KUALA LUMPUR: Fintech company Xendit has entered the Malaysian market offering up its diverse range of hyperlocal payment solutions to businesses in the country from small and medium-scale enterprises and start-ups to giant corporations.
This follows the announcement in 2021 of investment in Xendit by Penjana Kapital through the Dana Penjana Nasional programme.
The company said Xendit's mission aligned with the government's, which was to accelerate the growth of Malaysian-based unicorns through holistic, localised and far-reaching digital payments solutions.
Xendit founder and chief executive officer Moses Lo said the company was proud to bring in its payment infrastructure and ecosystem to the Malaysian market, boosting the growth trajectory of local start-ups.
"We look forward to working collaboratively with the local market adding value through our world-class products and regional experience to collectively drive this national agenda."
Xendit has announced an investment in local fintech player Payex, a Bank Negara Malaysia-licenced payment gateway provider.
The collaboration will see Xendit bring its global expertise to synergise with Payex's local knowledge driving merchant acquisition and local expansion.
The company believes this will further bolster its ability to empower local businesses to expand regionally.
Xendit offers 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.
Xendit also offers facilities that enable the disbursement of funds to banks, eWallets and cards 24/7.
Xendit Malaysia general manager Jason Siew said the company prioritised a simple integrated system with an emphasis on speed and quality service.
"This is what we will be bringing to the Malaysian market.
"Our systems are designed to simplify payment processes in all forms, from conventional to the most in-demand traditional and alternative payment channels.
"This coupled with our wide regional reach means it is easier than ever for local businesses to scale and grow rapidly across the nation and region," he added.
Xendit boasts over 3,500 active customers across the region and has recorded over US$21 billion in annualised third-party verifications across over 250 million transactions in total.