Payments leader Stripe announced this week that it is launching in Malaysia.
Companies there will be able to access Stripe’s entire technology stack, including tools for marketplaces, subscriptions and recurring payments, as well as its fraud management and business analytics reporting, the company said in a blog post.
According to Stripe’s web site, Stripe is now available in 34 countries. This year alone, it has added Estonia, Greece, Latvia, Lithuania, Poland, Portugal, Slovakia and Slovenia to the list of countries where it operates.
Despite Malaysia’s high rates of connectivity, with smartphones being used by 88 percent of the population, ecommerce usage remains low, the company said.
“Even today, less than eight percent of commerce is online, largely because moving money on the internet remains complicated, cumbersome and slow,” John Collison, co-founder and president of Stripe said in a press release.
“At Stripe, our goal is to remove these barriers and build the kind of infrastructure ambitious businesses need to run at internet speed and scale.”
Stripe has been operating in Malaysia in beta since January, it said. Its clients include Flower Chimp, an online flower delivery service that operates across the country through local florists; SOCAR, a car-sharing network; and ecommerce platform EasyStore.
“We are extremely excited by the energy and determination of the Malaysian entrepreneurs we’ve been working with daily. Technology should not be holding them back,” Piruze Sabuncu, head of Southeast Asia and Hong Kong for Stripe, said.
“Stripe aims to empower more businesses in Malaysia to export their creativity to the rest of the world.”
To serve the needs of the local market, Stripe also announced that it is a third-party acquirer for FPX, an online payment gateway that facilitates bank transfers in Malaysia, through a partnership with Payments Network Malaysia Sdn Bhd (PayNet).
“Through this partnership we’ve sought to build the most frictionless FPX payments flow in the market and will be revealing several new features previously unavailable in Malaysia,” the company said in a blog post.
The new features include easier merchant onboarding and transaction refunds, as well as real-time acknowledgement that transactions have been successfully processed. The program, which is currently in beta, will include 17 local banks, the company said.