Rebecca PY MALAYSIA, 5 OCTOBER 2026 – Following a banner year where Malaysians conducted 18.4 billion e-payment transactions in 2025—marking a 25 percent year-on-year increase—industry leaders are urging policymakers to pivot focus ahead of Budget 2027. Payments provider Razorpay Curlec highlighted that the national conversation must now move beyond simple payment acceptance toward helping local micro, small, and medium enterprises (MSMEs) build comprehensive digital operational capabilities.
While large corporations maintain dedicated technology and finance infrastructure, smaller businesses often rely on manual labor to reconcile records, process refunds, and track cash flow. With MSMEs accounting for nearly 40 percent of Malaysia’s Gross Domestic Product (GDP), these manual operational gaps impose significant productivity costs across broader commercial networks, suppliers, and distributors.
Kevin Lee, Country Head and Chief Executive Officer of Razorpay Curlec, stressed that digital technology must deliver measurable outcomes by seamlessly linking payments directly into accounting and backend operational systems. He noted that economic value is unlocked when speed is enhanced and friction is reduced across everyday business tasks.
The integration of artificial intelligence (AI) offers further potential for transaction retrieval and automated reconciliation. However, industry stakeholders emphasize that heightened functional capabilities require strict access controls, user authentication, and clear liability frameworks—particularly as online scam losses surged to USD 726.8 million (RM 2.97 billion) in 2025.
Lee reinforced that as AI becomes embedded in money movement, operational trust becomes essential, and every advancement in capability must be matched by stronger governance over access and approval flows. He added that Budget 2027 should equip Malaysian enterprises with the necessary infrastructure, skills, and confidence to utilize AI and payment innovations effectively.
This push for secure innovation aligns with upcoming regulatory mandates, such as Bank Negara Malaysia’s (BNM) Technology Requirements for Payment Services Regulatees taking effect in March 2027. Additionally, leveraging BNM’s Interoperable Fund Transfer Framework will ensure clearer processes, fee structures, and cross-border capabilities, allowing Malaysian businesses to expand efficiently into regional markets.