Buying or renting a home in Malaysia just got safer!
Juwai IQI, the leading proptech agency in Malaysia, has launched a new bank-grade checkout system in partnership with FPX, allowing users to pay booking fees and rental deposits in just one tap via their preferred bank.
This includes Maybank, CIMB, Public Bank, RHB Bank, and Hong Leong Bank.
With property scams on the rise, the feature aims to protect both buyers and renters from falling victim to fake listings, unauthorised deposits, and fraudulent agents.
Juwai IQI co-founder COO and CIO, Nabeel Mungaye said, “Malaysian home buyers and renters finally have a bank-grade ‘checkout’ button for their purchase and rental booking fees and deposits.”
“The average rental deposit is RM4,800 and the average buyer’s booking fee is about RM14,500. That’s a significant share of anyone’s household budget, so we have a responsibility to make sure it is secure.”
Nabeel Mungaye, Juwai IQI co-founder COO and CIO.
“Adding that this payment integration complies with anti-money laundering rules, safeguards all parties to property transactions and helps prevent property scams,” he continued.
Instead of paying with cash or manually transferring funds, users can now scan a QR code, review the details, and pay instantly.
According to Mungaye, each year, over 300 people reportedly lose more than RM12 million in property-related fraud cases, from bogus fees to non-existent sales.
This system will automatically matches each transaction to the relevant property and user profile, records the payment digitally, and ensures it reaches a verified company account.
Once a transaction is made, users receive instant receipts, enjoy 24/7 clearance, and get full transparency over where their money goes, all without any hidden charges.
The launch couldn’t come at a better time.
Malaysia’s digital payment landscape is booming, with usage growing 28% in 2024 compared to 2023.
If more real estate payments move online, this new feature could help generate an additional RM3.6 billion in digital transaction volume, contributing nearly 25% growth to the national total of RM14.7 billion in digital payments.
Group CEO and co-founder, Kashif Ansari also supports this, noting that Malaysia’s housing market is showing steady signs of recovery.
“The average house price across Malaysia now stands at RM486,070 and grew by 0.9% in January to March, compared to a year earlier. The number of newly launched residential units doubled to 12,498, and unsold inventory, especially serviced apartments, continued to shrink.”
Kashif Ansari, Group CEO and co-founder.
Kashif added that secure, efficient payment options like this new system not only help build buyer trust but also make the entire transaction process faster and smoother.
With safety, speed and security baked in, Juwai IQI is hoping this will become the new standard for how Malaysians buy and rent property.
Juwai IQI was featured in theSun.
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