Virtualflex inks 3-year partnership with IOUpay

VIRTUALFLEX Sdn Bhd has entered a three years exclusive strategic partnership with a fintech company, IOUpay (Asia) Sdn Bhd (IOUpay), for a co-branded prepaid card — myIOU KA$Hplus Card.

The company also unveils its e-wallet platform and prepaid card, KA$Hplus, as an effort to modernise payment methods in Malaysia and reduce the risk of being exposed to potential scammers.

The partnership is aimed at providing consumers with higher flexibility in payment options through the integration of “Buy Now Pay Later” (BNPL) features with the myIOU KA$Hplus prepaid card.

The first stage involves issuing myIOU KA$Hplus cards to myIOU’s existing BNPL consumers, and the second stage will include the integration of myIOU’s BNPL service within the app.

Virtualflex CEO Heng Wa Seng said KA$Hplus aims to integrate cashless payments into daily lives and prepare the future generation of Malaysia to adapt to the technological advancements.

He said the company is committed to contributing and improving the wellbeing of communities with their fintech solutions that offer maximum security, transparency, convenience and usability.

“With a rising number of banking-related scam cases recorded in Malaysia where multiple accounts have been wiped off their savings, KA$Hplus helps combat these issues with their prepaid card solution, eliminating the possibility of the consumer’s banking account details being exposed when making payment,” he said during the launch on Friday.

“The world is moving towards digital and cashless payments whether we like it or not, so we hope the launching KA$Hplus and myIOU KA$Hplus Card will make a massive impact in Malaysia by protecting the consumers against fraudulent activities, while at the same time, bringing our country forward as an exemplary nation for modernized fintech implementations,” he said.

Heng added that the widespread use of e-wallet systems is inevitable, and in many ways, it also benefits the users by securing them against scammers.

“With the launch of KA$Hplus in Malaysia, we intend to educate the consumers on methods to combat scams through e-wallet systems by hosting awareness campaigns within the Klang Valley in the future,” he said.

The Perbadanan Perwira Harta Malaysia has also engaged in a collaboration with KA$Hplus to drive Malaysia to be a tech-forward nation by encouraging merchants to opt for cashless payments as a primary method for daily transactions.

IOUpay head of marketing Gwen Khor said the collaboration with Virtualflex to launch the myIOU KA$Hplus Card provides the market with an innovative fintech product and reinforces both companies’ goals in digital payment solutions.