DOKU, leading payments provider in Indonesia, has announced its acquisition of senangPay, one of the leading online payment gateways in Malaysia, in a deal worth USD7.5 million.
The acquisition marks the start of DOKU’s expansion overseas and is part of its efforts to reach a wider audience, specifically SMEs. Kicking off its expansion journey in Malaysia all but makes sense since both countries share similar socio-cultural backgrounds.
DOKU serves over 150,000 merchants across myriad industries in Indonesia, offering the widest suite of online and offline payment products including payment gateway, domestic fund transfers, cross border remittance, biller payments, e-money, e-wallet, and QR code payments. It is the only payments player with five licences from Bank of Indonesia.
Just last year, DOKU received funding from Apis Growth Fund II, a private equity fund managed by Apis Partners LLP.
For senangPay, a Malaysian online payment gateway established in 2015, the acquisition will help strengthen and expand its offerings beyond online payment gateway, spurring new services such as e-wallet, remittance, and offline transaction services such as Tap on Glass, M2M (mobile to mobile), and more.
Through these new offerings, senangPay will be able to transform traditional brick-and-mortar establishments, in line with the Malaysian Government’s “Malaysia Digital” initiative.
Malaysia Digital, the freshly-coined initiative that succeeds 25-year old MSC Malaysia, is a national strategic effort to transform Malaysia into a knowledge-based economy. The initiative is driven by the Ministry of Communications and Multimedia (K-KOMM) through Malaysia Digital Economy Corporation (MDEC), Malaysia’s lead digital economy agency.
SenangPay is managed by SimplePay Gateway Sdn Bhd and is registered with Bank Negara Malaysia as a Merchant Acquiring Services provider. Additionally, it is also registered with Mastercard International as a Payment Facilitator (PF) for the Asia Pacific region. Today, it is amongst the Top 5 payment gateways in the country, serving over 15,000 merchants. It continues to offer safe and cost-effective digital payment solutions for businesses especially SMEs and micro-enterprises.
The company was named “Top Performing Partner for Go eCommerce OnBoarding Campaign & Shop Malaysia Online Campaign 2021” by MDEC for helping online business owners quickly migrate to digital during the COVID-19 pandemic and the subsequent lockdown periods.
Showcasing its market innovation, the company recently rolled out senangzakat, a convenient and user-friendly platform to pay a variety of zakat (Islamic donations) in Malaysia, with the solution gaining strong traction and garnering positive responses from users.
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