Indonesian fintech firm Xendit has officially made its debut in the Malaysian market to offer a diverse range of hyperlocal payment solutions to businesses in the country. Its focus include small and medium sized enterprises (SMEs), start-ups, and giant corporations, among others.
As its first strategic move in Malaysia, Xendit has announced that it is investing in local fintech player, Payex, which is a Bank Negara Malaysia licensed payment gateway provider.
“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 Moses Lo, Founder and Chief Executive Officer of Xendit.
In a statement, Xendit said that the collaboration will allow their company to synergise its global expertise with Payex’s knowledge in driving merchant acquisition and local expansion.
Xendit believes that this collaboration will further bolster their ability to empower local businesses to expand regionally while capitalizing on their one integrated payment infrastructure that allows businesses to seamlessly tap into the Indonesian, Philippine, Thai, Vietnamese, Malaysian and other Southeast Asian markets.
According to the statement, Xendit’s entry into the Malaysian market follows an announcement that was made in 2021 on investment in Xendit by Penjana Kapital, through the Dana Penjana Nasional programme.
Xendit’s mission, which is to accelerate the growth of Malaysian-based unicorns through holistic, localized and far-reaching digital payments solutions, aligns with that of the Malaysian government.
The company offer of a one-stop payment infrastructure that enables businesses to scale rapidly. This includes Xendit’s core payments solutions that accept payments from virtual accounts, credit and debit cards, eWallets, retail outlets and direct debit.
In addition to this, the firm also offers facilities that enable the disbursement of funds to banks, eWallets and cards 24/7.
Moreover, Xendit 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.
Jason Siew, General Manager of Xendit Malaysia, said they prioritise the use of a simple integrated system with emphasis on speed and quality service.
Siew said their systems are designed to simplify payment processes in all forms, from conventional to the most in-demand traditional and alternative payment channels, to especially make it so much easier for the local businesses to scale and grow rapidly across the nation and region.
First launched in Indonesia in 2015, Xendit is a financial technology company that provides payment solutions as it also simplifies the payment processes for businesses, from SMEs and e-commerce startups to large enterprises.
The firm enables businesses to accept payments, disburse payroll, run marketplaces and more. Its list of noteworthy merchants and clients include Traveloka, Grab and Tech in Asia.
In 2020, Xendit entered the Philippine market and it achieved a unicorn status in the later part of 2021 after a successful funding round.
Currently, the brand continues with its regional growth with its entry into the Malaysian market.
Xendit now has over 3,500 active customers across the region as it also recorded over $21 billion in annualized third-party verifications across over 250 million transactions.