Malaysia’s leading FinTech payment gateway, Curlec by Razorpay, which processes up to 10,000 transactions per second and serves over 2,000 local merchants and 10 million businesses globally, has announced a partnership with TNG Digital, the operator of TNG eWallet.
This direct integration with TNG eWallet enables Curlec to improve financial accessibility for underserved markets, including SMEs, unbanked individuals in rural areas, and young adults without access to debit or credit cards.
Co-founder and Chief Executive Officer of Curlec, Zac Liew, said, “While many payment gateways have partnered with TNG eWallet for one-off payments, we are delighted to be one of the first to offer recurring payments with TNG eWallet.”
“Recurring payments have been a key focus for Curlec. With this partnership, consumers and businesses can enable recurring payment schedules, control the billing cycle, and receive instant alerts on subscription activity with Curlec Subscriptions. This will benefit many Malaysian businesses and consumers, given that 88% of Malaysians prefer TNG eWallet as a payment method,” added Liew.
Benefits for SMEs
Consumers can now use TNG eWallet for subscriptions, such as gym memberships or streaming services, without needing debit or credit cards. This integration ensures seamless and safe recurring payments, benefiting those who previously faced barriers to accessing these services.
For SMEs, Curlec’s payment gateway with TNG eWallet offers a vital tool for managing cash flow by enabling regular payment collections. This is crucial for businesses like tuition centres, gyms, and other subscription-based services, particularly in rural areas where card penetration is lower, and TNG eWallet usage is higher.
With TNG eWallet holding over 60% market share and reaching more than two million merchants, this partnership extends its reach further, making financial services accessible to all. It empowers micro and small businesses to thrive in the digital economy, enhancing operational efficiency and financial management.
Alan Ni, Chief Executive Officer of TNG Digital, said, “Our collaboration with Curlec aligns perfectly with TNG Digital’s commitment to democratising financial access in Malaysia, fostering a financially empowered society. This partnership will help bridge gaps, foster financial inclusion, and empower over 21 million verified eWallet users with seamless transactions and tailored financial solutions.”
This initiative supports Bank Negara Malaysia’s Financial Sector Blueprint 2022-2026, aiming to advance the digitalisation of the financial sector.
