Malaysia Fintech Opportunity Map (Version 1.1)

Thanks to your contributions, we’ve received overwhelming feedback and submissions to our Collaborative Fintech Opportunity Map! Many have stated that our Diagram lacked some important Fintech startups, or that we should have tackled it differently. We’ve listened to the feedback, and made the necessary iterations.

It’s encouraging to see that our Alpha Startups: Fintech Edition has attracted an exceptionally diverse idea pool (refer to the statistics listed below!). Our Diagram and roadshows have indeed inspired many entrepreneurs to solve various pain points in the financial industry and tackle new unexplored verticals. If you have a fintech idea or game-changing solution that you’re yearning to share with the world, do apply soon, as our deadline closes 22 June 2018, or send a pitch deck to info@1337ventures.net

We’ve released problem statements faced by local banks Hong Leong Bank, RHB Bank and Maybank, who have partnered with us for our latest accelerator programme. The results of our Collaborative Fintech Opportunity Map have been eye-opening in the sense that it highlights the fact that our country is lacking Fintech startups in some categories, while being heavily populated in other verticals. The diagram was a visual way of demonstrating the actual opportunities available for fintech startups who are keen to break into the space.

To put our money where our mouth is, we released our diagram as an “MVP”. It gets, excuse my language, shit done, and the message across, simply and effectively, utilising free tools to meet minimal expectations. This is something we constantly teach startups; to get their MVP out there ASAP, iterate and validate rapidly.

To better enlighten our readers, we’ve made some changes. First, we’ve coloured the background of each category based on how congested it is, “green” being pretty bare, or as Colin Goltra from Coins.ph put it in our recent fireside chat, “…an area no one has found the secret sauce to yet to dominate the market,” and “red” being congested, with major players dominating the market and funds. We’ve also added some foreign major players, as signified by their now “translucent” logos.

We’ve also made some changes with the categories. We’ve added MPOS as a category and also created an umbrella category called “Lending” that covers Equity Crowdfunding (ECF), Business Lending (P2B), and P2P. Furthermore, we’ve removed the “Islamic Finance” segment and dedicated a whole page to it! As of now, there are only two major verticals being tackled. If you know of any more startups we should add, do send us a submission here!

Other than that, we’ve added 13 new startups into the diagram, and are moderating another 10. We’ve also created a KIV (Keep In View) list for new players, such as ImaginaryPay, Pod, and Aeon Wallet. These players have yet to release their products to the market, hence for the KIV status.

Did this diagram inspire you to solve a problem in a vertical? Register directly for our Alpha Startups: Fintech Edition programme for the opportunity to get up to RM125,000 in startup funding, mentorship, network with major financial services players, and more, at: bit.ly/alphafintech.

Feel free to fill up this form if you know of any fintech startups that are evidently missing here, and share this post if you wish to help grow this collaborative list!

Newly added:

1. Wallet
   1. WeChat Pay: Combined with WeChat official accounts, WeChat Pay service explores and optimizes o2o consumption experience, and provides professional internet solutions for physical business.
   2. GrabPay: Go cashless in your city with GrabPay. Safe and secure mobile wallet payment solution you can use not only with Grab services but with your favourite stores as well.
2. Mpos
   1. StoreHub: StoreHub is a beautiful Cloud Point Of Sale, Inventory and Customer Relationship Management that makes your business awesome.
   2. Slurp: Slurp is a POS software system for Retailers, Restaurateurs, and F&B outlets for streamlined management of orders, CRM, billing and analytical reports.
   3. ARMS F&B: POS for iPAD – Fully standalone Point of Sale to manage your F&B Outlet and understand your customers.
   4. AirPOS: AirPOS is an affordable SME solution that allows business owners to start accepting new types of payments aside from cash. With AirPOS technology you can start accepting all major credit / debit cards in Malaysia with a click of a button.
3. Remittance
   1. Sunway Money: Sunway Money’s remittance services enable you to send money overseas at one of the cheapest service fees in town and is fully licensed by Bank Negara Malaysia.
   2. TransferFriend: Transfer money abroad easily and quickly from Malaysia at the cheapest rate in the market and save 85% of your transfer cost only with TransferFriend.
   3. EasyPay Transfers: EasyPay Transfers focuses squarely on servicing businesses with regards to optimising trade payments. It simplifies the way businesses remit money to China, by allowing businesses to transfer money securely, with faster processing times, and cheaper rates.
4. Blockchain
   1. Blocklime: At Blocklime, we aim to provide consultancy and development services to our local and global clientele. We have also launched Blockchain Academy focusing on building Blockchain Developers and ecosystem enablers.
   2. BXM: BXM is the upcoming next-generation digital trading platform based in Cyberjaya, Malaysia. BXM aspires to place a strong emphasis on user security and accessibility in order to assist Bitcoin and Ethereum trading.
5. Comparison Sites
   1. Ringgitplus: RinggitPlus is Malaysia’s #1 online comparison site for credit cards, personal loans home loans and savings products.
6. Credit Scoring
   1. Loanplus: Loanplus provides fast, accurate loan screening results across multiple banks for property developers and real estate agents.
7. Keep in View List
   1. ImaginaryPay: Imaginary Pay is a Platform for making Money Transfer and Payment Easy.
   2. Pod: A social goal-based savings app that helps you save money towards specific goals, and rewards you when you do.
   3. Aeon: AEON E-Wallet is an instrument that contains monetary value and pays in advance to the electronic money (e-money) issuer by the user.