The QR-based e-wallet platform said it experienced strong growth in both the merchant and consumer sides since entering the local market in January this year.

TrueMoney was initially launched in partnership with Lotuss Stores (Malaysia) Sdn Bhd, becoming the official payment provider for all its Lotus’s outlets nationwide.

Thai conglomerate Charoen Pokphand Group, which owns Lotus’s, and Ant Financial of Alibaba Group are the duo behind the TrueMoney joint venture.

The payment service provider claimed to have built the largest agent network in Southeast Asia, with over 88,000 agents, that enables consumers to conduct remittances, cashless payments, bill payments and other financial transactions.

Prior to its launch in Malaysia, TrueMoney was also available in Vietnam, Cambodia, Myanmar and Indonesia.

Ascend Group country managing director Jessi Chong said the presence of 15,000 local payment points in Malaysia “ensures our customers can use the TrueMoney e-wallet at even more merchants, giving them a convenient and safe payment option”.

“However, we know that this is still the beginning for the brand, and we remain excited to see TrueMoney become a relevant payment option in Malaysia,” she added.

From now until July 31, TrueMoney e-wallet users can receive up to RM10 cashback when making payments using the e-wallet at participating merchants.

Additionally, TrueMoney is also offering a special Raya giveaway to e-wallet users, where they can win prizes and cash rewards.

As of this year, TrueMoney’s e-wallet app has been downloaded by over 50 million people in Southeast Asia.