KUALA LUMPUR (Jan 11): Xendit, a financial technology (fintech) unicorn, has officially entered the Malaysian market offering up its diverse range of hyperlocal payment solutions to businesses in the country from small and medium enterprises and start-ups to giant corporations alike.
The Malaysian market entry follows the announcement in 2021 of investment in Xendit by Penjana Kapital through the Dana Penjana Nasional programme. In line with this, Xendit’s mission aligns with that of the Government — to accelerate the growth of Malaysian-based unicorns through holistic, localised and far-reaching digital payment solutions.
Commenting on this announcement, Moses Lo, the founder and chief executive officer of Xendit, said, “We are proud to be officially bringing our payment infrastructure and ecosystem to the Malaysian market, boosting the growth trajectory of local start-ups through our secure and easy-to-integrate payment system.
“We look forward to working collaboratively with the local market, adding value through our world-class products and regional experience to collectively drive this national agenda.”
As its first strategic move within the nation, Xendit has announced an investment in local fintech player Payex — a Bank Negara Malaysia licensed payment gateway provider. The collaboration will see Xendit bring its global expertise to synergise with Payex’s local knowledge driving merchant acquisition and local expansion.
Xendit believes this will further bolster its ability to empower local businesses to expand regionally, capitalising on Xendit’s one integrated payment infrastructure that allows businesses to seamlessly tap into the Indonesian, Philippine, Thai, Vietnamese, Malaysian and other Southeast Asian markets.
Xendit offers a one-stop payment infrastructure that enables businesses to scale rapidly. This includes Xendit’s core payment solutions that accept payments from virtual accounts, credit and debit cards, e-wallets, retail outlets and direct debit. Xendit also offers facilities that enable the disbursement of funds to banks, e-wallets and cards 24/7.
Beyond this, Xendit also features a variety of financial services, payment security options and value-added applications, such as card issuing, platform management, infrastructure for e-wallets, express check-outs and more.
Elaborating on the organisation’s approach within the Malaysian market, Xendit Malaysia general manager Jason Siew said, “At Xendit, we prioritise a simple integrated system with an emphasis on speed and quality service. This is what we will be bringing to the Malaysian market. Our systems are designed to simplify payment processes in all forms, from conventional to the most in-demand traditional and alternative payment channels. This, coupled with our wide regional reach, means it is easier than ever for local businesses to scale and grow rapidly across the nation and region.”
Xendit first launched in Indonesia in 2015 and quickly accrued a list of noteworthy merchants and clients including Traveloka, Grab and Tech in Asia. In 2020, Xendit entered the Philippine market and then achieved unicorn status in late 2021, following a successful round of funding.
Xendit boasts over 3,500 active customers across the region, and has recorded over US$21 billion (RM91.9 billion) in annualised third-party verifications across over 250 million transactions in total.