MoneyMatch Sdn. Bhd.

Introduction and Company Background

MoneyMatch Sdn Bhd, officially registered as 201501008276 (1133611-P), emerged in the Malaysian fintech landscape in March 2015, headquartered in Selangor. Founded by Adrian Yap and Naysan Munusamy, seasoned professionals with backgrounds in banking, the company set out to transform international money transfers. Its core mission revolves around providing a digital platform, known as "Pulse," which offers cost-effective and transparent cross-border payment solutions for both Malaysian small and medium-sized enterprises (SMEs) and individual users.

Since its inception, MoneyMatch has demonstrated remarkable growth and innovation. It was an early participant in the Cyberview Living Labs accelerator program and secured initial angel investments, paving the way for its expansion. The firm has swiftly become a significant player, processing a lifetime transaction volume exceeding MYR 27.5 billion and serving a substantial customer base of over 1.3 million. While its primary revenue streams are derived from per-transaction fees and foreign exchange spreads, MoneyMatch has strategically broadened its offerings, including expansion into institutional B2B treasury and remittance solutions.

Understanding MoneyMatch's Financial Offerings

While MoneyMatch is widely recognized for its efficient and affordable digital remittance and foreign exchange services, it is important for potential users to understand its role in the lending sphere. MoneyMatch itself does not directly underwrite or disburse loans. Instead, it acts as a facilitator, offering financing referrals through strategic partnerships with licensed peer-to-peer (P2P) financing platforms within Malaysia. An example of such a partnership is with microLEAP, which provides Shariah-compliant P2P financing notes.

For those seeking financing, the products available via MoneyMatch's referral partners typically involve:

• Type of Financing: Primarily Shariah-compliant P2P financing notes.
• Loan Amounts: These can go up to MYR 1 million, depending on the specific financing partner and the borrower's eligibility.
• Tenor: Repayment periods can extend up to 12 months.
• Collateral: For Islamic financing products, collateral is often not required, which can be an advantage for some businesses and individuals.
• Disbursement Time: P2P notes are often funded relatively quickly, with some cases taking under three days for disbursement.

It is crucial to note that detailed loan amounts, annual percentage rates (APRs), specific fees, and precise collateral requirements are entirely managed by MoneyMatch’s financing partners. This information is not centrally published by MoneyMatch itself. Therefore, any potential borrower must conduct thorough due diligence directly with the respective lending partner to understand all terms and conditions before committing.

In contrast, MoneyMatch’s core remittance services offer clear and competitive pricing. Users can benefit from flat-rate fees as low as MYR 3 per transfer, with funds typically delivered within one to two business days to over 121 countries in more than 42 currencies. These services are a direct offering from MoneyMatch, known for their transparency.

Application, Technology, and User Experience

The entire MoneyMatch experience is designed to be fully digital, aligning with modern fintech principles. Users can access services and initiate applications seamlessly through their website or dedicated mobile application, available on both iOS and Android platforms. The company operates without physical branches, ensuring convenience and accessibility from anywhere with an internet connection.

The application process incorporates a robust electronic Know Your Customer (eKYC) system, which MoneyMatch has successfully operated within Bank Negara Malaysia's regulatory sandbox since 2017. This process combines automated document verification with careful manual review by relationship managers, ensuring compliance and security. For financing referrals, credit scoring and underwriting are typically performed by MoneyMatch's partner credit models, such as those employed by microLEAP, which assess risk based on various data points.

The MoneyMatch mobile application is a cornerstone of its user experience. Boasting an approximate 4.7-star rating on app stores, it is lauded for its ease of use, intuitive interface, and competitive transfer rates. Key features of the app include:

• Secure user interface and experience (UX/UI).
• Ability to initiate and track international transfers with flat fees as low as MYR 3.
• Estimated delivery times of one to two business days for most transfers.
• Access to customer support directly through the platform.

Customer feedback generally highlights the app's efficiency and the cost savings compared to traditional banking channels. While positive testimonials from SME clients often praise the Pulse portal for its cost-effectiveness in foreign exchange, some users have reported occasional delays in off-peak corridors for remittances. A common point of feedback regarding the financing offerings relates to the limited transparency of product details directly from MoneyMatch, necessitating direct engagement with the lending partners.

Regulatory Landscape and Market Standing

MoneyMatch operates under stringent regulatory oversight, a key factor contributing to its trustworthiness in the Malaysian financial sector. The company holds a Class B Money Services Business (Remittance) license from Bank Negara Malaysia (BNM) and is a member of the Malaysian Association of Money Services Business (MAMSB) with membership number 0499. This licensing falls under the Money Services Business Act 2011. Furthermore, MoneyMatch was notably the first company to graduate from BNM's regulatory sandbox in 2019, receiving full remittance approval-in-principle since 2018, underscoring its commitment to compliance and innovation.

The company adheres strictly to relevant Malaysian legislation, including the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AML/CTF Act 2001), the Money Services Business Act 2011 (MSBA 2011), and the Personal Data Protection Act 2010 (PDPA 2010). Its robust compliance team, cultivated since its sandbox graduation, ensures adherence to these regulations, with no known penalties or regulatory actions against the firm.

In the competitive Malaysian market, MoneyMatch positions itself as a cost-effective and digital alternative to traditional banks for cross-border payments. Its key competitors include established financial institutions like Maybank and CIMB, as well as global remittance platforms such as Wise and other regional fintech companies. MoneyMatch differentiates itself through several unique aspects:

• Hybrid Human-Digital Model: It combines digital efficiency with dedicated relationship managers, particularly for business clients, offering a high-touch service experience.
• Multi-License Reach: The company holds licenses in multiple jurisdictions beyond Malaysia, including Brunei, Singapore, Australia, and New Zealand, with Hong Kong pending, which broadens its capabilities.
• Technology Adoption: It leverages advanced technology, including blockchain-enabled rails for select corridors, to enhance speed and efficiency.

MoneyMatch has demonstrated strong growth trajectory, having closed a Series A funding round of MYR 18.5 million and currently pursuing Series B funding. It is also a participant in a digital banking consortium with KAF Investment Bank, signaling ambitions for broader financial service offerings. The company plans to deepen its regional coverage within Malaysia and pursue further expansion across the ASEAN region.

Practical Considerations for Potential Borrowers

For Malaysian individuals and businesses considering MoneyMatch for their financial needs, especially regarding financing, several practical points warrant attention:

• Understand the Referral Model: Always remember that MoneyMatch facilitates access to financing but does not provide the loans directly. Your loan agreement will be with a separate, licensed financing partner.
• Thorough Due Diligence on Partners: It is paramount to independently research and verify the credibility and licensing of the financing partner MoneyMatch refers you to. Understand their specific terms, conditions, and customer service standards.
• Scrutinize Loan Terms: Carefully review all details provided by the lending partner, including actual interest rates, all associated fees (such as processing fees, late payment charges, or administrative costs), the full repayment schedule, and any penalty clauses. Do not hesitate to ask for clarification on any unclear points.
• Compare Offerings: While MoneyMatch's remittance fees are competitive, for financing, compare the loan products offered by their partners against other options available in the Malaysian market to ensure you secure the most suitable and affordable terms.
• Digital Comfort: The entire process, from application to disbursement and communication, is digital. Be prepared for a fully online experience, including eKYC and online document submissions.
• Leverage Customer Support: MoneyMatch offers 24/7 digital support and multilingual relationship managers (including Mandarin, Tamil, and Bahasa Malaysia). Utilize these channels to seek clarity on how the referral process works and what to expect from their partners.

By keeping these considerations in mind, potential users can effectively leverage MoneyMatch's platform for its transparent and efficient remittance services, while also approaching its financing referrals with the necessary diligence to make informed financial decisions in Malaysia's dynamic digital lending landscape.