Fingular Secures Digital Lending License in Malaysia
Fingular, operating under the Tambadana brand in Malaysia, has successfully upgraded its business to a “digital lending” license, positioning itself as a leader in the country’s evolving financial landscape. This license, introduced by the Malaysian regulator to facilitate fully online lending processes, marks a significant shift from the traditional “money lending” license, which required paper-based agreements and other offline procedures.
Fingular acquired a local Malaysian company with a traditional license a year ago and has now completed the transition to a digital license in April 2024. This move aligns with the company’s ambitious plans for large-scale business expansion in Malaysia.
Obtaining the digital lending license involved a rigorous audit by regulatory authorities, with a strong focus on IT and legal standards. Fingular managed to pass this comprehensive audit in just three months, a rare achievement in the Malaysian financial market, thanks to its advanced processes and technologies that already met the regulator’s high expectations.
Tambadana is now one of the first companies in Malaysia to offer a fully digital, paperless lending service. With this service, customers can obtain a loan within minutes, using only an ID card, without the need for additional documents like payslips or bank statements, which are typically required by traditional lenders. Tambadana’s platform also boasts a high approval rate, making it a preferred choice for many borrowers.
The company’s target market in Malaysia includes over 15 million potential customers, ranging from casual wage earners and young professionals to small business owners and tech-savvy individuals with low to middle incomes.
“We’re proud to provide fully digital, reliable financial services that enhance the lives of millions in Malaysia, a country that is both technologically advanced and rapidly developing,” said Harold Chen, CEO of Tambadana. “Our customers appreciate the seamless digital experience, competitive pricing, and the speed at which they can access funds.”
Maxim Chernushchenko, CEO of Fingular, added, “Malaysia is a key market for us. We plan to grow our business tenfold within the next year and expand our product offerings. Our service is designed to support those in urgent need of funds for various purposes.”
Fingular’s services currently reach over 500 million financially underserved customers across South and Southeast Asia. The company leverages proprietary machine learning algorithms and AI models to build robust risk management and credit scoring systems, allowing real-time credit decisions while minimizing the risks of fraud and default. Fingular’s dedicated team continues to enhance service quality across all markets, introducing customer-centric innovations at every step.