The GHL Group Berhad, a payment service provider and one of the top merchant acquirers in the ASEAN region, recently revealed that its Philippines division has been approved by the Philippines Securities and Exchange Commission (SEC) to conduct its lending business through its new unit, called GHL Philippines Financing Services Inc.
GHL is known mainly for its payments services, however, the company has been diversifying its business. GHL was approved, in late 2019, to establish its lending business in Malaysia and Thailand. The company also teamed up with Axiata’s micro-lending platform Aspirasi in order to “narrow the financial inclusion gap” in Malaysia.
Last year, the firm partnered with an Australian Fintech company that provides “Buy Now, Pay Later” options which helps merchants with offering interest-free monthly installment plans to their customers.
Danny Leong, Group CEO, GHL stated:
“We are excited with our Philippine operations getting the go-ahead to start lending services to our merchant base. This is part of the group’s strategy to further its value add to our merchants in addition to payment services.”
Leon added:
“COVID-19 has brought many challenges to many SME merchants and we hope to be able support them through the difficulties and to assist them to catch the recovery wave.”
Based in Kuala Lumpur, GHL Systems Berhad claims that it has over 20 years of experience in the digital payments sector.
The company has grown to become a top payment service provider in the Asia Pacific (APAC). It specializes in offering physical, internet, and mobile payments solutions.
The Fintech sector in Malaysia is expanding rapidly. Payments platform Adyen (AMS: ADYEN) recently announced that it is expanding its acquiring capabilities to Malaysia. According to Adyen, the expansion helps businesses achieve higher authorization rates, better customer experience, and deeper data insights as the Malaysian market transitions to online payments.
Razer Fintech, the Fintech division of Razer (a multinational financial service provider), has introduced #RazerForLife, an initiative that aims to support local Malaysian businesses, which may be experiencing significant challenges due to the Coronavirus crisis.