Online financial services marketplace BankBazaar.com is spreading its activities to Malaysia and Singapore. The company has set up BankBazaar.com International and is investing Rs 5 crore in the Malaysian market and Rs 10 crore in Singapore as part of its plan to expand its activities in the south-east Asian region. It has appointed fintech specialist Vipin Kalra to lead the business growth and replicate the company’s India success story globally. As part of its international expansion strategy, the company also plans to begin its operations across Australia, Hong Kong, UAE and the Philippines over the next couple of years. Bank Negara Malaysia has recently issued licenses to emerging fintech companies with an aim to improve the quality, efficiency and accessibility of financial services in Malaysia. Adhil Shetty, co-founder and CEO, BankBazaar.com, said Malaysia’s banking industry is poised towards the next phase of disruption. This complements BankBazaar’s vision to enable, simplify and improve the financial services value chain for consumers. Backed by the company’s paperless finance vision and under Kalra’s leadership, BankBazaar International will play a pivotal role in transforming Malaysian financial services market, he added. The company will deploy a team of 30 people to support its expansion in Malaysia in addition to the 40 member Singapore team.
