Neurogine, UMS Renew Pact To Boost Digitalisation For Malaysian MSMEs

By Jailani Hasan

LABUAN, Jan 10 (Bernama) -- Neurogine Sdn Bhd, a leading financial technology innovator, has renewed its partnership with Universiti Malaysia Sabah (UMS) to transform the financial landscape for micro, small, and medium-sized enterprises (MSMEs) in Malaysia. 

Neurogine chief executive officer Owen Chen Chee Onn said the continuing collaboration focuses on leveraging Neurogine’s n2Tap technology to help MSMEs overcome digitalisation challenges and adapt to evolving consumer behaviours.

He highlighted the difficulties MSMEs face in digitalising their operations, which are often seen as complex and costly. 

“Our goal is to prove that digitalisation can be simple and impactful, starting with MSMEs in Labuan,” he said during the renewal of a memorandum of understanding (MoU) between Neurogine and UMS at UMS Labuan International Campus here today.

Chen said MSMEs play a critical role in Malaysia’s economy, representing over 97 per cent of businesses and employing more than 7.0 million people. In 2023, MSMEs contributed 39.1 per cent (RM613.1 billion) to the country’s gross domestic product (GDP), up from 38.4 per cent (RM580.4 billion) in 2022.

“Neurogine plans to roll out n2Tap, a software-as-a-service (SaaS) solution, nationwide in February 2025. 

“The technology enables mobile devices to function as payment receivers, issuing digital receipts and eliminating the need for traditional payment terminals and their associated costs. 

“N2Tap simplifies the payment process for MSMEs, removing the need for monthly rentals or minimum sales transactions,” he said.

Chen said a focus group would be established to assess the impact of n2Tap on Labuan’s MSMEs, with the findings to be shared with the Minister in the Prime Minister’s Department (Federal Territories), Dr Zaliha Mustafa.

“Neurogine also plans to fund the customisation and deployment of n2Tap as a Private Finance Initiative (PFI), minimising public expenditure and project risks,” he said.

Chen affirmed that digitalisation is no longer optional for MSMEs, with technologies like n2Tap offering tangible benefits without overwhelming complexity or cost. 

“Even small stalls and temporary kiosks can benefit from cashless and contactless payments,” he said.

Chen said Neurogine’s n2Tap has received multiple certifications, including from the Payment Card Industry Security Standards Council (PCI SSC), Visa Inc and Mastercard Inc, attesting to its security and efficacy. 

“These global recognitions underscore Neurogine’s leadership in financial technology and its commitment to supporting Malaysia’s digital economy ambitions,” he said.

The MoU ceremony was officiated by UMS vice-chancellor professor Datuk Kasim Mansor. 

Kasim emphasised the importance of UMS’s role as an economic enabler, noting the positive outcomes of their partnership with Neurogine since 2020.

UMS and Neurogine’s previous collaboration included a 2023 study on the digital transformation of MSMEs in Labuan, which found that many local businesses were already comfortable using cashless payment methods like DuitNow QR, and the new initiative aims to further integrate cashless and contactless payments as the norm.

-- BERNAMA