Start Up Payfo Aims To Disrupt Malaysia S Financial Space

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Payfo has launched four fintech applications so far, namely Bepasar, Subspays, Kredids and Joy, which aid business-to-business and business-to-consumer relations.PETALING JAYA: A financial technology (fintech) start-up established in 2018 is working to “disrupt” Malaysia’s financial space through its technological solutions.
Payfo, owned by Percetakan Nasional Malaysia Bhd, has launched four fintech applications so far, namely Bepasar, Subspays, Kredids and Joy, which aid business-to-business and business-to-consumer relations.
The first app, Bepasar, helps migrant workers send money to their families back home in a seamless way. It also allows them to pay their bills back home while providing them with preferred products from their home countries on an e-marketplace.
Subspays functions as a semi-autonomous and cashless platform that allows state and federal government agencies to manage subsidy provisions to the B40 lower-income group in the country.
“Coupled with our parent company’s state-of-the-art smart card manufacturing facility, we are able to complement our digital solution with not only a closed-loop smart card solution but also an open-loop EMV (Europay, Mastercard and Visa) certified solution,” it said in a statement.
Meanwhile, Kredids addresses businesses’ needs in supply chain financing by providing financing and factoring companies, peer-to-peer and equity crowdfunding players and financial institutions quick alternative financing solutions.
“At the forefront of Payfo’s efforts is Joy, an all-inclusive omni-channel digital payment, e- commerce and reward platform that aims to benefit both its users and its merchants.
“This digital loyalty platform will help online and offline merchants build their customer base and improve their customer retention through a reward system.
“In other words, users will be able to enjoy the convenience of an e-wallet on top of a reward system, while merchants will be able to strengthen their customer loyalty as customers are encouraged to return with the aim of earning more cashbacks.”
Set to be launched this month, it said Joy would be further enhanced with more features and offerings, subject to regulatory approval.
The app will initially be launched as an exclusive platform for more than 200,000 employees of Al-Bukhary Group and may be used by their close family members too.
“We are looking at providing benefits to almost one million users.”
It said this large audience would create a strong closed-loop loyalty platform that would assist the growth of participating merchants, in addition to benefiting the staff through an exclusive fintech service.
Via partnerships with several captive markets, it expects the number of the app’s users to reach more than five million.
Joy has already on-boarded partners such as MPH Bookstores, Altel, Kaodim, Komugi, Tradewinds Hotels, Menara Optometry and Affin AXA, and is looking to expand its merchant base even more.
“Eventually, Joy is set to be available for use across the entire nation, falling in line with Payfo’s objectives to disrupt the financial space in Malaysia and beyond.” - FMT

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