Malaysian fintech startup MoneyMatch is planning to raise up to $10m as part of its Series B funding round.

The fintech is part of the KAF Investment Bank-led group, which secured a digital banking license last month from Malaysia’s central bank. 

As per media reports, MoneyMatch has initiated talks with local and regional institutional investors, venture capital funds and investment banks. 

MoneyMatch aims to close the funding round by the middle of this year. 

It will use the proceeds to invest in advanced technology, upgrade financial infrastructure and for business development. 

The proceeds will also be used for expansion into new geographies in the region by next year. 

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According to MoneyMatch’s website, it is regulated by Bank Negara Malaysia as an approved participant in the Financial Technology Regulatory Sandbox.

MoneyMatch CEO Adrian Yap said: “Collectively, we strongly believe the consortium has the right resources in place to support the underserved MSME segments neglected by the incumbents and help them realize their ambitions and goals.”

MoneyMatch co-founder Naysan Munusamy said: “The future is looking bright for Malaysia with our government and regulators leading the way with digitalization efforts across all sectors in the region. 

“Digital banking is the future for our nation, and we are extremely proud to be part of the first batch to bring about this paradigm shift in financial services together with our consortium partners.”

MoneyMatch’s group was awarded a license under the Islamic Financial Services Act 2013 (IFSA).