Top Fintech Companies in Malaysia

The fintech industry in Malaysia has been experiencing rapid growth in recent years, with key statistics from 2022 indicating a positive outlook for the sector. In this article, we will explore the factors contributing to the industry's growth and success, including government initiatives, and examine the key trends, challenges, and future outlook for the sector.

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CompanyHeadcountContactDescriptionDecision Maker
RAKUTEN TRADE82 +60 3-2110 7110
customerservice@rakutentrade.my

We are Malaysias first completely online equities broker offering innovative digital investment opportunities to investors keen to trade on Bursa Malaysia. Rakuten Trade (楽天トレード) is the result of a joint venture between Malaysias leading independent investment bank Kenanga Investment Bank Berhad and Japans Rakuten Securities, Inc. part of Rakuten Group (“Rakuten”), a global innovation leader. The Rakuten Group empowers society, while providing convenience to customers around the world with easy-to-use and innovative services. We first made waves in the investment banking industry on 19th May 2017 when we officially opened our doors as the countrys first digital equity broker in Malaysia. Less than a year later, we were named FinTech Company of the Year 2018 by the Malaysian Communications And Multimedia Commission (MCMC). We are proud to say that our FinTech platform combines best practices in both Malaysia and Japan. Malaysian investors no longer need to go through a dealer o…

FAVE636 +65 8033 4027
hello@myfave.com

Fave is one of Southeast Asias leading fintech platform; providing a smart payment app for the smart generation of consumers to pay & save. Fave also empowers offline businesses to grow and digitally connect with their customers in a whole new way. Fave is on a mission to maximise joy & value in every shopping experience and accelerate the offline worlds transition to the digital economy. Fave currently operates in 35 cities across Malaysia, Singapore, and Indonesia. Fave will be launching in India in 2021.

MONEYMATCH119 (blank)
customer.support@moneymatch.co

MoneyMatch is an award-winning digital remittance platform that has successfully executed over MYR 6.5 billion in transactions including cross-border trade payments and individual transfers. Our transfer coverage spans over 110 countries worldwide and is available in more than 40 different currencies! Our core belief is that everyone deserves a better cross-border payment service than the status quo. Every day we help thousands of customers #savemore in international money transfers, and with that in mind, we have expanded beyond Malaysia, to Australia & Brunei Darussalam. Up next, Hong Kong & Singapore! If youre sold out for this belief, join us today!

DATASONIC GROUP BHD (DSONIC)135 +60 3-7781 9868
sales@datasonic.com.my

Datasonic Group is involved in the provision of ICT solutions including the smart card personalisation (such as secure ID or chip-based credit / debit / bank cards), customisation of software and hardware solutions, project management, consultancy, R&D and technical consultancy services.

FINOLOGY56 +60 3-7451 5285
care@finology-group.com

Finology is an Asia-Pacific fintech company that enables embedded finance. Our lending and insurance suites of API-driven solutions enable financial institutions (banks & insurance companies) to offer better digital experiences to their customers. The said solutions have also enabled consumer-facing businesses such as property developers, automotive distributors, and digital players to seamlessly embed loans and insurance products as part of their offerings. Meanwhile, our direct-to-consumer brand, Loanstreet, promotes financial products of banks and insurance companies. Holding unique lending technology patents in Australia & Malaysia, our efforts have received global recognitions that include being Seedstars Global Winner of World Competition 2020/21, and Frost & Sullivans Asia-Pacific InsurTech Entrepreneurial Company of the Year (2020).

LAPASAR115 +60 3-5545 8768
welcome@lapasar.com

Lapasar is a Business to Business (B2B) wholesale platform serving over 3,000 SMEs and corporations in Malaysia. We focus on FMCG goods distribution to thousands of retail clients throughout the country with our own warehousing, distribution and financial services capabilities.

GREEN PACKET187 +60 3-2714 6288
enquiries@greenpacket.com

Green Packet is a Malaysian-based technology company. Driven by our massive transformative purpose to ensure that every human must thrive with life-improving digital innovations, our digital offerings enable all our customer segments - consumers, small-medium enterprises (SMEs), enterprises and governments – to create transformative impact to their businesses and lives. Today, its core businesses spread across five strategic business pillars to drive its business growth, namely Digital Services for consumers and SMEs, Digital Platforms for enterprises, Smart Devices, Smart City & Urban Tech for development of technology-enhanced property products and delivery of customised property technology solutions, as well as strategic early- and late-stage investment. Green Packet is also one of the top CPE (Customer Premises Equipment) suppliers in the world, with over 100 customers in 70 countries as well as regional sales and technical teams across 6 continents. With a long list of satisfi…

AIRASIA SUPERAPP492 +65 6511 0039
dishabhatnagar@airasia.com

The airasia Super App is a one-stop travel, e-commerce and fintech platform offering consumers over 15 lines of products and services via the super app as well as airasia.com website. Powered by data and technology, the airasia super app leverages its digital ecosystem of 51 million users and 40 million downloads to generate personalised and seamless consumer experience in the digital new era. Users can also engage in real-time conversations, join like-minded communities, play games and much more. From travel needs to everyday lifestyle essentials, there is always something for everyone on the airasia Super App. Download the airasia Super App via the Apple App Store or the Google Play Store.

GOBI PARTNERS101 +60 3-2778 6800
marcom@gobi.vc

Gobi Partners is the most interconnected Pan-Asian venture capital firm with US$1.5 billion in assets under management (AUM) across North Asia, South Asia, and ASEAN. Headquartered in Kuala Lumpur and Hong Kong, the firm supports entrepreneurs from the early to growth stages and focuses on emerging and underserved markets. Founded in 2002, Gobi has raised 15 funds to date, invested in over 320 startups and nurtured 9 unicorns. Gobi has grown to 15 locations across key markets in Bangkok, Beijing, Guangzhou, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Riyadh, Shanghai, Shenzhen, Surabaya and Singapore. As a Participant of the United Nations Global Compact, Gobi Partners is committed to aligning strategies and operations with universal principles on human rights, labour, environment and anti-corruption to ensure long-term value creation and sustainability across our portfolio.

SILVERLAKE SYMMETRI (M) SDN BHD63 +65 6225 9395
sales@silverglobe.com

Listed on the Singapore Stock Exchange (SGX) in 2003, Silverlake creates technologies to enable the Digital Economy. What sets us apart is the foundation for our computing principles, which are grounded on mathematical models. Through the years, Silverlake has evolved using mathematics to refine, expand and invent technologies, broadening into new industries and markets at the same time. Founded in 1989, Silverlake has built an impeccable track record of successful core banking implementations. Over 40% of the top 20 largest banks in South-East Asia run the Silverlake core banking solution, and today, we are the core system platform partner of choice for 3 of the 5 largest ASEAN super regional financial institutions. In addition, Silverlake has continued to expand its presence within the fintech space. Fintech is capable of exponential growth, with new technologies seeking to revolutionize the world of finance through innovation. Silverlake has solved industry problems through fresh …

MHUB53 (blank)
general@mhub.my

𝗥𝗲𝗮𝗹 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀 𝗙𝗼𝗿 𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲 MHub is Malaysias leading end-to-end property transaction platform capturing 40% of the nations total primary residential transactions. Current accumulated bookings are 296,000+ from 1,600+ projects with a total value of USD 27 billion. 10 out of the top 15 biggest real estate developers in Malaysia use MHub. How? MHub revolutionizes the way property transaction works by providing digital solutions to manage properties, people, and processes more efficiently by shortening a typical sales process that could take up to 9 months to less than 1 month. The goal is to be the standard for all property sales transactions in South East Asia, bringing communities together in a single platform to speed up and simplify property transactions. Listed as one of the 12 hottest fintech startups according to Fintech News, MHub is to date, the only Malaysian shortlisted for the Google For Startups Accelerator Program. MHub won 3rd place in the Huawei Spark Tech Competi…

JIRNEXU101 +60 3-9212 3128
sales@jirnexu.com

At Jirnexu, were building anytime/anywhere customer acquisition and life-cycle management solutions. Jirnexu enables banks, insurance companies, and service providers to think mobile-first and innovate the way they generate leads online, turn those leads into customers, handle their fulfillment, and keep them loyal. Our company enjoys the unique position of being Asias only full stack FinTech solutions provider. ~ OUR BRANDS & SOLUTIONS ~ - XpressApply enables FSIs to innovate and handle 3x more secure digital application submissions per agent, per day. - RinggitPlus empowers Malaysian consumers to make better decisions and to save money for those things that matter most to them. - KreditGoGo is RinggitPlus sister brand for the Indonesian market.

PUC BERHAD47 +60 3-7651 0188
info@puc.com

PUC Berhad was incorporated in Malaysia on 3 November, 1997 and was listed on the ACE Market of Bursa Malaysia Securities Berhad on 8 April, 2002. Throughout the years, PUC and its subsidiaries have built a solid foundation in integrated media services and payment solutions. In mid-2007, the Group embarked on a digital business journey. Today, the Groups digital services include financial technology related services, new media, eCommerce, mobile payment, digital imaging, and artificial intelligence. These continuous efforts are in line with the Groups vision to be a world-class homegrown digital lifestyle service provider. For more information, visit www.puc.com.

MAXMONEY.COM63 +60 18-371 8000
hello@maxmoney.com

We started our first Currency Exchange outlet in Sungei Wang Plaza, Kuala Lumpur (previously known as Best Rate) and grew now to 20 physical branches across Malaysia with digital presence as well, we have come a long way. MaxMoney became the first local company to obtain a full-fledged MSB License, biggest in its class by Central Bank of Malaysia and can engage in businesses such as: • Money Exchange • Money Transfer (Remittance) • Wholesale Import & Export of Currency Notes • Appoint agents for Money Exchange & Money Transfer Throughout these years we have expanded our operations and services with our expertise and experience. We are rapidly expanding and looking to grow from a Conventional Local Business to a Global Money Service Player. Our ambition is to be a Regional FinTech Leader in Payment Solutions, Digital Money and beyond.

TOUCH N GO GROUP1,291 +60 3-2714 8075
careline@touchngo.com.my

Touch n Go Group is the cornerstone of the digital transformation within Malaysias mobility ecosystem, pioneering seamless consumer experiences for millions across the nation. At the forefront of the Fintech revolution, our every effort enhances how this nation lives, works and plays. For over two decades, Touch n Go has led the digital transformation of Malaysias progress towards a cashless society. What began with commuter convenience has grown to become a Fintech solution that is no longer bound to highways but is now a facet of the lives of more than half the country. Built on the tenet of increasing financial inclusion across Malaysia, Touch n Go has sought to redefine the role of Fintech within our lives nationwide. With every product launch, the group brings its goal of a unified and customer experience closer to reality.

JURIS TECHNOLOGIES281 +60 3-2723 8699
contact@juristech.net

“Create amazing solutions, to build and enrich lives.” JurisTech is a leading Malaysian-based fintech company, specialising in enterprise-class software solutions for banks, financial institutions, and telecommunications companies in Malaysia, Southeast Asia, and beyond. Founded amidst the 1997 Asian financial crisis, JurisTech provides software solutions for artificial intelligence (AI), conversational chatbots, digital customer onboarding, loan origination, credit scoring, loan documentation, litigation, and debt collections. JurisTech has been working with banks and financial institutions (FI) to revolutionise the way financial transactions are made. Our solutions have enabled banks and FIs to transform digitally, providing better customer experience/journey and most importantly, achieving their business goals. We nurture our culture by practising our GECO core values: Growing Heroes, Making Excellence Happen, Customer First, and Opening Up. We believe in investing in employees…

APPFUXION CONSULTING212 +60 3-2702 2988
digitaladmin@appfuxion.com

The company incorporated in 2013, AppFuxion Consulting is a leading provider of digital solutions and software testing services to Banking, Insurance, Retail, Telecommunication and Hospitality clients across the Asia-Pacific Region mainly in Malaysia, Thailand, Indonesia, Singapore and Philippine for regional project. We offer a comprehensive range of value-added digital solutions that are of the highest quality and innovation as part of our commitment to produce the right business outcome for our clients. AppFuxion Consulting has approximately 250 skilled and experienced digital solution professionals from software blueprint, architecture, process automation, quality assurance to project management. We bring years of experience in delivering digital solutions tailored to your business requirements. Our specialists are industry proven consultants that can architect the right solution, devise a practical delivery plan and deliver customer-centric services to meet our clients requir…

AIRASIA REWARDS71 +65 6511 0039
dpo_my@airasia.com

BIGLIFE Sdn. Bhd. was incorporated in December 2010 to operate the airasia rewards Programme (formerly known as AirAsia BIG Loyalty Programme). In January 2014, Aimia Inc., a global leader in the loyalty management headquartered in Canada, acquired a minority stake in BIGLIFE Sdn. Bhd. In July 2021, the major shareholder of BIGLIFE Sdn. Bhd., AirAsia Digital Sdn. Bhd., acquired the remaining shares from Aimia to gain 100% ownership of BIGLIFE Sdn. Bhd. We began as an airline loyalty programme for airasia, and have since grown into a comprehensive lifestyle rewards platform that goes beyond flights, presenting a new, holistic way of rewarding loyal airasia members. With a diverse range of partners across lifestyle, travel and financial services categories, airasia rewards is now one of the biggest points platforms that allows borderless earn and burn activities across Asean and beyond. airasia rewards mission is to democratise loyalty points by making airasia points a universal loya…

B INFINITE14 +60 3-2141 8080
enquiry@binfinite.com.my

B Infinite is a digital engagement platform that empowers communities. Starting out as a customer loyalty and marketing platform, it is going through a transformation journey as it invests into mobile app development and data analytics. It has since extended its platform to include employee engagement and white label solutions. Through the B Infinite mobile app, members of its well-known loyalty program are able to: • make payments using its e-wallet – B Infinite Pay, • earn points - BPoints - for engaging with in-app content and • gain access to deals and use points to acquire attractive offers and deals. With its new capabilities it can support data-driven delivery of relevant content and offerings at the right place and at the right time. This holistic approach to loyalty and engagement sets it apart from the competition. To date, it has more than 7.6 million registered members, averaging 2.2 million transactions per month, and a network of over 4,000 merchant locations in…

SELGATE GROUP OF COMPANIES52 +60 1-800-22-6600
admin.g@selgatecorporation.com

SELGATE Corporation (SELGATE) is a wholly owned subsidiary of Perbadanan Kemajuan Negeri Selangor (PKNS). PKNS has contributed to the development of the state for more than 50 years in property development and township planning. The Group envisions its position as the fulcrum of Selangors healthcare industry specialising in healthcare management including hospitals, clinics and pharmacies which in line with the nationals Healthcare System Reform. SELGATE is also venturing into fintech via its investment in Selangkah.

Top Fintech Companies in Malaysia

Key Statistics from 2022:

The fintech industry has also witnessed rapid growth in recent years, with total revenue in the sector reaching RM 4.8 billion in 2022. This represents a 12% increase compared to the previous year's revenue of RM 4.3 billion. The industry's contribution to the country's GDP has also increased, with the sector now accounting for 0.7% of Malaysia's total GDP. The industry employed over 50,000 people as of 2022.

Factors Contributing to Growth and Success:

Several factors have contributed to the fintech industry's growth and success in Malaysia. One of the key drivers of growth has been the government's efforts to promote the industry through various initiatives. For example, the government has established regulatory sandboxes, which enable fintech companies to test innovative financial products and services in a controlled environment.

The government has also implemented policies to encourage the growth of the fintech industry, providing financial assistance and other incentives to local fintech companies. This has resulted in the establishment of several local fintech companies, which have helped to boost the industry's growth and competitiveness.

Industry Growth and Comparison to Previous Years:

The fintech industry in Malaysia has been growing rapidly in recent years, with a compound annual growth rate of 18% from 2017 to 2022. The industry can be divided into several segments, including payment services, lending services, and investment services. The payment services segment is the largest of the segments, accounting for over 50% of total revenue in 2022.

Compared to the previous year, the industry's overall revenue grew by 12% in 2022. The payment services segment witnessed the highest growth, with revenue increasing by 13%, while the lending services and investment services segments grew by 11% and 9%, respectively.

Key Trends:

Technological disruptions have been a major trend in the fintech industry in Malaysia, with many companies adopting digital solutions to improve their operations and customer engagement. For example, many fintech companies have implemented mobile payment solutions, enabling customers to make payments and transfer funds using their smartphones. Others have invested in artificial intelligence and blockchain technologies to improve their risk management and security.

Another trend in the industry is the growing demand for Islamic fintech services. This trend is being driven by the increasing number of Muslims in the country, who are looking for Shariah-compliant financial products and services. Many fintech companies have responded to this trend by offering new services, such as Islamic crowdfunding and peer-to-peer financing.

Challenges:

Despite the industry's positive growth and outlook, there are several challenges that could impact its future performance. One of the major challenges is the increasing competition from other fintech companies and traditional financial institutions, which could limit the growth of local fintech companies and impact their ability to compete in the market.

Another challenge is the high cost of compliance and regulation, which could limit the ability of fintech companies to innovate and expand their operations. Additionally, the government's strict regulations on fintech advertising and promotion could limit the industry's ability to reach and engage with customers.

Future Outlook:

However, the industry's future outlook remains positive, with several factors indicating continued growth and success. The government's continued support for the industry, through initiatives such as regulatory sandboxes and financial assistance for local fintech companies, is expected to boost the industry's growth and competitiveness.

Furthermore, the growing demand for digital financial services presents an opportunity for the industry to diversify and cater to a wider range of customer needs. This could help to attract new customers and improve the industry's revenue.

Conclusion:

In conclusion, the fintech industry in Malaysia has been experiencing rapid growth in recent years, with key statistics from 2022 indicating a positive outlook for the sector. Government initiatives, such as regulatory sandboxes and financial assistance for local fintech companies, have been key drivers of growth and competitiveness in the industry.

Technological disruptions and the growing demand for Islamic fintech services are among the key trends in the industry, presenting opportunities for fintech companies to improve their operations and cater to a wider range of customer needs.

While challenges such as increasing competition from other fintech companies and traditional financial institutions, high cost of compliance and regulation, and strict regulations on fintech advertising and promotion remain a concern, the industry's future outlook remains positive, with continued support from the government and opportunities for growth and diversification.

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By Melissa Goh
Published on 19 May 2023