BNM approves Green Packet’s KiplePay white-labelled e-wallet


GREEN Packet Bhd’s wholly owned subsidiary KiplePay Sdn Bhd received a nod from Bank Negara Malaysia (BNM) to provide a white-labelled e-wallet solution in Malaysia.

This makes KiplePay the first financial technology (fintech) player in the country to offer a white-labelled e-wallet solution with the central bank’s approval.

In a statement yesterday, the company said, coupled with a payment gateway service, the white-labelled e-wallet solution is a key strategic thrust to the group’s overall fintech play where it will provide a new revenue stream for the group.

The group also added that by setting up and managing a mobile app-based payment solution for third parties, the gross transaction value is expected to increase by 500% over the next two years.

KiplePay CEO Tan Kay Yen said it is a big win for the group to get this approval as they can now propel the country’s cashless agenda further.

“With white labelling services, we can enable and facilitate more businesses, be it for enterprises with a large customer base or small and medium enterprises, to launch its own e-wallet.

Its functionalities include a spectrum of mobile payments, discounts, loyalty rewards, peer-topeer money transfer, data top-ups and bill payments that can be made available in the e-wallet.

“That will not just give a full control to improve the brand’s discernible ability and deliver the best users’ experience, but it also provides business owners better opportunities to interact with their customers and anticipate its customers’ needs and desires,” he said in the statement.

Through the e-wallet solution, KiplePay is looking to explore and offer white labelling services to more organisations and corporations with large customer base in insurance, food, retail and transportation sectors.

This also includes direct selling companies and organisations that prioritise loyalty programmes.

According to Tan, businesses today need to think innovatively to create fresh and unique value propositions for specific niches.

“With Malaysia fast becoming a cashless society, the way to go for all businesses to go digital is to fulfil an underserved need for a segment and have a relevant e-wallet functionality as an under layer.

“With e-wallet, payment gateway and wallet-as-a-service capabilities, we can now build a broad range of pick and choose functionalities powered by technology talents, assets and network of international partners of the Green Packet,” he added.

Tan also hinted that KiplePay will also enable white-labelled services, incorporating artificial intelligence and facial recognition.

This is in a collaboration with another oil and gas company that operates more than 100 petrol stations in Malaysia, in which the collaboration is expected to follow soon.

KiplePay is regulated by BNM in the category of e-money issuer that has been in the e-wallet scene since 2017 with a deep focus on universities and students’ niche.

Previously, KiplePay has collaborated with local universities to distribute allowances through e-wallet for students and merchant communities at campuses and university towns.

Currently, KiplePay powers one of the largest e-wallet efforts in the country called Setel via its wallet as-a-service capabilities.

Setel is the first petrol e-payment solution in Malaysia which is available in more than 700 Petronas stations nationwide today.

* Paragraphs 1 and 2 have been edited for correctness and clarity.