Having activated within the recurring payments industry in Malaysia over the past five years, Curlec, now known as Curlec by Razorpay, is looking to change how Malaysian businesses accept digital payments by advancing from a recurring payments player into a full-stack digital payment gateway.
Based on the information provided in the press release, the fintech is looking to disrupt the payments landscape in SEA, building Curlec by Razorpay into a full-stack PG in Malaysia. The company currently works with more than 700 businesses, and the new Curlec Payment Gateway is set to serve over 5,000 businesses with a target of RM 10 billion in annualised Gross Transaction Value (GTV) by 2025.
South-East Asia (SEA) is a digital payment powerhouse at present, with Malaysia being among the fastest-growing digital economies in the region. Digital trade in Malaysia currently contributes to 22.6% to the country’s GDP, and is expected to increase to 25.5% by 2025, showcasing significant economic activity. By furthering digital technology adoption and leveraging digital trade opportunities, the country and its businesses could potentially achieve a 150% increase in economic activity, reaching USD 52.7 billion by 2030, as per industry information detailed in the announcement.
This growth is driven by Malaysia’s fast-growing digital economy, projected to be worth USD 35 billion in GMV by 2025, a high mobile phone penetration rate, and government support for the digital economy. What is more, the country’s real-time payments system, DuitNow, is a key catalyst for merchant acceptance of cashless payments and has contributed to the emergence of mobile transactions. As a growing economy, a region such as this requires increasingly robust, reliable, and advanced payment solutions.
With an understanding of digital payments, Razorpay India is looking to contribute to the transformation in the payments landscape of Malaysia. Leveraging advanced solutions alongside its extensive experience, the company seeks to incorporate the same technologies for Malaysia that have been successful in the Indian market. Malaysian businesses will be enabled access to a solution that helps simplify the process of payment collection, automates payouts, and empowers businesses of all sizes to control their cashflow.
Shashank Kumar, MD & Co-Founder, Razorpay India commented on the launch of the first international payment gateway in Malaysia and stated that when they joined forces with Curlec, their vision was to build products addressing the needs of the SEA region, and the Curlec Payment Gateway is considered an initial step in that direction. The spokesperson believes the PG in Malaysia to transform how businesses and end-consumers transact and interact with money. With experience in India’s payment geography and similarities with Malaysia being found, the official considers collaboration, innovation, and customer-centricity the three keys to unlocking digital payments’ potential and driving economic growth in the region.
Zac Liew, Co-Founder & CEO of Curlec added that with the launch of the payment gateway, the company is now a full-stack payment solutions provider, combining advanced tech capabilities and an understanding of the local payments’ ecosystem.
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