Pay4U and GoKingKong Introduces Alternative for Fiscal Management in a
Cash Constraint Weather
Summary:
·
Malaysian
businesses and citizens are having a bigger cashflow crisis.
·
Credit-enabler
and cash flow alternative for 200,000 businesses and individuals.
· Pay4U is designed for opportunity, but applicable for crisis, too.
On 23rd June 2021, Malaysia’s Economic Monitor Report was
released by the World Bank. Unsurprisingly, albeit still worrying, among the
findings is that Malaysian SMEs have insufficient cash-flow to withstand the
COVID-19 crisis[i].
Two months later on 6th August 2021, the Department of Statistics
Malaysia (DOSM) shares that a majority of households experienced a
decline in income whereby many households from higher income decile group
shifted to lower income group. In 2020, there was an additional of 12.5 per
cent of households with income less than RM2,500[ii].
With the pandemic restraints still unresolved at the time of writing, the
problem statement is easy to identify: “Malaysians is in need of a cashflow
solution.”
Pay4U, a platform enabling credit cards for monthly expenses, was a solution developed ahead of
its time. A time when cash reserves for businesses and individuals alike was
not the primary concern. If it was, loans and credit cards were sufficient
stop-gap solutions. Today, however, with bank tightening its loan approvals and
the average employee’s income dwindled, ‘Conventional’ no longer make ends
meet. Also today, Pay4U is here to help.
Starting in Q4 2021, Pay4U will be working together with GoKingKong, a
platform developed and owned by GX Digital Sdn Bhd. The latter is an
integrated online and offline solution provider and will introduce Pay4U to its
200,000 strong customer-base. The objective is to promote concept and
acceptance of a modern credit solution to immediate cash-flow constraints. Both
parties aim to provide a financial alternative that helps fiscal management.
Pay4U promotes this alternative by substituting compounding interests of loans
with extended payment durations (Up to 45 days).
Liquidity and cash flows are the critical lifelines to help one ride through any crisis. This applies regardless of any business, on any platform, on any industry. With the aim to optimize its contribution to the business sector, Pay4U’s collaboration with GoKingKong is to reach out to diversified business sectors and share a lifeline in the current dire economy. In addition, GoKingKong, with its longstanding and strong client-tele, allows for Pay4U to appeal to both conventional and modern business owners.
Nelson Khoo, Head of Business for Pay4U, says that “Our platform
wasn’t initially designed as a crisis alternative. In fact, it was quite the
opposite. The idea behind it is to enable credit utility for cash-flow
dependent businesses when opportunity knocks.” He goes on to add that business
like FMCG or small entrepreneurs depending on high-volume stocking as a profit
margin strategy should always consider Pay4U. The platform wasn’t designed as a
routine solution, but more of strategic option. “Fiscal management had been
amongst the most crucial factor behind business success. We are the complementing
alternative.”
About Pay4U
Pay4U is a platform enabling credit cards
for monthly expenses. Businesses and individuals alike can register for both a
Business (B2B) or Individual (B2C) account to access financing solutions. Pay4U
is a platform under i-Serve Payment Gateway which is an authorised Fintech
Company licensed by Bank Negara Malaysia, a subsidiary of i-Serve Group of
Companies.
Pay4U and GoKingKong Introduces Alternative for Fiscal Management in a
Cash Constraint Weather
Summary:
·
Malaysian
businesses and citizens are having a bigger cashflow crisis.
·
Credit-enabler
and cash flow alternative for 200,000 businesses and individuals.
· Pay4U is designed for opportunity, but applicable for crisis, too.
On 23rd June 2021, Malaysia’s Economic Monitor Report was
released by the World Bank. Unsurprisingly, albeit still worrying, among the
findings is that Malaysian SMEs have insufficient cash-flow to withstand the
COVID-19 crisis[i].
Two months later on 6th August 2021, the Department of Statistics
Malaysia (DOSM) shares that a majority of households experienced a
decline in income whereby many households from higher income decile group
shifted to lower income group. In 2020, there was an additional of 12.5 per
cent of households with income less than RM2,500[ii].
With the pandemic restraints still unresolved at the time of writing, the
problem statement is easy to identify: “Malaysians is in need of a cashflow
solution.”
Pay4U, a platform enabling credit cards for monthly expenses, was a solution developed ahead of
its time. A time when cash reserves for businesses and individuals alike was
not the primary concern. If it was, loans and credit cards were sufficient
stop-gap solutions. Today, however, with bank tightening its loan approvals and
the average employee’s income dwindled, ‘Conventional’ no longer make ends
meet. Also today, Pay4U is here to help.
Starting in Q4 2021, Pay4U will be working together with GoKingKong, a
platform developed and owned by GX Digital Sdn Bhd. The latter is an
integrated online and offline solution provider and will introduce Pay4U to its
200,000 strong customer-base. The objective is to promote concept and
acceptance of a modern credit solution to immediate cash-flow constraints. Both
parties aim to provide a financial alternative that helps fiscal management.
Pay4U promotes this alternative by substituting compounding interests of loans
with extended payment durations (Up to 45 days).
Liquidity and cash flows are the critical lifelines to help one ride through any crisis. This applies regardless of any business, on any platform, on any industry. With the aim to optimize its contribution to the business sector, Pay4U’s collaboration with GoKingKong is to reach out to diversified business sectors and share a lifeline in the current dire economy. In addition, GoKingKong, with its longstanding and strong client-tele, allows for Pay4U to appeal to both conventional and modern business owners.
Nelson Khoo, Head of Business for Pay4U, says that “Our platform
wasn’t initially designed as a crisis alternative. In fact, it was quite the
opposite. The idea behind it is to enable credit utility for cash-flow
dependent businesses when opportunity knocks.” He goes on to add that business
like FMCG or small entrepreneurs depending on high-volume stocking as a profit
margin strategy should always consider Pay4U. The platform wasn’t designed as a
routine solution, but more of strategic option. “Fiscal management had been
amongst the most crucial factor behind business success. We are the complementing
alternative.”
About Pay4U
Pay4U is a platform enabling credit cards
for monthly expenses. Businesses and individuals alike can register for both a
Business (B2B) or Individual (B2C) account to access financing solutions. Pay4U
is a platform under i-Serve Payment Gateway which is an authorised Fintech
Company licensed by Bank Negara Malaysia, a subsidiary of i-Serve Group of
Companies.
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