GHL partners with Standard Chartered Malaysia

Monday 28 August 2023 14:02 CET | News

Malaysia-based payment service company GHL Systems has partnered with Standard Chartered Malaysia to provide merchants with comprehensive payment solutions.

The partnership’s objective is to allow merchants with streamlined payment services to improve their capabilities and competitive advantage, following their commitment to enhance payment experiences and further encourage payment digitalisation in the country.

Malaysia-based payment service company GHL has partnered with Standard Chartered Malaysia to provide merchants with comprehensive payment solutions.

GHL, as Standard Chartered’s payment service provider, will offer payment solutions at Point of Sale terminals to the bank’s merchants, as well as ecommerce payment processing services. Moreover, GHL will facilitate onboarding, providing personalised packages, installation, and settlement processes. According to the company’s officials, by capitalising on GHL’s expertise and Standard Chartered’s customer reach, merchants have access to a comprehensive suite of payment options customised to their needs. 

Malaysia’s payment environment

The COVID-19 pandemic affected Malaysia’s financial environment, with its citizens mostly relying on cash for daily payments. However, compelled by the movement control order, the population started to move towards cashless and digital payment methods. According to Statista’s report, Malaysia became the second leading country in Southeast Asia to adopt cashless payment methods.

Digital payment systems, including credit cards, online banking, and e-wallets, increased in acceptance as the ecommerce market grew in Malaysia. The use of e-money increased by approximately 68% in 2021, and Malaysian users have become interested in more payment services, including Buy Now Pay Later (BNPL). BNPL spending on ecommerce reached USD 200 million in 2021, and, considering the consumers' inclination to opt for cashless payment methods, the digital payment sector in Malaysia is expected to grow.

The total transaction value is expected to show an annual growth rate between 2023 and 2027 of 17.06%, leading to a projected total amount of USD 41.74 billion by 2027, compared to USD 22.23 billion in 2023. 

More information about GHL

Back in July 2023, GHL announced the expansion of its core payment processing business in the Philippines. The company’s plans are to expand its micro-lending initiative by launching a GHL SME loan, providing funds to small and medium-sized enterprises to support their cash flow and business growth.

Moreover, the company partnered with Arab Financial Services (AFS) to process its merchant transactions in Thailand. The strategic collaboration is meant to bring AFS’ payments technology expertise to support GHL’s merchant payments processing. In June 2023, GHL expanded the integration on Alipay+ to more than 2,600 local businesses in Thailand to support cross-border digital payments from Asian mobile wallets. The company’s objective is to allow tourists visiting Thailand to pay with their home e-wallets at over 5,000 retail outlets powered by GHL.

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Keywords: mobile payments, ecommerce, BNPL, payments , payment methods
Categories: Payments & Commerce
Companies: GHL Systems, Standard Chartered
Countries: Malaysia
This article is part of category

Payments & Commerce

GHL Systems


Standard Chartered

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