KUALA LUMPUR, 7 October 2019 – Today, Stripe, a global technology company that builds economic infrastructure for the internet, announced its official launch in Malaysia. Valued at USD35 billion, Stripe also announced a partnership with Payments Network Malaysia Sdn Bhd (PayNet) to make FPX available to businesses in the country.
Malaysia is home to one of the world’s most connected populations – not only are smartphones nearly ubiquitous at 88 percent penetration, Malaysia’s internet users are also among the top 10 most engaged globally. However, despite this, the internet only represents around 3 percent of the country’s GDP.
“Even today, less than eight percent of commerce is online, largely because moving money on the internet remains complicated, cumbersome and slow. At Stripe, our goal is to remove these barriers and build the kind of infrastructure ambitious businesses need to run at internet speed and scale.”
John Collison, co-founder and president, Stripe
With this launch in Malaysia, any online company in the country can now gain access to Stripe’s entire product stack, to launch, run and scale their business globally from day one – including Stripe Connect for running multi-sided marketplaces, Billing for subscriptions and recurring payments, Radar for fraud detection and prevention, Sigma for analytics, and more. From today, Stripe is also making FPX available in beta, allowing businesses on Stripe to accept payments via online bank transfers, along with major credit cards like Visa and Mastercard.
Stripe has been testing its service in Malaysia since January this year, and already works with some of the country’s most innovative companies including: e-commerce solutions platform EasyStore, food delivery service dahmakan, and fashion and retail platform FashionValet.
“At PayNet we think a lot about creating safer, more reliable and efficient ways of paying online. We’re delighted to be partnering with Stripe with its FPX integration to bring the convenience and benefits of paying with FPX to more Malaysians. We look forward to continued collaboration to bring more of Malaysia’s economy online.”
Peter Schiesser, CEO, PayNet
Malaysia marks yet another step forward in Stripe’s global expansion, following from the company’s launch in Estonia, Greece, Latvia, Lithuania, Poland, Portugal, Slovakia and Slovenia earlier this year. Globally, Stripe processes hundreds of billions of dollars a year for millions of businesses.