Indonesia’s payment gateway unicorn firm Xendit has completed the full acquisition of Payex, a Malaysian payment gateway licensed under Bank Negara Malaysia, according to the company’s statement on Friday.
The announcement was made during the Selangor Smart City & Digital Economy Convention (SDEC) 2025.
The acquisition follows Xendit’s initial investment in Payex in early 2023 as part of its entry into the Malaysian market.
The full integration, finalised this year, allows Xendit to operate under Payex’s local licence while leveraging its regional technology stack to offer end-to-end payment solutions across Southeast Asia.
Following the acquisition, Payex will rebrand as Xendit Malaysia and use the same domain as Xendit’s.
The move comes as Xendit strengthens its positioning as Malaysia’s digital growth partner, aligning with national initiatives such as MyDIGITAL and Bank Negara Malaysia’s Financial Sector Blueprint.
“Malaysian businesses possess the innovation and drive to become regional champions, but complex, fragmented payment systems have often been a barrier. Xendit’s role is to dismantle these barriers,” said Jayson Poon, Country Manager, Xendit Malaysia, in a statement.
Poon, who formerly served as an executive at Bank Negara Malaysia, will lead Xendit’s mission to bridge local business needs with regional opportunities.
Since its Malaysian launch, Xendit has onboarded more than 4,500 local businesses and processed over RM5 billion ($1.05 billion) in payment volume. The company said its infrastructure now supports a wide range of local payment options while offering cross-border integration with Indonesia, the Philippines, and other regional markets.
In 2021, Xendit received investment from the Malaysian government’s Penjana Kapital through the Dana Penjana Nasional programme.
The company said it will invest in expanding its team, building strategic partnerships, and launching educational initiatives to help businesses leverage payments as a strategic growth lever.
Founded in 2015, Xendit started out as a Y-Combinator mentored startup and has among its clients, Traveloka, Grab, Lazada, and Samsung. It first expanded to the Philippines in 2020 and Thailand in 2024. Though not yet publicly announced, Xendit has operations in Vietnam, Singapore, and Hong Kong.
