BBazaar Shows the Way Forward for Banks in Malaysia

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BBazaar is aiming to add more banks to their growing list of partners

KUALA LUMPUR, MALAYSIA – Media OutReach – 27 August 2018 – BBazaar Malaysia, a fintech company, has been making waves recently in Malaysia with its mission of helping people access the right financial products at every step. The company also envisions itself to become a dominant marketplace for instantly issuing financial products because of which it’s actively looking to partner up with top banks in the country – the latest one being Alliance Bank Malaysia Berhad.

With Malaysia needing to embrace digitisation to maintain its economic growth, it was only a matter of time before every industry took the digital route. Banking has always been at the forefront of adopting new technologies to ensure increased convenience and an enhanced experience.

But with consumers’ needs changing continually, it can be challenging for financial institutions to go digital on their own while managing or even exceeding expectations. This is where fintech firms can bridge the gap and propel banks through the digital world.

Vipin Kalra, BankBazaar International’s CEO, said, “Our aim is to provide instant access to financial services and the process is easier for banks as we can be seen as an additional channel for them to reach out to customers.

In Malaysia, we have since received nearly 500,000 visitors to our website and the numbers are growing. Our key differentiator is that we enable an end-to-end paperless journey where a user can look for a particular financial product, get a personalised offer, apply and get approval, all in one go — a smooth end-to end journey, starting from researching, comparing and selecting, to applying and getting approval. In short, a one stop shop where every Malaysian can apply directly without going to the bank’s website,” continued Kalra.

Since being launched in early 2018, BBazaar has been doing extremely well in the Malaysian fintech space. It works as an online marketplace for financial products where you can search, compare, and apply for credit cards and personal loans. The company entered its first contract with Standard Chartered Bank in April 2018 and then went into agreement with Citibank Malaysia soon after.

More recently, BBazaar has partnered with Alliance Bank, a leading conventional and Islamic financial institution based in Malaysia. With plans to tie up with other major Malaysian banks soon, Vipin said, “In three months, we want to have at least three partners on board, and over a dozen partners within a year.”

He also added that the company is in compliance with all PDP requirements in Malaysia and that its systems and servers are ISO-certified and completely secure. On the firm’s official website––which went live on 5 June 2018, you can choose from over 18 different credit cards and 2 personal loans.

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