Today, we’re happy to officially launch Stripe in Malaysia. Businesses all across the country can now easily accept and manage payments, and access the full Stripe stack including Billing, Connect, Radar and Sigma.
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. With today’s launch, we want to help thousands more entrepreneurs and companies in Malaysia grow and scale their online businesses domestically and internationally.
Since our beta launch earlier this year, we’ve been able to partner with several Malaysian companies leading the charge. These include e-commerce startups like FashionValet and Flower Chimp who serve customers around the region, companies with innovative new business models like dahmakan and RAGE Coffee, and platforms and marketplaces like SOCAR and Easystore which in turn enable thousands of entrepreneurs to start and scale their own businesses.
Through the feedback of these early partners and hundreds of others across the country, we’ve shaped our products to meet the local needs of Malaysian businesses.
Online Bank Transfers with FPX Bank transfers are one of the most popular payment methods for online consumer transactions in Malaysia, and we’re excited to announce that Stripe is now a third party acquirer for FPX. 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. 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.
The FPX beta program will support payments via seventeen local banks, ensuring that domestic and global merchants can seamlessly offer a relevant local payment experience to Malaysian consumers.