Stripe, an American technology company based in San Francisco, announced this Monday that it has officially launched in Malaysia. Following the launch, businesses in the country can now accept and manage payments.
By launching in Malaysia, companies within the country now have access to the full Stripe stack. This includes Billing, Connect, Radar, and Sigma. Stripe’s software allows both individuals and businesses to make and receive payments over the internet.
“More than 80 percent of Malaysians already access the internet, and as many as two-thirds of them do so via their smartphones. Despite the continued growth in connectivity, the country’s internet economy remains a small fraction of the overall GDP,” the company said on its blog today.
“With today’s launch, we want to help thousands more entrepreneurs and companies in Malaysia grow and scale their online businesses domestically and internationally.”
In Malaysia, bank transfers are one of the most popular payment methods for online customer transactions, the company said. Because of this, Stripe also announced today that it is a third party acquirer for FPX.
FPX is an online payment solution, which allows customers to make real-time online payments using their current or savings account. Under the partnership, Stipe will be revealing several new features that were previously unavailable in Malaysia, the company said.
“These include quick and easy onboarding for merchants, the ability to refund transactions effortlessly, and real-time feedback on whether FPX payments are successfully processed–helpful to both merchants and consumers. We’ve also looked to minimise the number of redirects in the FPX checkout flow to help optimise conversion rates.”
Stripe partners with Malaysian companies
Stripe had its beta launch earlier this year. Following this, the company has partnered with several Malaysian companies, such as e-commerce startups like FashionValet and Flower Chimp.
According to the statement, Stripe has also partnered with dahmakan and RAGE Coffee, and platforms and marketplaces like SOCAR and Easystore, which allow entrepreneurs to start and scale their own businesses.