Xendit buys Malaysian payment gateway

Indonesia-based payment gateway firm Xendit has completed its acquisition of Payex, a Malaysian payment gateway licensed by the Malaysian central bank.

The deal was announced at the Selangor Smart City & Digital Economy Convention 2025.

Xendit made its first investment in Payex in early 2023 as part of its entry into Malaysia.

With the acquisition, Xendit will operate under Payex’s local licence and rebrand Payex as Xendit Malaysia.

The company said Payex will use the same domain as Xendit’s, and Xendit will leverage its regional technology stack to offer end-to-end payment solutions in Southeast Asia.

Jayson Poon, previously an executive at the central bank, will lead Xendit Malaysia.

Xendit said it has onboarded over 4,500 Malaysian businesses and processed more than 5 billion ringgit (US$1.1 billion) in payment volume since entering the market.

The company plans to expand its team, build new partnerships, and launch educational initiatives in Malaysia.

🔗 Source: DealStreetAsia

🧠 Food for thought

Implications, context, and why it matters.

Payex’s Bank Negara Malaysia license does not guarantee full rail access

Payex holds a Bank Negara Malaysia license (Malaysia’s central bank) but the acquisition announcement does not name its exact category 1.
Xendit Malaysia’s site lists support for local cards and e-wallets like Touch ‘n Go or GrabPay 2. It also lists virtual accounts (bank-issued unique account numbers used for reconciliation) 2. The deal says Xendit will operate under Payex’s license, though it does not spell out the permissions 1.
Payments Network Malaysia (PayNet) runs core bank-to-bank rails 3. These include Financial Process Exchange (FPX; direct bank payments), DuitNow (instant transfers) and the National QR Standard 3. The sources do not confirm whether Xendit connects to these rails directly or uses a third party.

SaaS platforms can embed Malaysian payments after confirming Xendit’s rail access

With Xendit operating under a local license via Payex 1, SaaS and vertical software providers can add Malaysian payment acceptance to their products, but should confirm scope and coverage.
Payment orchestration startups can route Malaysian transactions through Xendit alongside other gateways to improve authorization rates and costs 2. Xendit’s published pricing starts at 1.20% for local debit cards 2.
Before a commitment, operators should confirm which PayNet rails Xendit supports, such as FPX or DuitNow 3. They should also check cross-border coverage beyond Indonesia and the Philippines 1. These answers affect target segments and integration work.