Malaysia’s fintech firm Curlec by Razorpay has announced its partnership with TNG Digital, the operator of TNG eWallet.

The duo said in a statement on Wednesday that directly integrated with the TNG eWallet enables Curlec to work collaboratively to empower underserved markets to improve financial accessibility for merchants and consumers nationwide.

This includes small and medium-sized enterprises (SMEs), unbanked individuals in rural areas, and the younger generation lacking access to debit or credit cards.

“While many payment gateways have partnered with TNG eWallet for one-off payments, we are delighted to be one of the first payment gateways in the market to offer recurring payments with TNG eWallet,” said Curlec Co-founder and Chief Executive Officer Zac Liew.

According to him, since Curlec’s establishment, recurring payments have been one of the firm’s most important focus areas.

“Today, consumers and businesses alike can enable recurring payment schedules, control the billing cycle and get instant alerts on subscription activity with Curlec subscriptions,” he said.

He said this partnership will truly benefit many Malaysian businesses and consumers.

“Up to 88 percent of Malaysians prefer TNG eWallet as a payment method,

“With such a high market penetration rate, leveraging TNG eWallet as a payment method would reach the underbanked and those who cannot obtain credit cards,” he added.

Committed to serving underserved merchants and customers, Curlec now has an additional recurring payment method with TNG eWallet in addition to two major instruments including
Cards such as Visa, Mastercard and Online Banking utilizing Direct Debit.

Through this partnership, the unbanked and younger audiences can seamlessly make payments by opting for recurring payments through TNG eWallet with Curlec, alleviating concerns about the need for a debit or credit card.

Utilizing Curlec’s payment gateway with TNG eWallet also empowers SMEs to collect payments regularly, which would help in their overall financial cash flow.

This partnership aims to extend TNG eWallet’s reach to more merchants, making financial services accessible to all.

It empowers micro and small businesses to flourish in the digital economy by enhancing their operational efficiency and financial management.

Alan Ni, Chief Executive Officer of TNG Digital, said the collaboration with Curlec aligns perfectly with TNG Digital’s commitment to democratizing financial access in Malaysia, fostering a financially empowered society.

“Through this partnership, more people, including consumers, businesses, and organizations, will enjoy the advantages of recurring eWallet payments,” he said.

He emphasized that as Malaysia’s largest eWallet, the firm is poised to bridge gaps, foster financial inclusion, and empower over 21 million verified eWallet users nationwide with seamless transactions and tailored financial solutions.

“This is particularly impactful for areas with limited card usage,” he added.

He also said this partnership goes in line with Malaysian Central Bank’s Financial Sector Blueprint 2022-2026 which aims to advance the digitalization of the financial sector through the support of a vibrant digital financial services landscape.

Curlec is a full-stack payments solution, launched in 2018, that makes it easy for businesses of all sizes to collect payments, automate payouts and take control of their cash flow.

The firm currently processes up to 10,000 transactions per second and serves a vast range of clientele with over 2,000 merchants locally and over 10 million businesses served globally.

Curlec is part of the Razorpay group – India’s leading payments and banking platform for businesses.

Curlec is also a member of Payments Network Malaysia Sdn Bhd (PayNet) and is regulated by Malaysian Central Bank.

Established in 2017, TNG Digital is Malaysia’s largest and leading fintech company, with more than 21 million verified users.

The platform facilitate payments for over 2 million merchants in Malaysia, allow cross-border payments in more than 40 countries, as well as international payments through our partnership with Visa.

Its full suite of products also include financial services such as investments, lending and credit, remittances, and insurance.

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