MoneyMatch plans to ex­pand op­er­a­tions

New Straits Times - - BUSINESS / NEWS -

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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