July 13, 2023
2 mins read

Razorpay launches first int’l payment gateway in Malaysia

The Razorpay release, citing unnamed reports, said digital trade in Malaysia today contributes to 22.6 per cent to it’s GDP and is expected to rise to 25.5 per cent by 2025…reports Asian Lite News

India’s home-grown fintech and payments solutions provider Razorpay has announced the launch of its first international payment gateway services in the Malaysian market with Curlec, the startup it acquired earlier.

In February 2022, Bengaluru-headquartered Razorpay which was established in 2014, announced its first international expansion into South-East Asia with the acquisition of a majority stake in Curlec. The new Curlec payment gateway by Razorpay aims to serve more than 5,000 businesses with a target of Malaysian Ringgit worth 10 billion in annualised Gross Transaction Value (GTV) by the year 2025.

India has emerged as one of the fastest-growing ecosystems for fintech innovation and the PM Modi-led government has been instrumental in driving the globalisation of India’s digital payment infrastructure. A key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only, but other countries, too, benefit from it.

Meanwhile, Razorpay in a release Wednesday said the firm has 10 million businesses in India, and added that with today’s launch it aims to bridge the gap between local and international payment gateways.

This launch, the company said, is expected to pave the way to further “penetrate into international waters and make its capabilities available in emerging markets”, besides strengthening the Digital India initiative back home.

Stating South-East Asia (SEA) as a digital payment powerhouse, Razorpay said Malaysia and its businesses have the potential to achieve a remarkable 150 per cent increase in economic activity, reaching USD 52.7 billion by 2030.

The Razorpay release, citing unnamed reports, said digital trade in Malaysia today contributes to 22.6 per cent to it’s GDP and is expected to rise to 25.5 per cent by 2025.

“We have always been aware that simplifying payments is a universal problem. We see great potential in SEA (South-East Asia), we recognise the power of payments in Malaysia and what it means for businesses of any kind and size. We firmly believe that our extensive experience in operating within the diverse and dynamic market of India has prepared us to tackle different challenges and solve payment problems on a global scale,” said Shashank Kumar, MD and Co-Founder, Razorpay India.

Zac Liew, Co-Founder and CEO of Curlec said, “We are very excited about bringing a first-of-its-kind offering for our Malaysian businesses. With the launch of our Payment Gateway, ‘Curlec by Razorpay’, we are now a full-stack payment solutions provider, combining the might of both worlds – world-class tech capabilities and an understanding of the local payment ecosystem. In the recent past, Curlec has enjoyed significant traction in insurance, lending, and savings, having tracked a 110 per cent increase in transaction volumes.

Curlec’s Co-Founder and CEO added it aims for about 10X growth in the next two years. (ANI)

ALSO READ-‘It is time for the global game to reset’

Previous Story

India’s defence influence grows in Southeast Asia

Next Story

Meta accused of anti-Asian bias

Latest from Asia News

Global Brands Linked to Uyghur Labour Abuse

Labour rights experts warn that global brands are failing to account for the realities of their operations…reports Asian Lite News A recent investigation by The Bureau of Investigative Journalism has found that

Taliban Severs Oil Deal with China Amid Growing Friction

Several countries have recently withdrawn from Chinese-funded infrastructure and resource deals, citing quality concerns, lack of transparency, and limited benefits for local populations….reports Asian Lite News The Taliban has cancelled a $540

India Targets Terror at SCO Meet

In addition to addressing the plenary, Singh will hold bilateral meetings with his counterparts from several participating nations, including China and Russia….reports Asian Lite News In a renewed diplomatic offensive against Pakistan-sponsored

No Ceasefire Deal, Says Tehran

Iran’s Foreign Minister Abbas Araghchi says no “agreement” on ceasefire between Israel and Iran…reports Asian Lite News Uncertainty and scepticism mounted on Monday after a surprise ceasefire announcement by the United States,

Awami League Blasts Yunus ‘Propaganda’

Sheikh Hasina’s party slammed Ordinance No. 30, 2025, calling state recognition of the event an attempt to legitimise an “unconstitutional and unethical conspiracy….reports Asian Lite News Bangladesh’s ruling Awami League has strongly
Go toTop

Don't Miss

Indian, Malaysian Navy Chiefs discuss maritime security

Vice Admiral MA Hampiholi, the Flag Officer Commanding-in-Chief of the

Malaysia goes to polls on Nov 19

Prime Minister Ismail Sabri Yaakob dissolved Parliament on October 10,