Revenue Monster paving way to create Malaysia’s holistic fintech solutions ecosystem

KUALA LUMPUR: Revenue Monster Group, a Malaysian financial technology (FinTech) company, has announced a successful private equity funding round, solidifying its mission to create Malaysia’s most holistic fintech solutions ecosystem to fast-track Malaysia’s digital transformation. 

After securing RM30 million in funding from private equity firm The SEA Capital, Revenue Monster has partnered with The SEA Capital, local financial technology solutions provider Fullrich Malaysia (and their local licensed e-wallet brand, TaPay) and software developer Allied Protocol.

The memorandum of understanding (MoU) aims to build a more advanced business-to-business (B2B) and business-to-government-to-consumer (B2G2G) fintech ecosystem which comprises end-to-end payment solutions from point-of-sale (PoS) to an e-wallet license. 

Revenue Monster Group chief executive officer Lim Kar Aik said that with the recent restructuring and the second round of funding from private equity investor The SEA Capital, the company had integrated greater strengths in the financial technology industry to provide customised digitalisation solutions.

“Our group has also been actively working with traditional industries to achieve digital transformation.

“Recently, we have been building an intelligent community with a renowned real estate developer where we develop smart homes and provide residents with a better living experience.

“Everything just made easier with a mobile application, not to forget the reduction in management costs and significantly improved service efficiency.

“Our vision is also aligned with the development initiative of the Ministry of Housing and Local Government, leading and cultivating the growth of smart cities,” he said in a statement today.

Meanwhile, the MoU is set to act as a solid pillar in Revenue Monster’s ongoing plans to build a true super-app within the fintech space that accommodates and caters to the full spectrum of services and solutions within the industry. 

Fullrich Malaysia founder Sun Jian Wei said that the company’s white-label digital wallet solutions, government units, corporate groups, and many more could create their own e-wallet brands, holistically manage all scenarios, realise interconnection, and make all activity information and payment traceable.

“This can help create a valuable closed-loop big data ecosystem, empowering more businesses to achieve digital transformation effortlessly,” he said.

The SEA Capital said that the post-epidemic era highlighted changes in the social and economic situation that have rewritten business rules.

“The organisation believes that strategic projects with sustainable development are more aligned with the maximum benefit of the overall environment.

The SEA Capital believes that the Revenue Monster Group embodies these qualities, prioritising both the growth of economic prosperity and human well-being,” it said.

Source from: new straits times