Malaysia is a country in Southeast Asia with a population of 30 million, and a rapidly growing economy with a current GDP of USD 450 billion. The country has a young and tech-savvy population, and a vibrant tech economy across e-commerce, fintech and online gaming amongst others.
Credit cards are popular in Malaysia with over 10 million cards in circulation and together with the near ubiquitous debit cards form the core of the traditional digital payment system. However, either of these is unsuited for digital assets onramp and offramp since the conversion rates are very low (less than 50%)
Over the last decade, digital wallets have become much more popular in Malaysia with Grab Pay, Boost, Shopee Pay and Touch ‘n Go widely prevalent across the local population. The QR code based DuitNow and instant e-payments from bank accounts FPX, have also become very popular since the Covid crisis.
TransFi is focused on fiat-to-crypto onramp and offramp in emerging markets, in particular Asia, with the widest suite of local payment methods in local currencies, 80%+ conversion rates, and with low fees. An integration with TransFi enables exchanges, wallets and DeFi protocols to offer their users the ability to buy and sell crypto with all the popular payment methods in Malaysia including FPX, DuitNow, Grab Pay, Boost and Touch ‘n Go.