Malaysia’s Central Bank Approves Startup for Digital Remittance Service

April 28, 2019

Malaysia’s central bank, Bank Negara Malaysia (BNM), has granted an approval in principle for a Class B remittance license to local fintech startup MoneyMatch to conduct digital remittance services for individuals and businesses.  This includes permission to conduct electronic Know-Your-Customer (e-KYC) processes via mobile app.

According to startup tracker E27, MoneyMatch was part of an initial batch of approved participants in the central bank’s Regulatory Sandbox, dating back to May 2017. The startup was the first approved by BNM’s Financial Technology Enabler Group (FTEG) to offer a complete digital experience that includes carrying out online transactions and customer onboarding.

MoneyMatch also aims to become the first of the batch to successfully graduate from the Sandbox by mid-2019, saying in a press release that it has carried out over MYR450 million (US$109 million) in transactions since operations began in June 2017.

With over 50 full-time employees, the startup has reportedly raised over MYR7 million (US$1.7 million). Their latest investor, Cradle Seed Ventures, invested over MYR2 million (US$487,000).

MoneyMatch has continued to raise capital in support of its expansion plans around the Asia-Pacific region, starting with Australia. It has also recently received a license to provide remittance services by the Australia Securities and Investments Commission, the independent government body that acts as the country’s corporate regulator.  

In October of last year, the startup became the first ever BNM-approved institution to successfully conduct live cross-border transactions backed by blockchain, moving funds from Malaysia to Europe within a matter of hours – a transaction which would have taken days using conventional systems.



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