Carousell Malaysia to partner with financial institution

Carousell Malaysia, a mobile classifieds marketplace, expects to close a partnership agreement with a local financial institution by the end of the year.

Newly appointed country head Tang Siew Wai said though the finer details are still in discussions, the agreement will include a payment gateway like an e-wallet.

“We are keen on the idea of an e-wallet as an option for payments on our platform but we are also aware that the e-wallet space is congested in Malaysia,” he said in a recent media briefing.

“We are in discussions with a local financial player towards this end, but we are unable to release any of the details yet.”

Carousell Malaysia is also within the group’s top three key markets alongside Singapore and Hong Kong with the best potential for growth.

Inclusive of Taiwan, Indonesia, the Philippines and Australia, the group is currently present in seven markets collectively.

“We see an immense growth potential in Malaysia, mostly on the back of the deep smartphone penetration, young demographic and a strong desire to participate in the online marketplace,” said Tang.

A total of 17 million listings are on Carousell Malaysia as at end 2017, with five millions items sold, while the average amount a ‘carouseller’ in Malaysia has earned since its launch in December 2014 is at some RM4,800 per month.