Malaysia National Budget 2021 – MercuryPay Commentary
By Joel Wijesuria, Chief Executive Officer, MercuryPay
The 2021 Budget Announcement by the Government of Malaysia on Friday, 6 November 2020 has shown that the government is focused on revitalizing the economy with a strong emphasis on digitalization.
We welcome the allocation of RM75 million for the eBelia program to provide more than 1.5 million youths with a one-off e-wallet credit will encourage the adoption of digital payments, propelling us forward into a cashless society. This initiative, along with several others that have been announced, is a strong step towards social and digital inclusion.
We believe that the allocation of RM1 billion under the Digitalization and Transformation Scheme as well as RM150 million in grants for the digitalization and automation of small-and medium-sized enterprises (SMEs) will benefit Malaysian businesses. Micro-entrepreneurs and SMEs will be provided the opportunity to be strong players on digital platforms, solidify their standing in the market and contribute to boosting the economy.
The initiatives in Budget 2021 announced today are aligned with MercuryPay’s vision to provide accessibility of financial convenience to individuals and businesses in Malaysia and in the region, as we move forward in the digital economy together.
MercuryPay is a universal cashless payment platform designed to manage payments and fintech services within a unified dashboard. It provides an umbrella digital wallet that incorporates not only e-wallet apps but also cryptocurrency wallets, debit and credit cards, as well as online banking accounts. Thus, enabling customers to solve the issue of merchants not having their preferred payment provider. We are also developing a marketplace within the app that enables fintech players to plug into the platform and provide their services and offerings. This will provide customers access to an entire marketplace of regional fintech players all in one place. We are offering a holistic approach to fintech, banking and accounting by building the definitive fintech ecosystem for South East Asia.
For more information about MercuryPay please visit https://www.mercurypay.xyz/