Curlec by Razorpay has partnered with TNG Digital to offer recurring payments through TNG eWallet, enhancing financial accessibility for underserved markets including SMEs and unbanked individuals in Malaysia. This collaboration supports Bank Negara Malaysia’s goal to advance digital financial services and promote a cashless society.
29 May 2024 – Curlec by Razorpay, Malaysia’s foremost FinTech payment gateway, announced a groundbreaking partnership with TNG Digital, the operator of TNG eWallet, Malaysia’s largest integrated FinTech player. This collaboration aims to bolster financial inclusion by offering recurring payments through TNG eWallet, addressing the needs of underserved markets such as SMEs, unbanked individuals in rural areas, and the younger generation without access to debit or credit cards.
Curlec’s Co-founder and CEO, Zac Liew, highlighted the unique value of this partnership: “While many payment gateways offer one-off payments with TNG eWallet, we are thrilled to be among the first to enable recurring payments. This feature allows consumers and businesses to manage billing cycles efficiently, receive instant alerts, and control subscription activities through Curlec Subscriptions.”
Liew further emphasized the partnership’s significance for consumers, noting, “For services like gym memberships or streaming, consumers no longer need a credit or debit card. They can use their TNG eWallet details for seamless and secure recurring payments.” With TNG eWallet’s high market penetration, this integration is set to benefit up to 88% of Malaysians who prefer using this payment method, particularly aiding the underbanked population.
The partnership is particularly beneficial for SMEs, which continue to face post-pandemic cash flow challenges. With recurring payments facilitated by Curlec and TNG eWallet, SMEs can stabilize their financial operations. This solution is ideal for small businesses, such as tuition centers and community gyms, which rely on consistent payment schedules.
TNG eWallet, with over two million merchants and a 60% market share, provides a trusted platform that extends financial services to underserved communities. The collaboration will also help small and micro businesses in rural areas where card penetration is low, enhancing their operational efficiency and financial stability.
Alan Ni, CEO of TNG Digital, expressed his enthusiasm for the partnership: “This collaboration aligns with our commitment to democratize financial access in Malaysia, fostering a financially empowered society. By bridging gaps and empowering over 21 million verified eWallet users, we aim to make recurring eWallet payments accessible and impactful, particularly in areas with limited card usage.”
This partnership supports Bank Negara Malaysia’s Financial Sector Blueprint 2022-2026, aiming to advance digital financial services and promote a vibrant digital economy.
