Indonesia's Xendit expands to Malaysia with investment in Payex

📆 1/13/2023 4:45 PM
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The unicorn start-up has appointed Jason Siew, who previously served as CEO of WeChat Pay Malaysia, to helm the Malaysian branch as general manager.

“So that Xendit can take Indonesia to the global stage, we consider it necessary to have a presence in multiple South-East Asian countries,” Xendit cofounder and chief operating officer Tessa Wijaya said on Thursday .In the past, Siew served as CEO of WeChat Pay Malaysia — a mobile payment and digital wallet service belonging to Chinese tech giant WeChat.

The expansion was realised with an undisclosed amount invested in Malaysian company Payex, which, like Xendit, is a payment gateway provider. Using a payment gateway saves merchants the hassle of registering with each payment system provider individually and gives them access to multiple payment methods through one service.

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Xendit Officially Enters Malaysian MarketMalaysia is its third market after Indonesia and Philipines It is investing in Payex, a BNM-licensed payment gateway provider Xendit, an Indonesian founded fintech company, has officially entered the Malaysian market with its range of payment solutions for SMEs, start-ups and giant corporations. The move was made following its announcement in 2021 to invest in Penjana Kapital through the Dana Penjana Nasional programme.
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