Philippine digital lender Skyro has launched its first lending product in Malaysia, offering cash loans of up to RM1,000 ($250) as it expands beyond its home market and looks to build a wider financial services business in Southeast Asia.
The launch marks Skyro’s second market in the region after entering the Philippines in 2022, where it has built a registered user base of more than 7 million and an active loan portfolio exceeding $200 million.
The company said it reached operational break-even in the Philippines just over three years after starting operations.
Skyro received approval from Malaysia’s Ministry of Housing and Local Government in September to provide online moneylending services.
Its initial offering provides loans of up to RM1,000, with repayment periods of up to four months.
The company plans to gradually raise borrowing limits for eligible customers to as much as RM10,000 as its Malaysian portfolio grows.
Applications are processed through Skyro’s mobile app, with Malaysian citizens holding a valid MyKad and regular income eligible to apply. Applicants must verify their identity and submit supporting income documents.
The lender assesses applications based on income, existing financial commitments and credit history. Most applicants receive a decision within minutes, with approved funds transferred directly to their bank accounts.
Loans carry a fixed interest rate of 1.5% per month. Customers can review the approved amount, monthly instalments, applicable fees and total repayment obligation before signing the loan agreement.
Skyro co-founder and co-CEO Arsen Liametov said the company wanted to provide another financing option for consumers facing unexpected expenses, while ensuring borrowers understood the costs and repayment obligations.
The company is also considering introducing a lending product with an approved credit limit, potentially before the end of 2026. This would allow customers with established repayment records to access subsequent loans more easily.
The expansion comes as Malaysia steps up efforts to curb illegal moneylending, including unlicensed Ah Long operators and fraudulent loan applications.
Skyro is positioning its licensed digital lending service as an alternative for consumers with limited access to traditional bank credit.
The company said its lending model uses proprietary data science, artificial intelligence-driven credit decisions and alternative-data scoring to assess borrowers.
Founded by Liametov and Nasim Aliev through a management buyout, Skyro is financed through private capital, debt facilities and strategic equity investments from Gulf Cooperation Council-based investors.
