Xendit Finalizes Full Acquisition of Malaysia’s Payex, Rebrands to Xendit Malaysia
By Ben Rivera — A former engineer turned journalist, Ben is fascinated by the bleeding edge of technology. He explores the moonshots and paradigm shifts that will define the next century. | Last updated: October 13, 2025
Short answer: Indonesia-based payment gateway unicorn Xendit has successfully completed its full acquisition of Payex, a licensed Malaysian payment gateway. This strategic move, announced at the Selangor Smart City & Digital Economy Convention (SDEC) 2025, marks Xendit’s deeper integration into the Malaysian market. Payex will now be rebranded as Xendit Malaysia, fully adopting Xendit’s operational framework and domain as part of its ambitious regional expansion strategy across Southeast Asia.
Xendit’s Strategic Consolidation in Malaysia
Xendit, a leading Indonesian payment gateway founded in 2015 and a Y Combinator-mentored startup, has announced the successful completion of its full acquisition of Malaysian payment gateway Payex. This development, confirmed at the SDEC 2025, signifies a major step in Xendit’s ambitious regional expansion. The acquisition follows an initial strategic investment made by Xendit in Payex in early 2023, paving the way for its entry into the Malaysian market (Source: Fintech News Malaysia).
The newly acquired entity will undergo a complete rebranding, transforming into “Xendit Malaysia” and fully integrating into Xendit’s overarching domain and operational structure. This move is designed to unify their service offerings and present a cohesive brand identity in the competitive Southeast Asian fintech landscape. The integration aims to leverage Payex’s local licensing from Bank Negara Malaysia to enhance Xendit’s comprehensive payment solutions.
Leadership and Market Impact
To steer this new chapter, Jayson Poon, a former executive from Bank Negara Malaysia, has been appointed as the Country Manager of Xendit Malaysia. Poon’s leadership is expected to be instrumental in connecting local Malaysian businesses with broader regional opportunities, dismantling complex payment barriers that have historically hindered cross-border trade. His expertise offers valuable regulatory insight and strategic direction for the company’s growth.
Since its initial foray into Malaysia, Xendit has already made significant strides, onboarding over 4,500 local businesses. The platform has successfully processed more than RM5 billion in payment volume, equating to approximately US$1.05 billion to US$1.1 billion. This rapid growth highlights the burgeoning demand for robust digital payment solutions in Malaysia’s expanding digital economy (Refer to: Tech in Asia).
Regional Expansion and Digital Economy Alignment
This full acquisition is a cornerstone of Xendit’s broader strategy to expand its footprint across Southeast Asia. Malaysia represents a strategically vital market due to its rapidly growing digital economy and a dynamic small and medium-sized enterprise (SME) sector. The integration with Payex is perfectly aligned with Malaysia’s national initiatives like MyDIGITAL and Bank Negara Malaysia’s Financial Sector Blueprint, both aiming to accelerate digital transformation nationwide.
The increasing reliance on e-commerce and digital transactions is fueling a significant demand for streamlined digital payment infrastructure. Such mergers and acquisitions reflect a broader trend of rapid scaling among fintech companies within the region, positioning Xendit to capitalize on these market dynamics. Xendit already serves major clients such as Traveloka, Grab, Lazada, and Samsung, underscoring its established presence and reliability.
Considerations and Future Outlook
While the acquisition brings significant advantages, certain considerations remain. Payex holds a Bank Negara Malaysia license, but the specific category and its implications for full access to all payment rails are yet to be fully detailed. It is unclear whether Xendit Malaysia will connect directly to core bank-to-bank payment systems like FPX (Financial Process Exchange) or DuitNow, managed by Payments Network Malaysia (PayNet), or continue to rely on third-party integrations.
Businesses, particularly SaaS platforms and payment orchestration startups, considering Xendit for their Malaysian payment needs, should verify the exact scope of rail access and cross-border coverage beyond Indonesia and the Philippines. The diverse regulatory environments and intense competition across the broader Southeast Asian fintech landscape will present ongoing challenges for Xendit’s ambitious expansion plans (More details available: BEAMSTART).
Short-Term Implications
In the immediate future, the rebranding of Payex to Xendit Malaysia and the operational integration of their platforms will be the primary focus. Xendit has articulated plans for sustained investment in Malaysia, which includes expanding its local team, forging new strategic partnerships, and launching educational initiatives. These efforts are designed to empower local businesses to effectively leverage digital payment systems, fostering growth and innovation.
Long-Term Vision
Looking ahead, this acquisition significantly solidifies Xendit’s strategic footprint across Southeast Asia, building upon its existing strong operations in Indonesia and the Philippines, and reported presences in Thailand, Vietnam, Singapore, and Hong Kong. The company may actively pursue further acquisitions or strategic partnerships in key growth markets like Thailand and Vietnam as part of its long-term expansion blueprint. For Malaysia, this enhanced payment infrastructure is poised to considerably accelerate the growth of its digital economy, simultaneously intensifying competition within the fintech sector and driving innovation.
Frequently Asked Questions (FAQs)
What is the significance of Xendit’s acquisition of Payex?
The acquisition allows Xendit to fully integrate Payex’s local license from Bank Negara Malaysia, enhancing its capability to offer comprehensive, end-to-end payment solutions across Southeast Asia. It also solidifies Xendit’s presence in Malaysia’s growing digital economy and aligns with national digital transformation initiatives.
Who is Jayson Poon and what is his role?
Jayson Poon, a former executive at Bank Negara Malaysia, has been appointed as the Country Manager of Xendit Malaysia. His role involves leading efforts to connect Malaysian businesses with regional opportunities and navigating the local regulatory landscape for seamless integration.
What are the immediate changes for Payex customers?
Payex will be rebranded to “Xendit Malaysia” and will adopt Xendit’s domain, signifying full operational integration. Customers can expect a unified platform under the Xendit brand, potentially leading to enhanced services and access to a broader regional payment network.
Next Steps
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