PayFo Digital Bank

A full-page ad in the MY press yesterday heralded Payfo, a fintech startup under PNMB (formerly the Government Printing Office). Payfo was launched in May 2019 but not much have been heard about it till now. Products teased include:

PayFo Products [descriptions are guesstimates]
  • PayFo - Digital bank (partner: VoltBank)
  • SubsPays - Cashless subsidy
  • OpenBills - Bill payment
  • Joy - Ecommerce
  • BePasar - E-Remiittance
  • Kredids - Microloans

The cashless subsidy (and digital bank) function looks interesting, could the proposed MYR 450 million e-payment incentive (due Jan 2020) be channelled through Payfo? Spreading the incentive across the major ewallets would be market friendly but having one channel would be useful too for the ease of: 1) standardising end-to-end SOP including eKYC 2) disbursement including avoiding double payment 3) data collection. Could the government printer be going from printing notes to issuing e-money? [Update: It's going through Khazanah and major ewallets. 1 2]