Green Packet’s KiplePay: First Malaysian fintech to provide BNM approved white labelled e-wallet solution

• Companies can own personalized e-wallet while eliminating high cost & long lead time
• KiplePay powers one of largest e-wallet efforts called Setel from Petronas Dagangan

Kiplepay Sdn Bhd (KiplePay), a wholly-owned subsidiary of Green Packet Bhd, has become the first fintech player in Malaysia to provide a white labelled e-wallet solution with Bank Negara Malaysia’s (BNM) approval.

Coupled with a payment gateway service, the white labelled e-wallet solution is a key strategic thrust to the company’s overall fintech play, providing a new revenue stream for the group. By setting up and managing a mobile app-based payment solution for third parties, the gross transaction value (GTV) is expected to increase by 500% over the next 2 years, claims KiplePay.

A BNM regulatee in the category of e-money issuer, KiplePay has been in the e-wallet scene since 2017 with a deep focus on universities and students. In line with the government’s aspirations of transforming Malaysia into a cashless society and digital economy, KiplePay currently provides e-wallet for business-to-business-to-consumer segment and payment gateway for business-to-business segment.

Businesses can have their own personalized e-wallet while eliminating the high cost and long lead time of developing an e-wallet. Besides that, the process of complying with regulatory works plus maintaining a secure payment system will be taken care of with KiplePay’s white-labelled e-wallet.

Tan Kay Yen (pic, right), KiplePay chief executive officer said, “It is definitely a big win for KiplePay to get this approval as we can now propel the country’s cashless agenda further. With white labelling services, we can enable and facilitate more businesses, be it for enterprises with a large customer base or small and medium enterprises to launch its own e-wallet.”

According to Tan, businesses today need to think innovatively to create fresh and unique value propositions for specific niches. “With Malaysia fast becoming a cashless society, the way to go for all businesses going digital is to fulfil an underserved need for a segment and have a relevant e-wallet functionality as an under layer.”

Tan adds that, “Such functionalities include a spectrum of mobile payments, discounts, loyalty rewards, P2P money transfer, data top ups and bill payments can be made available in the e-wallet itself. That will not just give full control to improve the brand discernibleness and deliver the best users’ experience but it also provides business owners better opportunities to interact with their customers and better anticipate the customers’ needs and desires.”

At present, KiplePay powers one of the largest e-wallet efforts in the country called Setel via its wallet-as-a-service capabilities. Introduced by Petronas Dagangan Bhd, Setel is the first petrol e-payment solution in Malaysia which is available in more than 700 Petronas stations nationwide today. By using Setel, customers can purchase fuel in their vehicles with just a few clicks on their mobile devices.

Tan hinted that KiplePay will also enable white labelled services, incorporating artificial intelligence, and facial recognition, in a collaboration with another oil and gas company that operates more than 100 petrol stations in Malaysia. This collaboration is expected to follow soon.

On top of that, KiplePay has worked with various state governments in Perak, Kedah and Selangor to enable cashless disbursement of welfare allowance via debit cards to more than 60,000 families.

KiplePay has also collaborated with local universities to distribute students’ allowances through e-wallet, and thereafter, unlocks e-wallet conveniences for students and merchant communities at the campuses and university towns.

Above all, KiplePay is set to explore and offer white labelling services to more organizations and corporations with large customer base in sectors like insurance, food, retail and transportation. This include direct selling companies and organizations that prioritize loyalty programmes. 

Tan added, “With e-wallet, payment gateway and wallet-as-a-service capabilities, we can now build a broad range of pick and choose functionalities powered by the technology talents, assets, and network of international partners of the Green Packet Group. Ultimately, we strive to use our technology capabilities to help and enable businesses to serve their customers better.”