By Nelson Ng | The 21st century has brought about many digital enhancements, and the financial industries have reaped the benefits accordingly, with the advanced technology serving as a paramount element in how transactions occur today. Malaysia is no exception, with a population of over 30 million population that is largely digitally savvy, the Malaysian FinTech ecosystem is fast becoming fertile ground for start-ups to gain momentum nationwide. Increasingly we see more foreign players and startups entering the FinTech scene in Malaysia. Here are several innovative startups that you should keep an eye on in 2018.
Also known as the “e-Marketplace for Migrants”, MyCash Online is a comprehensive online store that strives to make transactions a lot easier for migrants in Malaysia. Whether it’s to purchase bus tickets, air tickets, mobile top-up, bill payment or mobile remittance, one can easily get all these tasks done on MyCash Online’s platform in three simple steps.
Relatively new on the scene, MyCash Online was founded in 2016 by Mehedi Hassan. A migrant from Bangladesh, he started his career as a software and mobile application developer and has been in Malaysia for 10 years. With a strong migrant population of 11.3% in Malaysia, MyCash Online has addressed an untapped market and successfully secured US$300,000 in a Series A funding round led by Cradle Fund.
Founded in 2017, PolicyStreet provides a wide range of curated and simple insurance policies for Malaysians. It offers insurance products for common consumer needs such as travel, dental, personal accidents. PolicyStreet also offers insurance for niche areas such as musical instruments, photography gear, and even pets. As Malaysia is a severely underinsured country – hovering at 55% – PolicyStreet has seized a huge market opportunity and filled a niche that is not generally addressed by traditional insurance agents.
This Malaysian FinTech startup aims to put more money in your hands. With its comprehensive, fully-digital peer-to-peer currency exchange platform, MoneyMatch enables the transfer and exchange of foreign currencies with complete ease and at a great value. MoneyMatch is one of the only four FinTech companies approved under the Bank Negara Malaysia Sandbox. As the Malaysian remittance industry is expected to record outflows of US$28.8 billion by 2019, MoneyMatch has introduced innovative solutions that disrupt the huge market of traditional finance and currency exchange industry.
Being the first Malaysian company to graduate from 500 Startups in Silicon Valley, Neuroware is a blockchain startup that aims to help organisations future prove themselves by defining opportunities of adopting blockchain technologies. Neuroware consists of a team of technologists who develop tools and conduct training for companies. As the world moves towards a digital environment for business transactions, Neuroware has recognized the need for heightened security. Neuroware has successfully developed “the world’s first blockchain-agnostic operating system” – Cortex, which provides small and medium enterprises with additional security and a more secure audit-trail.
About The Author
Nelson Ng is a Jumpstart Journalist in Residence (JIR) in Kuala Lumpur who is passionate about technology, education and entrepreneurship. Nelson is an undergraduate student who is reading MEng Aeronautics & Astronautics at the University of Southampton with a prestigious full scholarship. With a strong passion in tackling education inequality in Malaysia, Nelson founded the Knowledge Is Free Foundation (KIFF), a non-profit social project that aims to provide assistance and mentorships for high-school students to pursue their higher-education dreams.