KiplePay Awarded Principal Issuing Licence, Joins Visa FinTech Fast Track Program
By Digital News Asia June 8, 2020
- Visa announces plans to reach out to underserved segments in Malaysia
- Features like loyalty programmes, mobile discounts, peer-to-peer transfers are also set
Kiplepay Sdn Bhd (KiplePay) announced on 4th June that the company is now able to issue Visa prepaid cards and has also joined Visa’s FinTech Fast Track program. Visa, a global player in digital payments, has been expanding its Fintech Fast Track program in Malaysia to allow FinTech companies to gain access to Visa’s network. The program is part of Visa’s global strategy to open up its network and support a broad range of players that are developing new commerce experiences. KiplePay is a wholly-owned subsidiary of Green Packet Bhd.
“At Visa, we’re extremely pleased to have KiplePay join us as a Fintech Fast Track program partner, and principal issuer. With KiplePay coming on board, we can reach out to underserved segments in Malaysia, such as merchant and student communities, and create relevant payment solutions to enable the movement of funds seamlessly and securely. This is aligned with our objective and the government’s goal to accelerate the use of digital payments in the country,” said Ng Kong Boon, Visa Country Manager for Malaysia.
Tan Kay Yen (pix above), CEO of KiplePay, highlights the partnership as an endorsement of the innovative work being carried out at KiplePay in the FinTech space. It also enables KiplePay to significantly expand its product and solution offerings. “Once we issue a Visa prepaid card, we are able to leverage on Visa’s global acceptance footprint. We’re extremely excited to enable both online and offline payments using the 16-digit payment credential to our customers.”
“KiplePay’s vision has always been focused on powering the masses, given we’re a digital financial services platform provider. We have been driving an inclusive cashless agenda across different communities, from instant disbursement of funds for government aid/benefits to powering small merchants and student communities,” added Tan.
Both KiplePay and Visa will work together to enhance their e-wallet offerings including money withdrawals and access to 61 million merchants in over 200 countries. Through a spectrum of features such as loyalty programmes, mobile discounts, peer-to-peer transfers and a personalised e-wallet, KiplePay customers can make online and offline payments using a single app. The partnership with Visa will also enable e-wallet users and white label customers of KiplePay to tie their e-wallet offerings with either a physical or virtual Visa card.
KiplePay has been working with various partners previously to introduce digital payments in Malaysia. For example, the company partnered Bank Islam, the country’s largest Islamic bank, to launch kipleUNI, a cashless payment ecosystem for universities in Malaysia. kipleUNI enables cashless payment systems for some large public universities, empowering students to make digital payments through a student e-wallet for purchase of food and books. It also extends to loan disbursements and zakat payments to students with the convenience of a mobile app.
KiplePay is one of the few FinTech partners in Malaysia to facilitate fund disbursements under specific state welfare programmes and has launched a digital platform initiative with the Coalition of Malay Small Traders to help 20,000 merchants and bazaar traders resume their businesses during the Covid-19 pandemic.