U Mobile forays into financial services

Photo by Bruce Mars

Malaysian telco U Mobile is rolling out a fintech ecosystem this July, consisting of two distinct platforms dubbed GoPayz and GoBiz, as it aims to make fintech services a more accessible, affordable and inclusive.

GoPayz is a universal e-wallet offering digital financial and lifestyle services targeting consumers while GoBiz is a digital payment acceptance solution created to benefit all types of businesses.

GoPayz promises affordable digital financial services, widely acceptability,  convenience as security as well as rewards.

GoBiz is likewise designed to be widely accepted and secure, but also providing ease in the application process, customised solutions, and opportunity for merchants to increase revenue.

“With GoPayz, we can now offer affordable digital financial services to everyone. We have GoLife Plus, the micro insurance which premium is as low as 13 ringgit (about $3) a month with coverage of up to 76,000 ringgit (about $18,300),” said Jasmine Lee, CMO of U Mobile.

Lee said such premium is unheard of as life insurance has always been deemed to cater to those with higher disposable income.

“U Mobile’s intention with our fintech ecosystem is to empower all, be it consumers or businesses,” she said. “Hence, GoBiz seeks to enable all businesses, even the smallest of traders, to accept digital payments from customers and offer additional revenue-generating services like telco prepaid top-ups and bill payments to their customers.”