Backed by Fingular, a global neobank renowned for its innovation, AhaPay has unveiled its highly anticipated Buy Now, Pay Later (BNPL) service in Malaysia.
Fingular, which launched first-in-Malaysia digital lending business under the Tambadana brand, attracted significant attention in recent months after it announced that it had obtained a digital lending license and that it achieved a break-even in just 9 months after launch.
Developed with unparalleled dedication in just three months, AhaPay is set to revolutionize the way Malaysians shop. It enables consumers to purchase a wide range of products from home appliances to fashion items while easing their monthly cash flow. Unlike conventional BNPL services, AhaPay is designed as a sophisticated tool for money management and planned purchases. With a strong emphasis on regulation and compliance, AhaPay has proactively engaged with Bank Negara and will soon operate under the governance of Credit Consumer Oversight Board (CCOB).
In a strategic move, AhaPay is carefully curating its initial cohort of merchants with the aim of boosting their sales volume by 20-30%. This select group will receive comprehensive marketing support as part of their initiation and activation process. AhaPay is dedicated to both merchant and customer excellence, striving to deliver an immersive experience through advanced technology. Recognizing the crucial role of merchant success, the startup has made a strategic decision to build a technological platform that supports merchants as well.
Harold Chen, CEO AhaPay Malaysia, emphasizes the ethical foundation of their service: "AhaPay is not just a BNPL service. It is a game-changer in the financial landscape. It is poised to set new standards in ethical consumer finance and merchant success. Our primary focus is on empowering our merchants and enabling their customers to make purchases responsibly. We conduct thorough affordability assessments to ensure Malaysians are not further burdened by increasing household debt."
"BNPL is a cornerstone for Fingular's further growth. We expect the number of BNPL users to surpass 900 million globally by 2027, creating vast opportunities for banks and fintech companies. Our next expansion targets include the Philippines, Indonesia and Qatar", - added Maxim Chernuschenko, CEO of Fingular.