KiplePay, a Malaysian payments firm, has joined Visa’s FinTech Fast Track program to accelerate its fintech offerings in the country.
Announced on Thursday, the company will issue a Visa-enabled prepaid card and also enhance its e-wallet services.
This came as Visa’s push to expand its presence and services in the Malaysian market and is a part of the payment giant’s global strategy.
“At Visa, we are focused on engaging and building strategic partnerships with the FinTech community. We’re extremely pleased to have KiplePay join us as a Fintech Fast Track program partner, and principal issuer,” Ng Kong Boon, Visa Country Manager for Malaysia, said.
Soft Space was the first Malaysian company to join Visa’s program in May.
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“With KiplePay coming on board, we can reach out to underserved segments in Malaysia, such as merchant and student communities, and create relevant payment solutions to enable the movement of funds seamlessly and securely. This is aligned with our objective and the government’s goal to accelerate the use of digital payments in the country,” he added.
Enhancing services in the region
With the partnership, KiplePay is expecting to significantly expand its products and solutions. The expansion in e-wallet offerings including withdrawals and access to Visa’s global merchant network.
The partnership with Visa will also enable e-wallet users and white label customers of KiplePay to tie their e-wallet offerings with either a physical or virtual Visa card.
“Once we issue a Visa prepaid card, we are able to leverage on Visa’s global acceptance footprint. We’re extremely excited to enable both online and offline payments using the 16-digit payment credential to our customers,” said Kay Tan, CEO of KiplePay.
“KiplePay’s vision has always been focused on powering the masses given we’re a digital financial services platform provider. We have been driving an inclusive cashless agenda across different communities, from instant disbursement of funds for government aid/benefits to powering small merchants and student communities.”