WeChat Pay Malaysia stopped registering new e-wallet users on August 1, and will discontinue its local payment services on September 1 this year, the company said in a statement published on its website.
The closure of Tencent’s Malaysian Ringgit-denominated local e-wallet is part of an adjustment of its business strategy in Malaysia, which will see the company focus on “RMB-denominated cross-border payments” in the country, a WeChat Pay Malaysia spokesperson said in a statement to the Post.
Tencent first launched its WeChat Pay mobile payment service in Malaysia in 2018. Competition in the local market has been fierce over the years, with leading players including Malaysian e-wallet provider Touch n’ Go, which entered the mobile payment market in 2017 with TNG Digital, a joint venture with Chinese fintech giant Ant Group.
