Stripe, global technology and payments solutions company has chosen Malaysia as its second venture market in Southeast Asia after Singapore. The company also announced a partnership with Payments Network Malaysia Sdn Bhd (PayNet) to make FPX available to businesses in the country.
Why Malaysia you ask? John Collison, co-founder and president, Stripe said, “Mobile penetration in Malaysia is high and e-commerce is already happening.”
In fact, Malaysia is home to one of the world’s most connected populations–with over 88 percent internet penetration. Malaysia’s internet users are also among the most engaged globally. Despite these impressive numbers, the internet only represents around 3 percent of the country’s GDP, making it a market with tremendous growth potential.
Collison said Stripe’s goal is to remove barriers for online commerce which currently can be cumbersome and slow; to build infrastructure for businesses to grow at internet speed and scale.
What Stripe brings to Malaysian businesses and consumers
Stripe will make available its entire product stack which includes Stripe Connect for running multi-sided marketplaces; Billing for subscriptions and recurring payments; Radar for fraud detection and prevention; Sigma for data analytics, and more.
From today, Stripe is also making available FPX in beta, allowing local businesses on Stripe to accept payments via online banking, along with major credit cards like Visa and Mastercard.
Stripe has been testing its service in Malaysia since January this year and is already powering some of the country’s brightest businesses like e-commerce platform EasyStore, food delivery service dahmakan, and fashion and retail platform FashionValet.
The Stripe advantage
Instant setup: Stripe allows businesses to quickly setup and run, as fast as 10 minutes. Businesses can receive payments in over 135 currencies and through payment methods like FPX and credit cards.
Full stack of services: With Stripe, businesses have access to services like accepting payments; power new business models like marketplaces, crwodfunding and subscriptions; handle accounting and optimise checkout experiences for mobile devices, all from a centralisec dashboard. Also, there are hundreds of third-party services that are integrated with Stripe–from invoicing to email marketing and CRM.
Farewell fraud: Stripe Radar–the company’s fraud detection and prevention tool uses advanced algorithms and machine learning to actively protect businesses from fraud.
Seamless security: Stripe is certified to PCI Service Provider Level 1, the most stringent level of certification. It also provides 3D-Secure (3DS) support, cresting unique onr-time-use codes for businesses to charge their customers.
Stripe’s entry to Malaysia marks another step in the company’s global expansion, following its entry into Estonia, Greece, Latvia, Lithuania, Poland, Portugal, Slovakia, and Slovenia earlier this year.
The USD35 billion company is one of the most highly-valued startups in the world and powers new businesses and public companies across the globe–from Facebook to Shopify. Stripe Inc was founded in 2010 by John and Patrick Collison, 29 and 31, who immigrated to Silicon Valley from Ireland to pursue careers in technology.
