Xendit Officially Enters Malaysian Market
By Digital News Asia January 12, 2023
- Malaysia is its third market after Indonesia and Philipines
- It is investing in Payex, a BNM-licensed payment gateway provider
Xendit, an Indonesian founded fintech company, has officially entered the Malaysian market with its range of payment solutions for SMEs, start-ups and giant corporations. The move was made following its announcement in 2021 to invest in Penjana Kapital through the Dana Penjana Nasional programme.
“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,” said Xendit founder and CEO, Moses Lo.
Meanwhile, Xendit has also announced that it is investing in Payex, a Bank Negara Malaysia licensed payment gateway provider, for an undisclosed amount. The collaboration allows businesses to tap into the Indonesian, Philippine, Thai, Vietnamese, Malaysian, and other Southeast Asian markets.
“Our systems are designed to simplify payment processes in all forms, from conventional to the most in-demand traditional and alternative payment channels,” said Xendit Malaysia General Manager, Jason Siew.
Xendit offers a one-stop payment infrastructure. This includes its core payments solutions that accept payments from virtual accounts, credit and debit cards, eWallets, retail outlets and direct debit.
It also offers facilities for the disbursement of funds to banks, eWallets and cards 24/7.
Additionally, Xendit also features a variety of financial services, payment security options and value-added applications such as card issuing, platform management, infrastructure for eWallets, express check-out, and more.
Where it came from
Xendit started in Indonesia in 2015. It accrued a list of merchants and clients including Traveloka, Grab and Tech in Asia. In 2020, it entered the Philippine market and then achieved unicorn status in late 2021 following a successful round of funding.
Xendit has over 3,500 active customers across the region and has recorded over US$21 billion (RM92.5 billion) in annualised third-party verifications across over 250 million transactions in total.
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