Chennai-based online financial services marketplace BankBazaar, as part of its international expansion strategy, plans to begin its operations in Australia, Hong Kong, the UAE and the Philippines over the next couple of years. On Monday, the company announced starting of its Malaysian operations.
After consolidating its position in the Indian market over 10 years, BankBazaar is steadily expanding its foothold across south-east Asia as it sets up the Singapore subsidiary.
Last month, BankBazaar had announced an investment of Rs 5 crore in the Malaysian market and an additional Rs 10 crore in its Singapore business.
As far as the Malaysian market is concerned, BankBazaar said with more than 70% active internet users, coupled with the Malaysian government’s commitment to digitise the financial ecosystem, it is imperative that customers will shift towards digital transactions.
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Bank Negara Malaysia has recently issued licences to emerging fintech companies with an aim to improve the quality, efficiency and accessibility of financial services, thereby presenting huge potential for growth and expansion in this market.