Fintech startup amalan enters Malaysia
By Digital News Asia April 11, 2019
- Already has offices in Indonesia and Singapore
- Generates a unique restructuring plan for each borrower
AMALAN, a provider of fintech solutions to reduce the debt balance and loan installments for consumers and business owners, has started offering its services in Malaysia.
Following months of preparation and with the support of the Malaysian government through the MaGIC Global Accelerator Programme, amalan started operations in Malaysia in the beginning of April 2019.
amalan specialises in solving the debt problems of consumers and business owners. The fintech player has offices in Indonesia, Singapore and is now in Malaysia.
For each borrower, a restructuring plan is generated that takes into account all of the borrower’s loans to then reduce the debt balance and the monthly installments to an affordable level.
These debt management programmes use proprietary data and technology to get the borrowers out of debt faster, paying less. amalan has already restructured more than 1,000 loans with all major banks in Indonesia and saved its clients more than US$800,000 (RM3.28 million) in the process.
In Malaysia, the total balance of overdue or almost overdue consumer loans is estimated to be US$15 billion (RM61.42 billion), the second highest in Southeast Asia.
“We are excited to now offer our service also to the Malaysian borrowers that suffer under an unsustainable debt burden,” says amalan’s founder and chief executive officer Arne Hartmann.
There are three key differentiators regarding how amalan can serve Malaysian consumers and business owners:
- Works for borrowers to find the best possible solution in cooperation with their lenders.
- amalan is a social enterprise, not a government agency - the goal is to solve borrowers’ debt problems fast, paying less.
- Does not ask for upfront fees and instead uses a success fee model where the borrower only needs to pay after a restructuring plan has been agreed. The amount of the success fee is based on the savings generated through the restructuring.
With the help of amalan, Malaysian borrowers can get out of debt faster, reduce their monthly installments by paying less interest and penalties.
“In many cases, amalan is able to reduce the outstanding balance and/or the monthly installments by 50-90% in Indonesia - this would be also our target for our Malaysian clients. We want to offer a fresh start to our clients so that they can build a better financial future” says Hartmann.
Malaysian consumers and business owners can visit amalan’s website at www.amalan.my and have a chat with Amalia. Once the chat with Amalia is completed, the data will be analysed by our consultants who will then call the borrower to provide a free consultation.
Borrowers that sign up with amalan will have the full support of their consultant, which means faster processes with less bureaucracy, so that they can focus on their work while amalan focuses on reaching the best possible settlements with their lenders.