CapitalBay – One of The 12 Hottest Fintech Startups in Malaysia
CapitalBay was recently featured as one of The 12 Hottest Fintech Startups in Malaysia by prominent fintech news website Fintech Malaysia.
In a detailed report, Fintech Malaysia said CapitalBay helps corporations “optimise their working capital”, providing businesses with real-time technology “to collaborate with a wider network of financial institutions to access financing opportunities.” CapitalBay, the website noted, was among 5 startups selected for Hong Leong Bank’s inaugural Launchpad programme.
Why was CapitalBay selected to be one of the 12 Hottest Fintech Startups in Malaysia ?
Fintech Malaysia gave three reasons for this:
- “Cashflow is the lifeblood of many SME businesses, CapitalBay addresses this need”
- “98.5% of all Malaysian businesses are SMEs”
- “Niche business – there are no incumbent players operating in this space within Malaysia”
Who else made the list?
Among the other companies that made the list was MoneyMatch, one of just four fintech companies approved under the Bank Negara Malaysia Sandbox. The company provides peer to peer currency exchange and cross border remittance, which are both powered by a one-time e-KYC verification.
Another firm that made the list, MHub, is a “real-estate fintech platform for property developers, agents and bankers to connect, communicate and collaborate” to achieve better conversion rates. MHub provides services such as a digital showroom, credit check, and finance tracking.
Among the reasons why MHub was chosen : the company’s established business relationship with fifteen banks. “Credit tightening for mortgage financing in Malaysia makes for an appealing case for Mhub services of providing qualified leads to banks,” Fintech Malaysia said.
Malaysia – based fintech startup PrimeKeeper was chosen for providing “an innovative solution that links directly to bank accounts which enables CASA to CASA payments”, FinTech Malaysia said.
HelloGold, which “blends gold trading with blockchain technologies” also made the list – due in part to Asia’s strong “affinity” for gold. HelloGold’s app, Fintech Malaysia said, lets customers “buy and sell physical gold for a minimum price of RM 1.” Interestingly, HelloGold’s founder, Robin Lee, was a former CFO for the World Gold Council, according to Fintech Malaysia.
There were several other companies that made the list:
Sedania As- Salam Capital, which runs the As-Sidq™ platform. The company was acquired for Sedania Innovator for 2.8 Million USD or 12 million MYR.
Sedania As- Salam Capital is an Islamic Financial Tawarruq (Fund-raising) Trading Platform used by 20 financial institutions in Malaysia. Sedania, Fintech Malaysia said, has so far processed over 300,000 transactions worth over 5.9 Billion USD or 25 Billion MYR .
Another fintech company that made the top 12, Soft Space, is a digital payments company focusing on developing solutions for the e banking and payment industry. According to Fintech Malaysia, Soft Space has “a top management team” with a “strong background in technology, risk management, and a wealth of experience running startups and payments companies.”
Fintech Malaysia’s view on the fintech space: sentiment vs reality
In the Fintech Malaysia report, the authors say industry players view “Malaysia is lacking in activity within the fintech space and the fintech startups in Malaysia are still pretty nascent.”
“The general impression from the market is that there’s a lack of innovative fintech startups in Malaysia,” Fintech Malaysia says.
But Fintech Malaysia thinks “the reality is that there are some fintech startups in Malaysia with strong growth potential” – just that many tend to “fly under the radar.”
Our thoughts on the Fintech Malaysia report
Fintech Malaysia’s report is detailed, delving into the background, funding, and business models of each of the 12 “hottest” fintechs in Malaysia. Other firms featured in the report include connected car technology provider Katsana, equity crowdfunding platform pitchIN, E-Marketplace MyCash Online, and Neuroware, a blockchain technology solution provider.
Some of these companies have been backed by well-known investors such as the Axiata Digital Innovation Fund , KK Fund, and the Cradle Fund.
We think more needs to be done to highlight the exciting fintech industry in Malaysia. Fintech Malaysia’s well-researched, comprehensive report provides rare insight into this growing space.
If you want to find out more about the fintech landscape in Malaysia, do check out Fintech Malaysia’s Fintech Malaysia Report 2017 . If you’d like to check out Fintech Malaysia’ full list of fintech companies and startups in Malaysia, do check out the list here .