MoneyMatch was part of the first batch of approved participants in BNM’s Regulatory Sandbox back in May 2017

Malaysian fintech startup MoneyMatch today announced that it has been granted an approval in principle for a Class B remittance license from the country’s central bank Bank Negara Malaysia (BNM) to conduct digital remittance services for businesses and individuals.

The approval in principle included permission to conduct electronic know-your-customer (e-KYC) process via their mobile app.

MoneyMatch offers cross-border payments services for businesses and individuals.

It was part of the first batch of approved participants in BNM’s Regulatory Sandbox back in May 2017, being the first startup approved by the central bank’s Financial Technology Enabler Group (FTEG) to offer a complete digital experience, from customer onboarding to executing transactions online.

It also aims to become the first fintech startup to successfully graduate from the Sandbox by the middle of this year.

Also Read: Malaysia’s online gold trading startup HelloGold wins TechMatch ASEAN 2017

In a press statement, the startup said that it has transacted over MYR450 million (US$109 million) in transaction value since the beginning of its operations in June 2017.

Employing over 50 fulltime staff, it said to have raised over MYR7 million (US$1.7 million) with Cradle Seed Ventures being their latest investor, investing over MYR2 million (US$487,000).

The startup is raising more investments to support their expansion plan around Asia Pacific region, starting with Australia.

It has recently obtained license from Australia Securities and Investments Commission to provide remittance services.

In October 2018, MoneyMatch became the first ever BNM-approved institution to successfully conducted live cross border transaction on the blockchain by moving funds from Malaysia to Europe within hours. The same transaction would take a couple of days via the traditional institution.

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Image Credit: MoneyMatch

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