Building out a game-changing digital ecosystem in Malaysia with kiplePay
Every business owner knows that digitalization is crucial for survival in today’s competitive climate with more and more companies fast tracking their digital transformation journey to ensure resilience and continuity. Governments worldwide are also cognizant of this reality hence public policies are increasingly being implemented to support their growth to ensure contribution to the economy.
Fast tracking one’s digital transformation journey can be expedited by choosing the right platform provider. The criteria to choose the right one should include whether the vendor has significant experience in digital financial technologies, whether it has localized knowledge, and if it can expedite transnational trade. In practical terms, that means receiving and sending payments in multiple currencies and adhering to the APAC’s differing types of data protection and privacy governance.
It also requires a platform provider that understands the need for a seamless and reliable system, one that’s capable of inspiring confidence in the platform, and enabling organizations to extend their offerings to end-users sure that transactions are safe — 100% of the time.
One company ticking those boxes has successfully powered integrated solutions in more than 70 countries and has been listed on the Malaysian Stock Exchange since 2005: that’s Green Packet Berhad. Its subsidiary Kiplepay Sdn Bhd which runs financial technology platform ‘kiple’ has a significant presence at the governmental level, as well as in the education payments sector and as a payment provider and gateway for many hundreds of private companies. The company provides two main services through kipleBiz for business end-to-end e-payment solutions and kiplePay for cashless transactions.
Kiplepay is behind dozens of successful, well-known initiatives, like DigitalPerak, providing the e-commerce engine behind WarungKu, and cashless payment solution provider Selangkah Biz.
The first challenge is often a rapid digital transformation from legacy systems, Ricky Lew, Kiplepay acting CEO explained: “Right now, government agencies are running a lot of the traditional setups where you have on location, physical servers, and all these legacy programs. How do we migrate them to cloud?”
Kiplepay has looked long and hard at the world’s leading cloud providers, and through its own online payment portal, had specific requirements. These were best met recently by Tencent Cloud, and it forms the basis of many next-generation offerings from the Green Packet stable in the region. He explains: “So the entire banking and tech stack that comes along with that cloud infrastructure, and whatever solution they have brought out for digital banking, that is embedded into the whole cloud offerings as one of the pillars under the [Green Packet] enterprise solution.”
Choosing the cloud provider with inherent digital payments experience is only part of the issue. Governments are renown throughout the world for moving both behind the tech curve but also very slowly when it comes to embracing change — particularly, technological change.
Green Packet is quickly changing that perception, tackling head-on some of the traditional stumbling blocks to change — electronic sign-on for services, identity verification (and re-verification) and anti-fraud. The company recently acquired an eKYC (electronic know your customer) company and has been working closely with Malaysia’s central bank, Bank Negara, where it’s piloted one of the first local KYC schemes based on facial recognition technologies.
That facility, and digital signatures, are now available to government agencies, so speeding up the traditional glacial progress of government bureaucracy. Lew tells us Kiplepay is working to “[…] digitize all the official documentation and signings – from your student scholarships to your loan applications to your government education, fund applications, to have it all done online. So, you can execute those agreements within five minutes. And through the KYC process, we get you on board within 10.”
Lew adds the group is working with a couple of state governments to digitize the entire financial operation of the state, including a transformation of government-owned assets such as schools, public hospitals, and public universities.
These technology platforms are also equally suited to the private sector, from smaller retail outlets and developing businesses right through to global banks. The payment facilities are available as white label services, so any online transaction can be seamless for the end-user, yet secure and backed by technologies that are trusted by government agencies. By working closely with financial regulators, Kiplepay is acting as an enabler for the economy of Malaysia at all levels.
“We support those with the backend, we provide the infrastructure, we provide the software engine, the e-wallet engine, we provide the regulatory oversight together with Bank Negara, and it’s more of being an enabler for other players in the market.”
The options provided by Kiplepay are responsive and scalable, and will empower the next generation of entrepreneurs, existing businesses, and government agencies.
Just recently, Kiplepay launched its first Kiple Visa Prepaid Card aimed at fast-tracking cashless society in Malaysia. Enterprises can deploy a white label wallet as a service (WaaS) solution coupled with the prepaid card as part of its services as a Visa Principal Licensee. With this, businesses can roll out their e-payment platforms within as quickly as four months; accelerating five times their speed to market from the usual 24-month lead time.
To find out more about enterprise suite of fintech solutions, reach out to a local representative today.