KUALA LUMPUR, April 08, 2019 – FinTech Startup MoneyMatch [www.moneymatch.co]
announced today they have been granted an approval in principle for a Class B remittance
license from Bank Negara Malaysia’s (BNM) to conduct digital remittance services for
businesses and individuals, including among the first approved to conduct eKYC (electronic
know-your-customer onboarding technology) via their mobile app enabling branchless and
seamless customer experience.
MoneyMatch was part of the first batch of approved participants in BNM’s Regulatory
Sandbox back in May 2017 and is vying to become the first FinTech startup to successfully
graduate from the Sandbox by the middle of this year. MoneyMatch was the first startup
approved by BNM’s Financial Technology Enabler Group (FTEG) to offer a complete digital
experience from customer onboarding (eKYC) to executing transactions online.
Since beginning operations in June 2017, MoneyMatch has successfully transacted over
MYR 450 million in transaction value servicing thousands of individuals and business
customers. By operating fully online, it enables financial inclusion as they have a
smorgasbord of customers from all states of Malaysia and inclusive of different backgrounds.
Recently, MoneyMatch was awarded as one of the top ASEAN FinTechs at the Singapore
FinTech Festival 2018. They are targeting to expand to Australia as they have recently
obtained license from Australia Securities and Investments Commission to provide
remittance services. This will transform MoneyMatch into a multi-national FinTech startup
with Malaysian origins.
They pride themselves for having one of the cheapest FX rates and fees in the market with asignificantly faster transmission period compared to banks. Back in October 2018,
MoneyMatch became the first ever BNM approved institution to successfully conducted a live cross border transaction on the blockchain by moving funds from Malaysia to Europe within hours. The same transaction would take a couple of days via the traditional institution.
Today, MoneyMatch employs over 50 full-time staff growing from just 3 co-founders and they have claimed to have raised over RM 7 million to date with their most recent investor being Cradle Seed Ventures investing over RM 2 million. MoneyMatch is now looking to raise more investments to fund their aggressive expansion plans around APAC region.
Dzuleira Abu Bakar, the CEO of Cradle Seed Ventures commented, “Supporting
promising Malaysian tech startups and enabling catalytic growth is at the heart of our
investment thesis. MoneyMatch has a very promising business model; receiving validation
from within and outside the country with one of them being the award from the Singapore
FinTech Festival recognising them as one of the top FinTech companies in ASEAN as well
as their successful testing and operations in the Bank Negara Sandbox. We strongly believe
that MoneyMatch will continue to scale aggressively in the course of their expansion
Adrian Yap, the CEO of MoneyMatch affirms the FinTech company’s commitment towards
bringing much needed digital innovation and better price transparency to the traditional
remittance industry in Malaysia, and other APAC markets that MoneyMatch will be looking
to expand to within the second half of 2019. Adrian mentioned that the growth opportunity
domestically in Malaysia remains strong and that MoneyMatch will continue disrupting
traditional banks commenting that “winter has arrived for the banks”.