Thailand-based payment gateway Omise Payment has launched in Malaysia, further accelerating its ongoing expansion strategy across Southeast Asia.
Omise will operate as a registered merchant acquirer in Malaysia, and regulated by the country’s central bank Bank Negara Malaysia (BNM).
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By GlobalDataIt will offer payment gateway services to all Malaysian businesses to help them make payments, manage transactions, send payouts, and expand operations across the country.
Furthermore, the expansion will enable Omise customers in Thailand, Japan, and Singapore to expand their business and operations into Malaysia.
Malaysia is considered to be evolving into a key Asian e-commerce market, driven by a growing digital economy.
Increased government support as well as high internet and smartphone penetration are also cited as reasons for the increased uptake of e-commerce across the country.
However, Omise points out that Malaysia’s e-commerce infrastructure, such as payments, delivery, and regulatory requirements, have more room for advancement when compared with established online shopping markets.
Omise Malaysia country manager Ivy Lee commented: “There is tremendous room where modern payment technology can bring in efficiency and help accelerate growth for e-commerce businesses in Malaysia.
“Opening an office here enables our local team to work more closely with businesses — understanding their pain-points and building the payment solutions that would best support them.”
As part of its expansion into Malaysia, Omise tied up with Maybank to help merchants accept online FPX payments through the 19 supported banks.
Maybank lobal Markets and Transaction Banking managing director Farid Kairi said: “Omise will be able to utilise our cash management solutions for better customer experience and revenue generation given Maybank’s focus in delivering sustainable value to our clients and enabling financial access and inclusion for the wider community.”
Last month, Australian cross-border payments start-up Airwallex received a money services business licence from BNM to provide integrated international payment solutions for Malaysian businesses.
In August this year, BigPay, the fintech unit of Malaysian airline AirAsia, has closed a $100m funding round to speed up its product development.
