Malaysia-based fintech startup MoneyMatch has announced the launch of its Series B fundraising round following its application for a digital banking license last July after closing a RM18.5 million Series A investment round.
MoneyMatch’s CEO Adrian Yap expressed strong belief that the consortium has the right resources in place to support the underserved MSME segments neglected by the incumbents and help them realize their ambitions and goals.
Aimed at enabling cost-effective cross-border international payments and remittances, the company is one of the consortium participants led by KAF Investment Bank Bhd, which was recently selected to receive a digital banking licence in Malaysia under the Islamic Financial Services Act 2013 (IFSA).
“The future is looking bright for Malaysia with our government and regulators leading the way with digitalization efforts across all sectors in the region,” said Naysan Munusamy, co-founder of MoneyMatch.
“Digital banking is the future for our nation, and we are extremely proud to be part of the first batch to bring about this paradigm shift in financial services together with our consortium partners.”
Progressing on, he KAF-led Islamic digital banking consortium partners will be working towards full operational readiness and launch, subject to regulatory approvals with further details to be announced later.