Malaysia is a significant player in the tech landscape of Southeast Asia. Investments from U.S. tech firms are helping to drive progress, according to the Malaysian Investment Development Authority, and the country’s digital economy is poised to be a major contributor to its GDP. The fintech sector is part of that growth, delivering services and solutions for businesses and consumers. Here’s a list of some companies at the forefront of financial services innovation in Malaysia.
Top Fintech Companies in Malaysia
- RHB Banking Group
- Merchantrade
- MoneyMatch
- BigPay
- 2C2P
Top Fintech Companies in Malaysia
BigPay’s free app gives users access to tools for budgeting and tracking their spending. Its accounts come with either a Visa or Mastercard that consumers can use to make purchases. The company’s technology also supports contactless payments, and it’s easy to freeze a lost card and order a new one in the app.
Boost is the Axiata Group Berhad brand focused on delivering digital financial products for businesses and consumers in Southeast Asia. The Kuala Lumpur-based company offers a mobile app that provides users with flexible payment options, for example, and simplified online bill payment experiences. Boost’s business offerings include EasyEat, which digitizes restaurant operations.
Merchantrade offers personal and business finance solutions, including brands focused on digital payments and insurance. The company operates more than 400 currency exchange locations and says it’s Malaysia’s largest remittance provider. Merchantrade’s products and services emphasize promoting financial inclusion and uplifting underserved communities.
Businesses rely on 2C2P’s comprehensive platform to allow them to accept and make payments. Its solutions also cover physical and virtual card issuing as well as social commerce transactions. The company is headquartered in Singapore, but its team of 500-plus employees also extends into Malaysia.
Wise’s technology enables money transfers for millions of people around the world. Users can sign up for an account online or through the Wise app so they can send and request funds. Wise’s solutions are available in a variety of countries, including the United States, Argentina, Spain, Ukraine, Singapore, Mexico, Japan and Malaysia. The company also has an office in the Bangsar area of Kuala Lumpur.
Adyen makes fintech products for businesses. Its offerings support online and in-person payments, detect and prevent fraud, and support physical and virtual card issuing. The company has established more than a dozen global offices, including a Kuala Lumpur location that opened in Bangsar South in 2022.
RHB Banking Group is a financial services provider that’s headquartered in Malaysia, but has more than 14,000 employees working across its operations in seven countries throughout Southeast Asia. It delivers both personal and business banking solutions ranging from credit cards and home financing to business loans and property insurance.
iMoney connects consumers with a curated portfolio of financial products, including savings accounts, personal financing solutions, and medical and car insurance. The company also offers tools like retirement and home loan calculators and product finders that recommend credit card and personal loan options.
AsiaPay specializes in technology that merchants throughout the Asia-Pacific region use to accept digital payments via debit and credit cards, bank accounts or digital wallets. Businesses that work with AsiaPay can also provide their customers with buy now, pay later solutions and enable over-the-counter payments at locations like convenience stores.
MoneyMatch’s international money transfer solutions are available in dozens of countries. Consumers can initiate and manage transfers in more than 42 currencies using the company’s web dashboard and mobile app. MoneyMatch also offers a platform called Pulse that is specifically designed for managing business payments.
