BNM approves Green Packet unit’s white-labelled e-wallet

This article first appeared in The Edge Financial Daily, on February 11, 2020.

Tan Kay Yen

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KUALA LUMPUR: Green Packet Bhd said its wholly-owned subsidiary Kiplepay Sdn Bhd has become the first fintech player in Malaysia to provide a white-labelled e-wallet solution with Bank Negara Malaysia’s (BNM) approval.

In a statement yesterday, Green Packet said that coupled with a payment gateway service, the white-labelled e-wallet solution is a key strategic thrust to the group’s overall fintech play where it will provide a new revenue stream for the group.

“By setting up and managing a mobile app-based payment solution for third parties, the gross transaction value is expected to increase by 500% over the next two years,” Green Packet said.

Chief executive officer Tan Kay Yen (pic) said in the statement it is a big win for kiplePay to get BNM’s approval as kiplePay can now propel the country’s cashless agenda further.

“With white labelling services, we can enable and facilitate more businesses, be it for enterprises with a large customer base or small and medium enterprises to launch its own e-wallet.

“Such functionalities including a spectrum of mobile payments, discounts, loyalty rewards, P2P (peer-to-peer) money transfer, data top-ups, and bill payments can be made available by the e-wallet itself. That will not just give a full control to improve the brand discernibleness and deliver the best user experience but it also provides business owners better opportunities to interact with their customers and better anticipate the customers’ needs and desires,” he said.

According to the statement, kiplePay is set to explore and offer white labelling services to more organisations and corporations with a large customer base in sectors like insurance, food, retail, and transportation. These include direct selling companies and organisations that prioritise loyalty programmes, it said.

Tan said, “With e-wallet, payment gateway, and wallet-as-a-service capabilities, we can now build a broad range of picks and choose functionalities powered by the technology talents, assets, and network of international partners of the Green Packet Group. Ultimately, we strive to use our technology capabilities to help and enable businesses to serve their customers better.”