New Straits Times

MoneyMatch plans to expand operations


KUALA LUMPUR: MoneyMatch, a local financial technology (fintech) company under the supervisio­n of Bank Negara Malaysia, plans to expand its operations and establish collaborat­ions this year.

MoneyMatch plans to more actively market its services in major cities, such as George Town, Ipoh, Johor Baru, Kuching and Kota Kinabalu.

The company’s “Transfer” service has received encouragin­g response from individual users as well as businesses.

“Transfer” gives its users the ability to send money abroad or pay invoices in foreign currency from an internatio­nal provider, up to RM45 million in three months.

Founder and chief executive officer Adrian Yap said: “Since the launch of ‘Transfer’ on October 30, we have been very pleased with the comments and reviews from MoneyMatch users.

“The number of people using our platform to carry out transactio­ns is increasing as well, proving that Malaysians are ready to try out new technologi­es to derive savings and facilitate financial transactio­ns, such as money transfers abroad,” he said.

Yap said one of MoneyMatch’s users, a “halal travel” agency, achieved cost savings of RM2,000 per month when it began using MoneyMatch’s services for transactio­ns and paying invoices from abroad.

MoneyMatch is now in the process of rolling out its second service, “MoneyMatch Exchange”, where consumers can convert foreign currencies at mid-rate rates.

Its “Exchange” service will only offer the exchange of ringgit to Singapore dollar, but the company said the service would be extended to other currencies in the next few months.

MoneyMatch chief financial officer Raja Adam Malik said the company was set up because its founders believed that technology could help bring tangible savings to Malaysians.

“Bank Negara’s involvemen­t in governance and developing the fintech sector through its ‘Enabler Financial Technologi­cal Group’ programme has had a profound positive impact on the developmen­t of MoneyMatch, as well as boosting confidence in the local fintech industry in general,” he added.

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