Fintech unicorn Razorpay has made a substantial move by obtaining a license to onboard merchants in Malaysia for Curlec, a digital payment startup. This strategic expansion aims to bring Razorpay’s digital payment expertise to the Malaysian market. The announcement occurred during an event in Kuala Lumpur on October 26.
Under this arrangement, Curlec, now operating under Razorpay’s umbrella, has become a non-bank member of PayNet, marking the first such membership since 2019. This membership empowers Curlec to contribute significantly to the adoption of DuitNow, a real-time payment processing system in Malaysia. Similar to India’s UPI, DuitNow allows users to instantly transfer funds using only their mobile number and national identification number, eliminating the need for traditional bank account details.
Curlec anticipates that India’s real-time payment technology, which has been crucial to the success of UPI in India, will play a pivotal role in driving the adoption of DuitNow payments in Malaysia, aligning to create a cashless society as per Bank Negara Malaysia’s aspirations.
Rahul Kothari, Chief Business Officer at Razorpay, stressed the significance of the Malaysian market for their expansion plans. He expressed confidence in leveraging their expertise to facilitate the adoption of DuitNow, similar to their role in scaling UPI in India.
With regulatory approval in place, Curlec by Razorpay is now officially regulated by Bank Negara Malaysia and serves over 1,000 businesses, including well-known Malaysian brands.
Zac Liew, Co-Founder & CEO of Curlec by Razorpay, celebrated the milestone of gaining access to DuitNow through their PayNet membership. He highlighted that since the launch of their Payment Gateway in July, they are now processing more than RM2 billion annually and serving over 1,000 merchants. This sets the stage for Curlec to bring further innovation to Malaysia’s digital payment landscape and scale DuitNow to new heights.
The Malaysian government’s financial blueprint aims to lead the nation toward a cashless society. Curlec Payment Gateway’s target is to serve more than 5,000 businesses with RM10 billion annualized gross transaction value (GTV) by 2025, aligning with Malaysia’s digital payment growth strategy.
Gary Yeoh, Chief Commercial Officer of PayNet, welcomed this development, emphasizing the remarkable growth in Malaysia’s digital transactions per capita and the potential for continued expansion.
The High Commissioner of India to Malaysia, BN Reddy, welcomed Razorpay’s entry into Malaysia’s fintech space through Curlec. He recognized the potential for collaboration between India and Malaysia in the fintech sector and wished for the success of Razorpay and Curlec in Malaysia and the Southeast Asia region, highlighting the fertile ground for fintech collaborations between the two nations.
Exciting news!
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