5 FinTechs reshaping the digital lending space in Malaysia

By Gloria Mathias

BNPL (Buy Now, Pay Later) solutions are trending in Malaysia, with companies offering interest-free instalment payment options on purchases made online by the consumer. ‘Buy Now, Pay Later’ is an alternative payment solution for consumers.

According to the IBS intelligence report, in many cases, alternative payments provide an easier and more efficient way to make payments.

Alternative payment solutions respond to the specific needs of today’s market, both in terms of user experience and the checkout process. By providing local demographics with the opportunity to pay with their preferred and most used methods of payment, merchants can take advantage of transparent fee conditions, often without hidden costs, as is the case with digital wallets. Moreover, alternative payments offer many benefits for consumers, such as convenience, ease of use, and better accessibility compared to traditional methods.

Increased internet and smartphone penetration have improved the accessibility of FinTech solutions for consumers and have encouraged them to conduct transactions online at an unimaginable rate.

Listed are 5 FinTechs reshaping the digital lending space in Malaysia:

• BetterPay

BetterPay (formerly QlicknPay) is owned by Pay Direct Technology. It provides a payment gateway that provides online payment solutions to business owners in Malaysia. Pay Direct Technology has helped many entrepreneurs expand their businesses online. BetterPay accepts a wide range of payment methods including FPX, Credit and Debit Cards, and BNPL installment plans. Merchants can choose from a wide range of payment methods with flexible rates on the BetterPay Platform

•  Fave

Fave is one of Southeast Asia’s FinTech platforms, headquartered in Malaysia, providing a smart payment app for the smart generation of consumers to pay and save. Fave also empowers offline businesses to grow and digitally connect with their customers. Fave recently launched its “Buy Now, Pay Later” (BNPL) service in Singapore and Malaysia.

• iPay88

iPay88 is an online payment service provider for merchants in Southeast Asia. They offer Buy Now, Pay Later (BNPL) services for e-commerce and physical retail. iPay88 also offers a variety of payment methods, including credit cards, E-wallets, and Online banking. The company uses advanced technology to mitigate fraud risk. iPay88’s services in the following countries namely; Malaysia, Philippines, Thailand, Indonesia, China, and Singapore.

• IOUpay

IOUpay is a buy-now-pay-later (BNPL) company that offers digital payments and mobile banking in Malaysia and Indonesia. IOUpay provides fintech and digital commerce software and services in Southeast Asia to enable its institutional customers to securely authenticate end-user customers and process banking, purchase, and payment transactions.

• PaySlowSlow

PaySlowSlow, launched in 2021, is a retail Buy-Now-Pay-Later brand based in Malaysia. It is a subsidiary of the publicly listed Australian company Fatfish Group Limited that allows retailers to offer their customers buy now and pay later (BNPL) in 4 equal instalments over 4 months with 0% interest. Its name, PaySlowSlow, is meant to be self-explanatory in that it allows a user to pay in instalments rather than in one single payment.

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