ubiquitous fixture in daily life.

Backed by major investors including CIMB (via Touch ’n Go Sdn Bhd), Ant Group, Lazada, AIA Group, and Bow Wave Capital, the company has raised approximately RM 1.06 billion in equity funding.

The first funding dates back to 2021. At that time, they received roughly RM 311.78 million from AIA Bhd (AIA Malaysia) and US-based private equity firm Bow Wave Capital Management.

The second funding came in the form of RM 750 million with Lazada Group spearheading this funding round. The current shareholder and parent company of TNG Digital, Touch ‘n Go Sdn. Bhd. also contributed with a follow-on investment.

The company is also reportedly planning a domestic IPO. TNG Digital aims to raise over RM 1.3 billion in the next two to three years.

With more than 20 million users and over 2 million merchant touchpoints, it stands as Malaysia’s most funded fintech to date.

GXBank – RM 607.55 Million

As the third most funded fintech in Malaysia, GXBank stands as the country’s first operational digital bank and is a subsidiary of GXS Bank Pte. Ltd. which is located in Singapore. GX Bank is a digital banking joint venture between Grab Holdings and Singapore’s Singtel, Malaysian conglomerate Kuok Brothers are also part of the consortium.

As of Q3 2024, GXBank’s reported share capital stood at RM 607.55 million. This funding came primarily via direct capital injections from its parent consortium partners.

GXBank’s investors have pledged a long-term commitment to Malaysia, with an announced RM 1.5 billion five-year investment plan aimed at building a regional fintech centre of excellence. This makes GXBank one of the most well-capitalised fintech institutions in the country.

AEON Bank – RM 550 Million

As Malaysia’s first Islamic digital bank, AEON Bank is equally owned by AEON Financial Service Co., Ltd (AFS Japan) and AEON Credit Service (M) Berhad.

Mirroring GXBank, almost the entirety of AEON Bank’s funding was provided by capital injections from its institutional backers.

The bank had an initial paid-up capital of RM 350 million prior to its launch in 2024 and followed that with another capital injection of RM 200 million in August 2024. This brought AEON Bank’s total share capital to RM 550 million.

The parent shareholders fully contributed these funds. Just like other digital banks, AEON Bank’s funding does not come from public venture rounds but through institutional backing that exceeds Bank Negara Malaysia’s capital requirement for digital banks in the post-foundational phase.

The bank’s deep connection to AEON’s retail and credit ecosystem provides it with a strong distribution advantage.

BigPay – RM 475 Million

A fintech offshoot of Capital A (formerly AirAsia), BigPay has raised around RM 475 million. The fundings are primarily through a Series A round led by SK Group. Launched in 2017, BigPay initially focused on international money transfers and budget-friendly spending tools for travellers.

Over time, the company expanded into personal loans and micro-insurance.

Boost Holdings – RM 308 Million

Boost Holdings is the fintech arm of telecom giant Axiata Group, and its fintech offerings span payments, lending, insurtech, and now digital banking. The final of the most funded fintechs in Malaysia list, the company has secured RM 308 million in external equity funding, primarily from Great Eastern Holdings, and has benefited from additional internal investment by Axiata.

The launch of Boost Bank (a licensed digital bank under a consortium with RHB) proves to be a game-changer for the company. The move positions Boost to go beyond wallet-based transactions into deposit-taking and regulated lending, potentially making it one of the most transformative fintech players in Malaysia over the next few years.

Rumours are circulating that Axiata is reportedly in talks with a potential new shareholder for Boost. The parties involved have not disclosed the new shareholder’s details, and the investment still requires regulatory approval.

What Comes Next for Malaysian Fintech?

As digital finance becomes more embedded into daily Malaysian life, the top-funded fintech players are no longer just riding a wave—they’re helping to architect the system itself. Many of these companies have matured from disruptors to collaborators, closely tied to institutions like banks, telcos, and regulators.

This evolution reflects Malaysia’s unique fintech DNA: not one of pure disruption, but of integration and institutional alignment.

What’s particularly striking is the strategic progression of several players into digital banking. Boost Bank has launched, and BigPay is expected to follow. Meanwhile, Funding Societies and TNG Digital are offering full suites of embedded finance services.

The gap between fintech and traditional financial institutions is narrowing fast—and in some cases, disappearing altogether.

At the same time, niche verticals like Islamic fintech and B2B payments are also quietly gaining traction.

Moving forward, the question isn’t whether fintechs will transform the financial landscape in Malaysia—it already is. The bigger question is which players will lead the next chapter: from scale to profitability, and from local dominance to regional relevance.

Featured image: Edited from Freepik.