Global company Stripe announced its partnership with Payments Network Malaysia Sdn Bhd (PayNet) to make FPX available to businesses in the country, marking its entry into the country.
With this launch in Malaysia, any online company in the country can now gain access to Stripe’s entire product stack, to launch, run, and scale their business, including Stripe Connect for running multi-sided marketplaces, Billing for subscriptions and recurring payments, Radar for fraud detection and prevention, Sigma for analytics, and more.
Stripe is also making FPX available in beta, allowing businesses on Stripe to accept payments via online bank transfers, along with major credit cards like Visa and Mastercard.
The company noted that Malaysia becomes a suitable nest for the company as it has 88 percent smartphone penetration, but only 3 per cent of its internet businesses representing the country’s GDP.
“Even today, less than eight percent of commerce is online, largely because moving money on the internet remains complicated, cumbersome, and slow,” said John Collison, co-founder, and president, Stripe. “At Stripe, our goal is to remove these barriers and build the kind of infrastructure businesses need to run at internet speed and scale.”
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Stripe has been testing its service in Malaysia since January this year, and already works with some of the country’s companies including e-commerce solutions platform EasyStore, food delivery service dahmakan, and fashion and retail platform FashionValet.
“Stripe aims to empower more businesses in Malaysia to export their creativity to the rest of the world,” said Piruze Sabuncu, head of Southeast Asia and Hong Kong, Stripe.
In specifics, Stripe’s presence helps businesses to set up and run instantly by enabling businesses to receive payments in over 135 currencies and through payment methods like FPX and credit cards.
It also offers online businesses with the ability to build new business models like marketplaces, crowdfunding, and subscriptions, handle accounting and optimise checkout experiences for mobile devices, all from one centralised dashboard.
Malaysia becomes another step forward in Stripe’s global expansion, following from the company’s launch in Estonia, Greece, Latvia, Lithuania, Poland, Portugal, Slovakia, and Slovenia earlier this year.
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