BankBazaar, a leading online financial services company in India, has announced its expansion into Malaysia. The company will deploy a team of 30 people to support its expansion in Malaysia.
With over 70 per cent active internet users, coupled with Malaysian Government’s commitment to digitise the financial ecosystem, Malaysia has led to the adoption of advanced financial technologies to equip customers to shift towards digital transactions. Furthermore, Bank Negara Malaysia (BNM) 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.
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.”
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The company has also appointed fintech veteran Vipin Kalra to lead the international business growth and replicate its India success story globally. In this role, Kalra will be responsible for growing and establishing BankBazaar’s presence in international markets starting with Malaysia and Singapore. Further, he will focus on forging strategic partnerships with financial institutions as well as product development for international markets.
Kalra is a seasoned global payments expert who brings over 25 years’ experience in transactional business, hardware and software industry in Asia Pacific and Australia. He joins BankBazaar from Visa where he held various senior level positions. In his previous role, Kalra was Senior Vice President of Merchant Sales and Solutions for Asia Pacific. Prior to this, he was the Country Manager for Visa’s Australia business. He also led the proliferation of credit, debit and prepaid payment products with Kalra’s clients and partners.
Kalra said: “Technological landscape across the globe is changing rapidly. I believe companies focused on innovation, clubbed with agility are sure to make an impact, irrespective of their business scale and scope. After successfully shaping India’s Fintech space through customer-focused innovations, BankBazaar is now taking this legacy across new markets. I am excited to be a part of BankBazaar and partner with them in this new journey.”
A few months ago, BankBazaar had expanded to Singapore. Recently, it invested US$1.6 million in the Singapore business. As of today, 40 people are working in the Singapore office.
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As part of its international expansion strategy, BankBazaar also plans to begin operations across Australia, Hong Kong, the UAE and the Philippines over the next couple of years.
BankBazaar is an online marketplace providing instant customised rate quotes on loans, credit cards or any other personal finance products. The platform helps consumers compare best offers across various banks and NBFCs. Apart from these, it gives the consumer the latest news/trends and insights into managing finances better. The consumers can track their application and troubleshoot issues in the process through a host of channels like the BankBazaar app, WhatsApp, Email, Voice-support etc.
The company has partnered with over 75 leading financial institutions and insurance firms in India.
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