Revenue Monster Group, a Malaysian financial technology company, has announced a successful private equity funding round and the signing of a memorandum of understanding (MoU) that solidifies its mission to create Malaysia’s most holistic FinTech solutions ecosystem to fast-track Malaysia’s digital transformation.

The firm said in a statement that after securing MYR30 million ($6.56 million) in funding from private equity firm The SEA Capital, it has partnered with The SEA Capital and local financial technology solutions provider Fullrich Malaysia (and their local licensed e-wallet brand TaPay) and software developer Allied Protocol to build a more advanced B2B and B2G2C FinTech ecosystem which comprises end-to-end payment solutions from Point-of-Sale (PoS) to an eWallet license.

Revenue Monster Group Chief Executive OFficer Lim Kar Aik said with the recent restructuring and the second round of funding from private equity investor The SEA Capital, the group has integrated greater strengths in the financial technology industry to provide customized digitalisation solutions according to the scale and needs of businesses such as aggregating merchant services and mobile payments, enabling Online-to-Offline (O2O) commerce, background data analysis and marketing optimisation.

“Our group has also been actively working with traditional industries to achieve digital transformation. Recently, we are building a Smart Community with a renowned real estate developer where we develop smart homes and provide residents with a better living experience,

“Everything just made easier with a mobile application, not to forget the reduction in management costs and greatly improved service efficiency. Our vision is also aligned with the development initiative of the Ministry of Housing and Local Government, leading and cultivating the growth of smart cities,” he added.

The MoU is set to act as a solid pillar in Revenue Monster’s ongoing plans to build a true super-app within the fintech space which accommodates and caters to the full spectrum of services and solutions within the industry.

“Through our white-label digital wallet solutions, government units, corporate groups, franchise merchants, school campuses and many more can create their own e-wallet brands, holistically manage all scenarios, realise interconnection, and make all activity information and payment traceable,

“This can help create a valuable closed-loop big data ecosystem, empowering more businesses to achieve digital transformation effortlessly,” said Sun Jian Wei, Founder of Fullrich Malaysia.

The SEA Capital said that the post-epidemic era highlighted changes in the social and economic situation, that have rewritten the rules of the business.

The organisation believes that now strategic projects with sustainable development are more in line with the maximum benefit of the overall environment. The SEA Capital believes that the Revenue Monster Group embodies these qualities prioritising both the growth of economic prosperity and human well-being.

TaPay was launched by Fullrich Malaysia in 2017. The mobile e-wallet service is licensed by Bank Negara Malaysia (BNM), providing users with a secure payment system and has received tremendous support from many large merchant outlets and government units over the past few years.

Allied Protocol has more than 20 years of IT development experience, providing software and hardware solutions for merchants in various fields, including PoS terminal systems and enterprise resource planning to help new and mature enterprise customers improve business management efficiency.

The new solutions integrations through the MoU are set to complement existing Revenue Monster offerings including the froup’s online super store solution, à la carte that caters to the B2C market in the F&B category and WeTix, the cinema and movie aggregator alongside Revenue Monster’s B2B solutions within its merchant portal.

Revenue Monster Group is set to reveal more strategic plans locally and abroad in the coming months, as it looks to accelerate the group to a leading position within the industry and assist more local businesses to transform and upgrade.

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