Fintech has grown into one of the world’s most important industries over the past five years or so, and it is expected that the sector is going to have a huge impact on the financial system as a whole in the years to come. One of the regions that have gone on to become a particularly important hotbed for Fintech innovation in South Asia, and within the region, Malaysia has emerged as an important innovation hub for the industry. In a new development, one of Malaysia’s biggest mobile phone service providers U Mobile announced its foray into the Fintech space with the launch of two online payment platforms.
The two services, known as GoPayz and GoBiz, will be live from July, according to the company’s announcement and it is believed that it is going to be the launch of a full-service Fintech ecosystem. The Chief Marketing Officer of U Mobile, Jasmine Lee stated that the launch of these two new platforms is going to make Fintech services more easily accessible to a larger number of people and he added that it is going to be quite cost-effective for all users as well. GoPays is an e-wallet meant for users who can use it to make payments, while GoBiz is meant for merchants so that they can accept payments digitally. Needless to say, it is a significant development since with the launch of both these apps, U Mobile has made it possible to create a system by way of which it should be able to draw users with far more ease.
Lee said, “GoPayz is a significant milestone not just for U Mobile, but for the fintech industry. With GoPayz, we can now offer affordable digital financial services to everyone.” On the topic of GoBiz, he said that it could have a significant upside for merchants. Lee stated, “GoBiz seeks to enable all businesses, even the smaller traders, to accept digital payments from customers and offer additional revenue-generating services like telco prepaid top-ups and bill payments.”It remains to be seen how the regular users and merchants react to the new launches.