Bayo Pay (M) Sdn Bhd

What Bayo Pay (M) Sdn Bhd does

Bayo Pay (M) Sdn Bhd is a Malaysian fintech founded in 2016 that operates a modular, platform-based Payment System-as-a-Service licensed as an e-money issuer under Section 11 of the Financial Services Act 2013 by Bank Negara Malaysia, and as a Principal Member of Mastercard Asia Pacific. The company delivers white-label payment infrastructure that enables corporate clients, aspiring fintech firms, and government-linked programs to launch branded payment products — including physical EMV-chip prepaid cards, virtual cards, and mobile wallets — without having to build payment rails, obtain licenses, or manage compliance independently.

The product portfolio spans the core Bayo Pay Platform plus three customer-facing brands: the etc.BLACK suite (Mastercard prepaid card, wallet, and Salary Disbursement Platform) targeting partner-company employees and unbanked workers; the Construx brand developed under a strategic collaboration with CIDB Malaysia, providing a dual-purpose ID-payment smart card, Construx Wallet, Portal, and free Construx Payroll platform for the construction sector; and the wholly-owned Bayo Credex subsidiary focused on financial wellness products. The technology stack integrates MoneyMatch for remittances across 18 country corridors, FPX for online reloads, and Virtual Account functionality via Malaysian banks (Affin Bank, with upgrade to MBSB Bank in June 2025).

Monetization combines enterprise platform licensing and setup fees, per-card issuance fees (RM25), per-transaction ATM and FX fees, employer subscription for payroll management, and remittance transaction fees with marketplace commissions as a future lever. Distribution runs through direct B2B enterprise sales for white-label deployments, the CIDB channel partnership for vertical penetration in construction, employer enrollment for salary disbursement, and self-serve mobile app onboarding with e-KYC for consumer products. Notable disclosed traction includes a RM10 million (US$2.2 million) Series A in June 2023 led by VentureTECH SBI and VentureTECH, with headquarters in Petaling Jaya, Selangor and an 11–50 employee base.

Name

Bayo Pay (M) Sdn Bhd

Legal name

Bayo Pay (M) Sdn Bhd

Website

https://bayo.my

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Bayo Pay (M) Sdn Bhd is a Malaysian fintech operating a BNM-licensed, Mastercard-principal-member Payment System-as-a-Service platform that white-labels card, wallet, and payroll infrastructure for corporate, fintech, and government-linked clients including CIDB Malaysia's construction sector program.

Ownership category

akta.pro rank

Product category

Payment-as-a-Service (Payments Infrastructure Platform)

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

akta.pro primary industry

Payouts, Disbursements & Mass Payments Infrastructure (FSAGABAN)

akta.pro secondary industries

Cross-Border B2B2C Payouts (Mass Payouts, Gig/Creator, Marketplace) (FSAGAKAC), Account Opening, KYC/AML & Customer Due Diligence (CDD/EDD) (FSABALAA)

Keywords

• Payment-as-a-service
• White-label payments
• Prepaid card issuing
• Digital wallet platform
• E-money issuer

Headquarters

HQ city

Selangor

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. White-Label Platform Licensing: Bayo Pay provides Payment System-as-a-Service to enterprise clients, enabling them to white-label Bayo's technology and payment infrastructure to offer their own branded financial products. Revenue derived from licensing fees, setup fees, and ongoing service charges to corporate clients.
2. Card and Account Fees: Fees charged for card issuance (RM25 per card), card replacement (RM15), maintenance fees (RM10 per annum, currently waived), and other account-related services.
3. Transaction and Withdrawal Fees: Revenue from transaction fees including ATM cash withdrawals (RM1 domestic, RM10 overseas), currency conversion fees (1% + network charges, currently partially waived), cross-border transaction fees (0.5% + network charges), and other transaction-based charges.
4. Salary Disbursement Platform: Payroll management platform for employers to disburse salaries to employees, particularly targeting unbanked foreign workers. Construx Payroll is offered free to CIDB-registered companies, with potential revenue from value-added services.
5. Remittance Services: International money transfer services through partnership with MoneyMatch Sdn Bhd, generating revenue through transaction fees based on destination country and currency corridors.
6. Marketplace Services: Digital marketplace within the mobile app offering bill payments, mobile top-ups, gaming credits, vouchers, and e-wallet top-ups. Revenue potential from transaction fees on marketplace purchases.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Bayo Pay provides a modular, platform-based Payment System-as-a-Service (PSaaS) that lets corporate clients and fintechs white-label advanced payment technology to launch their own branded physical prepaid cards, virtual cards, mobile wallets, payroll disbursement, and remittance programs without building licensed payment infrastructure from scratch. It also operates directly branded consumer products—etc.BLACK (Mastercard Prepaid Card, Wallet, Salary Disbursement Platform) for partner-company employees and Construx (CIDB Card, Construx Wallet, Construx Portal, Construx Payroll) for Malaysia's construction workforce—under a Bank Negara Malaysia e-money issuer license and Mastercard Principal Membership.

Product overview

Bayo Pay operates as a platform-based Payment System-as-a-Service provider, offering a modular white-label payment infrastructure that enables corporate clients to launch their own proprietary payment programmes. The core Bayo Pay Platform serves as the foundational technology powering multiple branded product lines: the etc.BLACK suite (etc.BLACK Card, etc.BLACK Wallet, Bayo Salary Disbursement Platform) targeting employees of partner companies; and Construx, developed in collaboration with CIDB Malaysia, serving construction industry personnel with its CIDB Card, Construx Wallet, Construx Portal, and Construx Payroll products. The platform delivers turnkey payment solutions through comprehensive building blocks that allow clients to launch and operate payment programs without the significant investment typically required for payment system infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• etc.BLACK: An exclusive brand with product and solution line-up developed by Bayo Pay, including etc.BLACK Mastercard Prepaid Card, etc.BLACK Wallet, and Bayo Salary Disbursement Platform.
• Construx
• Bayo Credex

Products and services

• Bayo Pay Platform Platform-based Payment System-as-a-Service (PSaaS) that enables corporate clients and fintech companies to white-label advanced payment technology and infrastructure to launch branded cards, wallets, payroll, remittance, and other financial or non-financial products without building licensed payment infrastructure themselves.
• etc.BLACK Mastercard Prepaid Card Mastercard Prepaid Card for employees of companies signed up for the etc.BLACK programme, functioning as both a payment card and salary card. Accepted at all Mastercard merchants worldwide for point-of-sale and e-commerce transactions, with cash withdrawal capability at Mastercard-enabled ATMs. Maximum wallet balance RM10,000.
• etc.BLACK Wallet Mobile application providing exclusive digital payment convenience for etc.BLACK programme users, enabling bill payments, online money transfer, account maintenance, balance checks, transaction history, reload functionality, marketplace purchases, and SecureTAC transaction approval.
• Bayo Salary Disbursement Platform Salary disbursement platform designed for employers and companies to process salary payments to employees efficiently, at no cost, with a user-friendly interface and compliance-driven workflow.
• CIDB Construction Personnel Registration Card Dual-function smart card that serves as both a construction personnel ID and a payment card. Equipped with 2-Factor Authentication Security Standard, EMV-certified chip, and QR code, with Mastercard co-branded payment capability for worldwide acceptance via chip-and-PIN and contactless payment.
• Construx Wallet Mobile application for construction site personnel registered with CIDB Malaysia, linked to the physical CIDB Card. Provides CIDB e-ID, e-payment/virtual card, online onboarding via e-KYC, remittance, QR Pay, funds reload, online payment, P2P transfer, bill payment, telco top-up, marketplace, account management, and CIDB dashboard.
• Construx Portal Web-based portal for personal card and wallet account management. Enables online registration, funds transfer and reload, balance and transaction history checks, and account management through a simplified user interface.
• Construx Payroll Payroll management platform developed by Bayo for construction companies registered with CIDB to disburse salaries to employees, especially unbanked workers. Salary is credited directly to employees' CIDB Construction Personnel Registration Card via FPX using Maker-Checker roles for segregation of duties.

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature6 records

Partnerships

Seven partnerships are on record, tiered flagship, core and supporting.

• CIDB Malaysia (Construction Industry Development Board)flagshipStrategic or Co-development Partner · 1 January 2021Strategic collaboration program between CIDB Malaysia and Bayo Pay to develop the Construx brand - a suite of digital payment solutions for construction industry stakeholders. Includes CIDB Construction Personnel Registration Card (dual-purpose ID and payment), Construx Wallet, Portal, and Construx Payroll for salary disbursement. This government partnership digitalizes and transforms the construction industry in Malaysia.
• MoneyMatch Sdn BhdcoreTechnology or IntegrationLicensed money service provider partner providing international remittance services integrated into Bayo Pay's etc.Black mobile app. Users can send money to beneficiaries in other countries through this partnership, covering multiple currency corridors including Indonesia, Myanmar, Bangladesh, Nepal, India, Pakistan, Philippines, Cambodia, Saudi Arabia, Sri Lanka, Laos, Thailand, United States, Australia, Brunei, Singapore, and South Korea.
• Mastercard Asia Pacific Pte LtdcoreTechnology or IntegrationBayo Pay is a Principal Member of Mastercard Asia Pacific, enabling the company to offer a wide range of innovative Mastercard digital payment solutions including co-branded prepaid cards accepted globally at millions of merchants and ATMs.
• Bank Negara MalaysiacoreOthersRegulatory oversight by Malaysia's central bank. Bayo Pay is an approved e-money service provider under Section 11 of the Financial Services Act 2013, regulated by Bank Negara Malaysia.
• MBSB Bank (Malaysian Building Society Berhad)supportingTechnology or IntegrationBanking partner providing Virtual Account functionality for card reloading and fund transfers. MBSB Bank Virtual Account Number allows users to transfer funds from their bank accounts to their etc.Black Mastercard Prepaid Card, similar to a regular bank account.
• Affin Bank BerhadsupportingTechnology or IntegrationBanking partner providing Virtual Account functionality. Affin Bank Virtual Account Number was previously used for card reloading (upgraded to MBSB Bank as of June 2025).
• Universal Trustee Malaysia Berhad (UTMB)supportingOthersIndependent corporate trustee managing Bayo Trust Account funds held at Maybank, in line with Bank Negara Malaysia's regulation and requirements. Provides fiduciary oversight for customer funds.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Soft Space: Malaysian fintech that provides white-label card issuance, mobile wallet, and payment-as-a-service infrastructure to banks and corporates across Southeast Asia. Directly comparable to Bayo's Payment System-as-a-Service model with similar B2B enterprise channel.
• Kiple Pay: Malaysian e-money provider and prepaid card issuer operating under Bank Negara Malaysia oversight. Overlaps with Bayo's etc.BLACK prepaid card and B2B salary disbursement offerings for unbanked and underserved users.
• iPay88: Established Malaysian payment gateway and merchant acquiring player offering payment acceptance and processing services to merchants. Comparable as a domestic fintech infrastructure provider serving enterprises in Malaysia.
• Razer Fintech: Southeast Asian fintech arm of Razer providing digital payments, prepaid cards, and merchant services across the region. Overlaps with Bayo on prepaid Mastercard offerings and B2B payment enablement in Malaysia/Southeast Asia.
• BigPay: AirAsia-owned Malaysian fintech offering prepaid Mastercard, e-wallet, and remittance services targeting travelers, foreign workers, and the unbanked. Directly comparable on prepaid card issuance, e-money license, and remittance product mix.

Broad incumbents

• Marqeta: Global card-issuing and payment-processing platform that powers modern fintech card programs via APIs. Comparable as a much larger-scale reference point for Bayo's white-label card issuance and modular payment infrastructure.
• Galileo Financial Technologies: US-based payments processing and card-issuing platform owned by SoFi, serving fintechs and corporates with embedded payment infrastructure. Comparable as a broader incumbent offering similar Payment System-as-a-Service functionality at greater scale.
• Touch 'n Go eWallet: Malaysia's largest domestic e-wallet, operated by TNG Digital, with massive user base across consumer payments, bill pay, and merchant acceptance. Comparable as a Malaysian e-money platform serving similar end-user needs.
• Boost: Major Malaysian e-wallet with full Bank Negara e-money license, offering consumer payments, merchant acquiring, and lifestyle services. Comparable as a Malaysian-licensed e-money issuer competing for similar consumer and merchant payment use cases.

Regional players

• Billplz: Malaysian payment gateway for SMEs and online merchants offering bill payments, FPX integration, and embedded payment APIs. Comparable on the payment-infrastructure and Malaysian market footprint, though focused more on SME merchants than payroll/issuance.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/bayo_pay
• YouTubeyoutube.com/@bayopay
• Facebookfacebook.com/bayo.pay.56
• LinkedInlinkedin.com/company/bayopay
• Instagraminstagram.com/bayopaybeyond/?hl=en

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bayo Pay (M) Sdn Bhd