Contributed by Kenny Phang.
In collaboration with Defy Media.
Icon PayEx, a groundbreaking digital lending application developed by Icon Venture Capital (IVC), is set to elevate Malaysia’s financial landscape by offering accessible, affordable, and hassle-free microloans to empower the country’s B40 demographic with the financial assistance they need. This innovative mobile lending platform was unveiled recently at the Malaysia International Trade and Exhibition Centre (MITEC) in Kuala Lumpur.
In recent times, inflation and rising living costs have presented formidable challenges for individuals across the income spectrum. However, these challenges can be especially burdensome for lower-income individuals, where a single unexpected expense can derail even the most well-thought-out financial plans.
Vulnerable communities face additional hurdles as they typically lack access to conventional banking loans and assistance. According to a study released by Google, Temasek and Bain & Company, some 55% of Malaysians are unbanked (lacking access to a bank account) or underbanked (lacking access to financial services beyond a bank account).
Icon PayEx represents a purposeful solution to address the financial challenges commonly faced by young adults and B40 earners in Malaysia, a demographic often underserved by conventional banking and loan services. This platform disrupts the status quo by offering microloans through a user-friendly mobile lending platform, streamlining the application process to a few simple taps on a mobile device. This accessibility extends to any time and place, ensuring that users, even those with limited credit histories, can securely sign up whenever they require support.
Icon PayEx does not stop at accessibility; it actively seeks to enrich the lives of its users by offering a platform where loans can seamlessly transition into purchases with participating merchants. The convenience and ease of this feature highlight Icon PayEx’s commitment to providing users with the financial tools they need exactly when they need them.
“During the pandemic, we witnessed how people across the globe were confronted with unforeseen circumstances and financial setbacks. Furthermore, the aftermath of the pandemic has ushered in significant lifestyle changes for individuals and communities alike. It became clear that while this financial impact touched everyone on a global scale, its repercussions were particularly severe for the B40 community. It was considering these challenges that the Icon PayEx platform was conceived,” said Yvonne Chai, Managing Director of Icon Venture Capital.
Yvonne further underscored the organisation’s commitment to financial empowerment and inclusivity, highlighting that Icon PayEx is a natural extension of their established professional services. “Our deliberate focus on young individuals stems from their distinct need for additional support as they embark on their journey toward financial stability. We firmly believe that one’s potential goes far beyond their credit score. Whether it involves acquiring a laptop to boost their career prospects or addressing unforeseen expenses, our aim is to equip young people with the financial security they need.”
Icon PayEx offers flexible personal loans of up to RM5,000 at competitive interest rates for those aged 18 and above, including those who do not own a credit card. Loan tenures can go up to five years, with repayment rates as low as RM150 per month. Icon PayEx is fully licensed and approved by Malaysia’s Ministry of Local Government Development.
In the interests of transparency, Icon PayEx features a clean and easy-to-navigate user interface that offers a clear snapshot of users’ loan options and status. The app’s dashboard includes a loan calculator, repayment schedule, as well as details such as interest due and late payment fees, so that users are able to keep track of their payments.
Applicants only need to provide basic personal details, and can expect loan approvals within 48 hours. Rather than merely relying on credit scores, Icon PayEx’s evaluation process includes a virtual interview to determine an applicant’s suitability. This session can be easily scheduled at applicants’ convenience through the app itself. The loan process also incorporates professional guidance to help users take charge of their finances, where users can opt to schedule a live virtual briefing with an ICV staff member before signing their loan agreement digitally.
Upon approval of their loans, users can then directly make the purchase they need with any of Icon PayEx’s participating merchants by scanning the QR code generated by the app. Any remaining amount of the loan left after the purchase will be credited into users’ bank accounts.
Icon PayEx can be downloaded from Google Play, Apple App Store, or Huawei AppGallery. For additional details, please visit: https://www.iconventure.com.my/iconpayex