Curlec by Razorpay calls for Budget 2025 to promote financial inclusion in digital economy

PETALING JAYA: Curlec by Razorpay, a leading fintech payment gateway service provider, hopes the government will create more opportunities in the market for payment solutions providers.

Co-founder and CEO Zac Liew said such an initiative will continue bridging the gap between businesses and financial institutions to reach the underbanked and underserved markets.

He pointed out that Malaysia has risen as a financially inclusive market, placing 18th out of 42 markets in the 2023 Global Financial Inclusion Index.

Significant improvements in Malaysia’s digital economy contributed to its improved financial inclusion position, with the volume of real-time transactions and online connectivity mentioned.

With the push for digital payments in Malaysia, it imperative to support both businesses, whether SMEs or enterprises, with seamless payment instruments and consumers with secure payment methods.

Highlighting the government’s commitment to accelerating digitalisation, artificial intelligence (AI) adoption, and automation as critical components under Mission 2 of the National Industrial Master Plan and the Ekonomi Madani framework, Liew said the introduction of the real-time retail payments platform and the expansion of cross-border payment linkages within Asean are crucial to driving digital transformation.

“In line with Budget 2025’s vision to promote innovation, we urge the government to continue prioritising digitalisation and developing real-time payments infrastructure. The expansion of cross-border payments within Asean presents vast opportunities, and a supportive regulatory framework will be essential to drive these advancements.

“A clear, consistent set of guidelines that promotes collaboration between fintech players and traditional financial institutions can greatly accelerate the adoption of digital payments, fostering a more integrated financial ecosystem,” Liew said.

Touching on cybersecurity measures, he said with the explosive growth in the digital payments industry, cyberattacks ranging from incidences of data breaches, ransomware, and fraudulent transfers to leaks have threatened the security and safety of digital transactions worldwide.

“We urge the government to continue monitoring such fraudulent activities and provide stringent measures and guidelines for financial institutions or businesses dealing with sensitive data. Tax exemptions for companies which invest in cybersecurity can also be provided to encourage businesses further to strengthen security protocols,“ he added.

Liew encourages the government to continue to invest in startups and provide a comprehensive ecosystem that allows for ease of doing business enables the creation of quality startups, establishes regulatory frameworks that are agile to trends in technology as well as mitigates the risk of innovation.

“Most importantly, it is crucial to leverage both private and public networks to channel opportunities for startups to access both local, regional and international opportunities,” he said.