From Tradition to Tech: Malaysia’s FinTech Surge

Malaysia’s financial landscape is rapidly evolving, transitioning from conventional payment methods to dynamic digital payments. We’re sure you have witnessed several remarkable FinTech innovations thus far. Ranging from eWallet capabilities, cross-border QR payments, to seamless payment gateways (Curlec being one of them!). And the momentum is going strong with more than 7.2 billion digital payment transactions in 2022. Fortunately, it’s not stopping there due to several drivers which we’ll delve deeper into. 

Tech-savvy Population

Malaysia boasts a tech-savvy population that has readily embraced digital innovations. With an internet penetration rate at 89.6% in 2022, it’s no wonder we’re opting for digital payment methods. Ask yourself this: How often do you transact online? Whether it’s paying through FPX, credit, debit cards, or eWallets, the convenience of paying with a swipe, tap, or click have gained widespread popularity. The swift consumer adoption has not only made daily transactions more efficient but it surely has driven the FinTech surge. 

Government Initiatives

Recognising the immense potential, the government has taken proactive steps with the 2023 Malaysian Budget. Stated in it, the Malaysia Co-Investment Fund (MYCIF) will receive a total of RM300 million to provide better financing for startups and SMEs including FinTechs. It’s a pivotal bump to create an environment that’s conducive to financial innovations. More importantly, attracting FinTech players and fueling the industry’s expansion; addressing the diverse financial needs in Malaysia. 

Cross-border Partnerships

Nestled conveniently in Southeast Asia means Malaysia has many friendly neighbours, leading to regional financial integration. A prime example is DuitNow expanding its footprint into Singapore, Thailand, and Indonesia. This cross-border innovation marks the adaptability of Malaysian FinTech solutions. Killing two birds with one stone, this advancement will encourage future opportunities in FinTech and also contribute to the broader economic growth within the region. 

Startup Ecosystem

Supportive infrastructure such as co-working spaces, incubators, and accelerators offer an advantage for FinTech startups to flourish. Today, there are numerous collaborations between FinTech entrepreneurs, industry experts, and investors – all fostering a creative environment. And reinforces the nation’s position as a rising hub for both startups and Fintechs.

It’s no surprise why and how the FinTech surge has grown exponentially in Malaysia. So if you’re thinking of kick-starting a venture, now is the time. And you can tick payment management off your list with the Curlec Payment Gateway. As it offers a seamless payment experience while handling complexities such as subscription management, invoicing, and more. Plus, it’s an all-in-one payments provider including a versatile Dashboard, equipped with sales tools such as Payment Links, Buttons, and Pages to diversify your payment tools. What’s not to love?