KUALA LUMPUR: Newly launched e-wallet, EVOLET, aims to secure one million active users by 2025, bringing its valuation to an estimated RM8.40 billion.
EVOLET co-founder Johnson Yu said there is a huge demand for foreign remittance, especially from the large population of foreign workers in Malaysia.
“Malaysia sees a foreign remittance of around RM34 billion annually. This translates into a massive business opportunity,” he said.
According to the Department of Statistics (DOSM), there are an estimated 3.2 million non-citizens in the country in 2019, accounting for around 10 per cent of the total population.
Yu said the digital wallet is a timely invention as the innovative payment solution designed to enable fast, simple and convenient transactions, is able to address the major pain point of tedious cross border transactions.
He also said the app’s next enhancement phase targeted in the second quarter of 2020 would allow users to perform faster card-to-card fund transfers and online remittances among themselves by keying in mobile numbers.
“Moving forward, EVOLET also aims to expand its functions by partnering with more service providers such as medical companies,” Yu added.
Another recent launch is the Z-City cross profit-sharing retail chain solution platform, which strives to create a comprehensive ecosystem that comprises of agents, merchants and consumers.
Z-City project director Sam Teo said the new platform could form a win-win situation between all participating parties.
In the ecosystem, he said agents recruit merchants will earn a passive recurring income when consumers spend with the merchants, while he or she could also recruit new agents to gain a one-time referral reward.
“For agents, as long as businesses continue to generate sales, they will continue to earn passive income,” he said.
He said the merchants, on the other hand, could bind and retain customers through the platform, and at the same time attract new customers more easily.
The platform could help merchants to promote their services and products, expand their network as well as reap additional bonus from other merchants through data sharing, he added.
Sam Teo claimed that Z-City’s brand new retail model overturns the traditional business pattern where merchants sell services and products directly to consumers.
"We are leading a new trend in the retail market. I believe that this new ecosystem would benefit all," he said.
He explained that the app provides an opportunity for cross-industry profit earnings to all participating merchants, which is a revolutionary concept in the market.
“The new retail model integrates the resources of different merchants from multiple industries by collecting and sharing big data. The platform also helps merchants to bind their consumers.
"In addition, if a user scans and pays at other merchants in Z-City, the merchant who first registered the user could earn a commission through the system.
"Z-City is the first cross-border profit-sharing platform in Malaysia with one-of-a-kind technology. Through these, it offers valuable support to retailers in achieving higher sales,” he said, adding that the ecosystem could not thrive without active participation of consumers.
By registering as a Z-City user, one could get preferential prices and gather reward points when spending with any Z-City registered merchants.
The reward points could be utilized to exchange for special offers, discounts, free items and even cash rebates at designated merchants. Payments could be made through e-wallets, Visa/Mastercard or FPX-enabled cards.
Moving forward, the platform plans to include new function that allows consumers to exchange their consumption points for company shares in the form of fans holding, and subsequently gain fans' dividends.