3 Asian Startups on the future of Malaysian E-Wallets




Tech in Asia City Chapters (Kuala Lumpur) recently organized its first founders’ meetup, discussing the future of digital wallets in Malaysia. The panelists were from WeChat, Boost, and vcash, three Asian startups that have their hands in the local wallet ecosystem.

The future of digital wallets in Malaysia

Boosting wallet stickiness - For digital wallets to have more value, providers must focus on their users’ everyday lives. But encouraging a change in behavior is no easy task.


WeChat’s game plan - In early 2018, WeChat is planning to roll out its payment services in Malaysia, which will be the first country out of China to get the service.


Localization strategies - Mobile service provider Digi’s chief digital officer and head of Digi-X, Praveen Rajan, believes that a localized strategy is paramount to drive adoption. According to Rajan, outside Kuala Lumpur “there are key satellite markets that require localized solutions for them to go cashless.” 


Financial inclusion - Going cashless is one way to achieve financial inclusion for the underserved segment in Malaysia.


Pushback from banking partners - While banks may be concerned by the draw of mobile wallets, Rajan sees that the difference in expertise allows both parties to work together. “We do not have the competencies of a financial institution,” Rajan said. “What we have is our distribution channel to 12 million consumers.” Read More.




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