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Electronic wallets – or ewallets as they are commonly called – are quickly gaining traction in the country as corporations try to gain a competitive edge in this unique subsegment of financial technology. With the Sarawak state government throwing their hat into the ring with Sarawak Pay, it seems that everyone wants a piece of the ewallet pie. But how exactly do we stand to gain from using ewallets? How does one ewallet differ from the other? BizHive Weekly takes an industry overview on this growingly saturated market: “The athority is in the midst of discussion with foreign entities to pave the way for Sarawak Pay to go abroad. We have the vision of going international, which is why we have started an MoU (memorandum of understanding) with Singapore. We are also in discussion with operators of GrabPay and WeChat Pay. We will move beyond Sarawak to Semenanjung, and Indonesia is also a partner in discussion with us.” Dr Zaidi Razak, Sarawak Multimedia Authority general manager “We are excited to be partnering with UnionPay International as we continue to rapidly expand our footprint nationwide as well as overseas, which is part of our regional expansion plans. As UnionPay International is one of the leading international payment brands in the world, this partnership allows us to create relevance to merchants and customers both inside and outside Malaysia, by leveraging on UnionPay’s international presence. This is another milestone in broadening Boost’s functionality and usability to provide a more rewarding experience for our partners and customers.” Christopher Tiffin, Boost chief executive officer “For vcash, we want to look at communities where an ewallet solution would bring about the most benefit. For example, in a student environment where repetitive transactions can be made faster, safer and more convenient and reduce the need to carry around small amounts of money for transactions below a certain value.” Efny Johan, vcash Partnerships head