U Mobile has just announced its first foray into the up and coming world of fintech. The Orange telco is making a statement to announce its arrival in the industry via the rollout of two platforms, GoPayz and GoBiz.

A Mix Of Digital Finance and Lifestyle Services

This coming July, U Mobile will be rolling out its ecosystem of fintech services, which are aimed at both the general public and businesses. The service offered towards everyday users is GoPayz, which acts a universal e-wallet. It has a number of distinct features including insurance products, online currency exchange, and customisable wealth products. U Mobile held a showcase, and one of the most interesting service offered by them would be the currency exchange service in partnership with Max Money. According to the company representative, the rate offered would be the same as that offered at Max Money outlets across Malaysia. On top of that, customers can simply use the service and get it delivered to your doorstep, for a small fee or simply collect it from an outlet for free. If you convert above a certain amount, you will have to undergo a Know-Your-Customer (KYC) process be it at your residence or the outlet.

Meanwhile, the insurance product GoLife Plus features premiums as low as RM13 per month, and covers up to RM76,000. GoPayz will also be issuing its own card with Mastercard, UnionPay, and Visa. These are available as virtual or physical cards, making it widely accepted across the globe. A mobile app will also accompany GoPayz, and users will be able to earn GoPointz loyalty points by performing transactions. Rewards can then be redeemed with these points, though the rewards have yet to be specified.

As for GoBiz, it aims to be a digital payment acceptance solution platform designed for all businesses be it SMEs or large businesses. Some of their drawing points include hassle free application process with approval within 3 working days. Customised solutions are also offered, some of which include mobile point of sale (mPOS) or mobile virtual terminal (MVT). As GoBiz has partnered with the main card issuers such as Visa, Mastercard, and Union Pay, it will be widely accepted.