Razorpay Curlec Eyes Next Growth Phase As Malaysia’s Digital Payments Market Matures

By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, Dec 21 (Bernama) -- Razorpay Curlec Sdn Bhd is positioning itself for its next phase of growth as Malaysia’s digital payments market shifts from rapid adoption towards deeper integration, scale and cross-border capability, said country head and chief executive officer Kevin Lee.

He said the company’s immediate focus is to strengthen its role as a long-term payments partner for Malaysian businesses, as expectations move beyond basic transaction processing to operational efficiency, cash-flow management and regional readiness.

“Stepping into this role (in April 2025), I am driven by a clear vision to accelerate innovation and empower businesses of all sizes to thrive in a rapidly evolving economy,” he told Bernama in an interview.

He said Malaysia’s financial technology (fintech) landscape has matured significantly since Curlec was founded in 2018, evolving into a more connected and supervised ecosystem that is now ready to scale.

Today, he said, Malaysia is home to more than 360 fintech companies across payments, lending and blockchain, compared with fewer than 200 active players just a few years ago. 

Lee said this maturity has raised the bar for payment providers, with merchants increasingly demanding reliability, seamless user experience and tools that directly support business growth. 

“Since its full integration with (Indian payment gateway provider) Razorpay in August 2023, the company’s merchant base in Malaysia has expanded rapidly, growing from about 3,000 in October 2024 to more than 5,000 businesses in 2025. 

“Over the same period, transaction volumes rose 62 per cent, while merchant partnerships increased by nearly 67 per cent, reflecting strong adoption among small and medium enterprises (SMEs) and digitally native brands,” he said.

Meanwhile, monthly active transaction users grew 1.5 times, with total transaction counts rising 2.7 times. The platform now handling up to 1,000 transactions per second.

Lee said seasonal spending peaks such as Chinese New Year, Hari Raya and Valentine’s Day continue to drive sharp increases in online transactions, particularly in retail, floristry and consumer services.

He added that payments are increasingly being used by businesses as operational infrastructure, not just a checkout function, with features such as automated payouts and bulk disbursements helping merchants manage liquidity more effectively.

“This is especially important for SMEs, where faster settlement, fewer manual processes and clearer reconciliation directly support resilience,” he said.

Lee said the acquisition by Razorpay India has strengthened Curlec’s capabilities by combining global fintech technology with deep local expertise, allowing the company to scale securely while maintaining localisation.

This includes access to advanced infrastructure, artificial intelligence-powered fraud prevention and the ability to support both domestic and cross-border transactions on a single platform.

Looking ahead, Lee said Razorpay Curlec is focused on preparing Malaysian businesses for a more interconnected regional payments environment as cross-border transactions become faster and more seamless.

“Our goal is to ensure Malaysian businesses are not just ready for the future of payments, but competitive within it,” he said.

-- BERNAMA