KUALA LUMPUR (Sept 30): Consumer finance group Skyro has received approval from the Ministry of Housing and Local Government (KPKT) to conduct online moneylending in Malaysia, marking its second Southeast Asian market after the Philippines.

Skyro said it plans to use artificial intelligence (AI), alternative data and traditional indicators to assess borrowers, including consumers with limited credit histories who may be underserved by conventional financial institutions.

Malaysia’s digital banks had approved RM1 billion in financing by the end of 2025, with 34% going to unserved and underserved customers, stated the press release citing figures from Bank Negara Malaysia.

“Ambitions shouldn’t have to wait. Across Southeast Asia, we see hardworking people held back not by a lack of effort, but because traditional credit assessment doesn’t always reflect their circumstances.

“Malaysia is an important next market for Skyro. We want to take what we’ve learned in the Philippines and build financial products around the needs of Malaysian consumers, while ensuring transparency and control over their borrowing,” said Skyro co-founder and co-CEO Nasim Aliev.

Founded in 2022, Skyro has grown its consumer finance business in the Philippines to more than seven million registered users and built a credit portfolio of more than US$200 million. The company said it reached operational break-even in the first half of this year.

Skyro intends to adapt its approach to Malaysian market conditions and regulatory requirements rather than replicate its Philippine operations, added co-founder and co-CEO Arsen Liametov.

“Our experience in the Philippines has shown us how technology and alternative data can help make credit assessment more accessible while still lending responsibly. Malaysia is the next step in Skyro’s Southeast Asian growth, and our priority is to build a business that works for the local market rather than simply replicate what we have built elsewhere.”

Skyro’s entry comes as Malaysia introduces tighter oversight of the consumer credit sector following the implementation of the Consumer Credit Act 2025 in March.

The Act established the Consumer Credit Commission and introduced a broader regulatory framework aimed at strengthening consumer protection and promoting fair, transparent and responsible credit practices.

Skyro’s Malaysian business will initially focus on cash loans, with plans to introduce more consumer finance products over time. Skyro operates as the trading name of AT Series Capital Sdn Bhd, a licensed moneylender regulated by KPKT under the Moneylenders Act 1951.

AT Series Capital’s moneylender licence is valid from July 27, 2026 to July 26, 2028, while its advertisement permit is valid from Sept 4, 2026 to July 26, 2028.