Financial services marketplace BankBazaar.com forays in Malaysia

In continuation to drive its presence across South East Asian markets and disrupt the international Fintech landscape, BankBazaar, an online financial services marketplace now forays into Malaysia.

Further, to scale and steer its international operations, the company has appointed Fintech stalwart Vipin Kalra to lead the business growth and replicate the company’s India success story globally.

Financial services marketplace BankBazaar.com forays in Malaysia

Commenting on this development, Adhil Shetty, Co-founder and CEO, BankBazaar.com said, “Buoyed by the positive business sentiment and a progressive regulator, Malaysia’s banking industry is poised towards the next phase of disruption. This complements BankBazaar’s vision to enable, simplify and improve the financial services value chain for consumers. Backed by the company’s paperless finance vision and under Vipin’s leadership, we are confident that BankBazaar International will play a pivotal role in transforming Malaysian financial services market.”

In line with this vision, last month, BankBazaar announced an investment of INR 5 crores in the Malaysian market and an additional INR 10 crores in its Singapore business. The company plans to deploy a team of 30 people to support its expansion in Malaysia in addition to the 40 member Singapore team. As part of its international expansion strategy, the company also plans to begin its operations across Australia, Hong Kong, UAE and the Philippines over the next couple of years.

Vipin Kalra who joins Bankbazar comes from Visa where he had the leadership position. In his new role, Vipin will be responsible for growing and establishing BankBazaar’s presence in international markets starting with Malaysia and Singapore.

The Bank Negara Malaysia (BNM) has recently issued licenses to emerging Fintech companies with an aim to improve the quality, efficiency and accessibility of financial services in Malaysia, thereby presenting a huge potential for growth and expansion in this market.

 

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