Indonesia-based payment gateway unicorn Xendit has completed the full acquisition of Payex, a Malaysian payment gateway licensed by Bank Negara Malaysia.
According to DealStreetAsia, the announcement was made during the Selangor Smart City & Digital Economy Convention (SDEC) 2025.
The acquisition follows Xendit’s initial investment in Payex in early 2023 as part of its entry into the Malaysian market.
The full integration, finalised this year, enables Xendit to operate under Payex’s local licence while applying its regional technology framework to deliver end-to-end payment services across Southeast Asia.
Following the acquisition, Payex will be rebranded as Xendit Malaysia and adopt Xendit’s domain.
The move aligns with the firm’s efforts to strengthen its presence as a digital partner for Malaysian businesses, in line with national initiatives such as MyDIGITAL and Bank Negara Malaysia’s Financial Sector Blueprint.
“Malaysian businesses possess the innovation and drive to become regional champions, but complex, fragmented payment systems have often been a barrier. Xendit’s role is to dismantle these barriers,”
said Jayson Poon, Country Manager of Xendit Malaysia.
Poon, a former executive at Bank Negara Malaysia, will lead Xendit’s efforts to connect local businesses with regional opportunities.
Since entering the Malaysian market, Xendit has reportedly onboarded more than 4,500 local businesses and processed over RM5 billion (US$1.05 billion) in payment volume.
The company stated that its infrastructure now supports a wide range of local payment methods and offers cross-border integration with Indonesia, the Philippines, and other regional markets.
In 2021, Xendit received investment from the Malaysian government’s Penjana Kapital through the Dana Penjana Nasional programme.
The firm said it plans to continue expanding its team, developing strategic partnerships, and launching educational initiatives to help businesses make use of digital payment systems.
Founded in 2015, Xendit began as a Y Combinator-mentored startup and serves clients including Traveloka, Grab, Lazada, and Samsung.
The company expanded to the Philippines in 2020 and Thailand in 2024, with operations also reported in Vietnam, Singapore, and Hong Kong.
Featured image credit: Xendit
