back Back

Top 4 exciting Malaysian FinTechs transforming financial services

By Edil Corneille

November 24, 2020

  • Bigpay
  • Coingecko
  • Malaysia

fintech, malaysia, CoinGecko, BigPay, MFM Synergy, MFMi, Tranglo, Edil CorneilleFinancial technology (FinTech) is rapidly becoming a central part of the financial sector of Malaysia. With an increasing middle class, high mobile phone penetration rates, and government support for the digital economy, Malaysia is well situated to take advantage of FinTech innovation. Mobile wallets, digital payments, lending, remittances, blockchain, electronic KYC processes, and crowdfunding, among others, are popular forms of FinTech being used in the country.

The International Monetary Fund (IMF) has stated that as of April 2019, there were around 200 FinTech startups in Malaysia in the areas of payments, blockchain, and lending. CPA Australia apprised that over 75 per cent of Malaysian businesses have embraced at least one FinTech product or service over the past 12 months, according to findings from a regional survey. Below is the list of 4 interesting FinTechs that are enabling consumers to manage their finances and are worth keeping an eye on.


BigPay, Challenge Banking, exchange rate, cardThe FinTech has built a money app and focuses on transparency, low fees and secure technology. To use BigPay, customers have to download the app and require a smartphone and a local mobile number to get started. BigPay is said to keep the money of customers secure. The safety and security of customers’ accounts is a top priority.

BigPay also provides real exchange rates anywhere in the world. The company provides a card which can be used for day-to-day spending. Foreigners can avail a BigPay card too withing 5 minutes from the moment the app of the company is downloaded, and the card is sent to the preferred address of the customer.

BigPay’s in-app analytics tool lets customers take control of budgeting and spending. Launched in January 2018, the company is re-imagining financial services across Southeast Asia by using technology to deliver an alternative to traditional banks. Its goal is to empower customers with the skills and knowledge to make the right financial decisions.


CoinGecko, cryptoCoinGecko is a cryptocurrency ranking web site that provides a 360-degree overview of the standing of digital currencies. The cryptocurrency ranking is quantitatively and qualitatively evaluated based on public data collected from the internet. Metrics considered include market capitalisation, liquidity, developer activity, community, and public interest.

The crypto data aggregator has been operating since early 2014. CoinGecko is said to provide a fundamental analysis of the crypto market. In addition to tracking price, volume and market capitalisation, CoinGecko tracks community growth, open-source code development, major events and on-chain metrics.

CoinGecko currently tracks nearly 5,986 tokens from 410+ cryptocurrency exchanges. CoinGecko has been supported by the Malaysian government agency, MaGIC, and was sent to Stanford University for a 2 weeks programme to learn from companies in Silicon Valley.

MFM Synergy

MFM Synergy Sdn Bhd, FinTech

MFM Synergy was founded in Selangor, Malaysia, in 2013 by IT developers and entrepreneurs. Its goal is to provide companies with FinTech solutions. The company has built a portfolio of products including mobile apps platform, responsive websites, AI solutions, and serverless solutions.

MFM Synergy has a carefully selected network of resellers and wholesalers in Kuala Lumpur, London, Japan, and Turkey, who have all helped the development of its global expansion.

The MFMi Group is part of the Malaysian FinTech specialist MFM Synergy. Its establishment transpired from the mission of MFM Synergy. In July, MFMi Group announced the selection of a pure SaaS cloud-native banking platform by Mambu, to underpin its new digital Islamic financial services. MFMi Group aims to add value to the Islamic FinTech and Sharia Compliance ecosystems by digitising Islamic financial services, in turn enhancing financial inclusion.


Tranglo, Malaysia, FinTech, cross-border payment, money, Kuala LumpurKuala Lumpur-based Tranglo is a cross-border payment hub in Asia that supports business payments, foreign remittances and mobile payment solutions. Tranglo also has offices in Singapore, Jakarta, Dubai and London.

Tranglo was founded in 2008 when a Malaysian serial entrepreneur saw a huge demand for foreign mobile top-ups. He noticed that migrants were buying these top-ups as gifts and sending airtime back home. Recognising that travelling to different countries to buy physical reload cards was cumbersome and inefficient, he sought to create a seamless solution to cross-border airtime payments.

Today, Tranglo provides smart services not only for airtime top-ups but also for foreign remittance and business payments. With its global network, Tranglo is said to make cross-border transactions faster, cheaper and more secure. In 2019, the company reported having processed USD 4.66 billion with 500 partners in 130 countries.

Previous Article

November 24, 2020

Onfido’s survey shows UK consumers demanding better digital identity verification

Read More
Next Article

November 25, 2020

Challenger bank Current raises $131mn in Series C funding at a valuation of $750mn

Read More

IBSi Daily News Analysis

Data privacy

July 16, 2024


Rise in sophisticated attacks, state-level threats, and increased ransom DDoS Incidents

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


Slope raises $65m in equity and debt funding from J.P. Morgan & others

Read More

July 17, 2024

SWiM PAY launches new instant digital payments feature

Read More

July 17, 2024

Mangopay & ManoMano simplify payments for marketplace sellers

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024