With accelerated global shifts towards a cashless economy, KiplePay Sdn. Bhd. (Kiple), in the last two years, has ramped up its efforts to empower greater digital financial adoption and inclusion.Unlike traditional mass market players, Kiple focuses on strategic partnerships in the B2B2C space and offers solutions for enterprises, SMEs, the government, and consumers, including underserved communities.  

Kiple’s efforts align with the growing demand for digital financial solutions in Malaysia. In just one year this demand has skyrocketed to[1]:

1. 89%increase in e-wallet volumes to 468 million transactions in 2021;
2. 57%growth of merchant participation in online payments to one million registrations; and
3. 36%increase in online banking volume to 12.1 billion transactions.

This demand, which is anticipated to continue growing amid new SOPs post pandemic, has served as a catalyst for Kiple to enhance its end-to-end digital financial offerings.

One of business’ major white label solutions is its Bank Negara Malaysia (BNM) approved e-wallet, which enables users to carryout various transactions through features such as the QR Code scan to pay, e-MallOrder-and-Pay, and Link-and-Pay Card. The wallet also facilitates repayments ofPTPTN loans and contributions to SSP which supports the government’s agenda of a cashless economy and empowers underserved communities, including students.

Kiple also offers a suite of customisable and scalable solutions which includes payment gateways, mobile apps, Kiple VisaPrepaid Card, and will be looking into wealth platform solutions in the coming months. As part of setting up these end-to-end solutions, Kiple provides comprehensive support during and post deployment. Its solutions and training materials are tailored to grass root, rural and urban communities so that each segment can adopt more seamlessly at their various levels of need. 

Kiple is the only business in the market with its own proprietary fraud management system – ensuring that it meets BNM’s financial requirements. BNM has also approved Kiple’s E-Know Your Customer(eKYC) solution which helps partners verify the legitimacy of their users.

Kiple has further strengthened its offerings by integrating solutions from Xendity, a Singapore software technology company specialising in e-KYC. The inclusion of these security features enables Kiple’s partners to fast track their compliance assessments in setting up their own digital finance solutions, easing their cashless journey.

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Innovating financial solutions in partnership with Visa

Through its partnership with leading global payment technology company, Visa, Kiple recently launched the Kiple Visa PrepaidCard, in a bid to help consumers and enterprises accelerate their digital financial capabilities. The prepaid card not only enables consumers to go cashless more expediently, but also gives them access to over 70 million merchant locations globally.

Enterprises can leverage on both the prepaid card and Kiple’s white label Wallet-as-a-Service solution to expedite the creation of their own e-wallet. Using Kiple’s combined services, enterprises will be able to roll out e-payment platforms as quickly as four months, accelerating their speed to market five times from the usual 24-month lead time.

As a Visa Ready Certified partner, Kiple also offers prepaid issuing bank identification number (BIN) sponsorships in Malaysia. This provides partners a convenient alternative to offer their own Visa card without the need to re-fulfil the Visa Ready criteria.

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Accelerating cashless economy for all walks of life 

Kiple recently forged several partnerships with government-linked agencies to support the nation’s shift to a cashless economy This was particularly beneficial during the MCO when micro-SMEs needed to quickly adopt cashless solutions to continue operations and safeguard their livelihoods.

Expanding its partnership with Selangor’s health technology platform, Selangkah, Kiple powered the Selangkah Wallet, an accessible solution for merchants and customers to transact safely through cashless payments. The e-wallet was recently used at the RIUH Christmas Tropicola 2021 live creative event and was crucial in facilitating transactions for close to 75local merchants who were participating.

Kiple has also benefitted underserved communities, particularly the B40 group.

Since August, the Northern CorridorImplementation Authority (NCIA) has worked with Kiple to disseminate cashless aid to poor communities in Malaysia’s northern states. NCIA’s Kasih Ibu was one such initiative where single mothers were given prepaid cards to purchase necessities from nearby local merchants. This not only eased their ability to transact but provided a transparent system for NCIA to track disbursements.

Other recent initiatives included KipleMall, a part of the kipleUNI programme. Launched in partnership with University Book StoreMalaysia (UBSM) and developed for university students, an often-overlooked segment, KipleMall provides a one-stop shop for essential educational materials.The initiative has the potential to reach over 280,000 students from Kiple’s existing partnerships with local universities, including UiTM, UUM, UPM, UPSI, and UTeM.  

Partnering with UBSM also ensures that the materials sold are authentic and of high quality. In addition to publishers and merchants, students can also make purchases from fellow students, transacting in a safe and regulated environment.  

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What’s next for Kiple?

While Kiple continues to support the nation’s cashless journey, it is just getting started. 

Recording a 112% increase in revenue at RM1.52million in the third quarter of 2021, the business hopes to expand its services and pursue new opportunities both locally and regionally. Leveraging its experiences in Malaysia, Kiple aims to help other enterprises and communities throughout Southeast Asia fast track their digital transformation journey and improve the region’s digital financial inclusion.

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[1] e-wallet,QR payments and online banking surged exponentially in one year up to June 2021