Fave Targets RM1 Billion Value Of Transaction By End-2018

KUALA LUMPUR, Sept 6 (Bernama) -- Online-to-offline (O2O) mobile platform, Fave, is targeting RM1 billion in transactions and to increase the number of its merchants to more than 100,000 in Southeast Asia by end-2018.

Founder Joel Neoh said Fave, Southeast Asia's food and beverage mobile app, currently had 8,000 merchants in the region.

"We have been generating more than RM200 million in transactions since we began operating in July 2016 and with the FavePay mobile application (app), we are confident of achieving the target by next year," he told reporters after launching the FavePay app here today.

Joel said 500 merchants in the Klang Valley and 200 more in Singapore have signed up as merchants during the three-month pilot phase for the app.

"As a homegrown company, we are mainly focusing on innovation to succeed in Kuala Lumpur because the city's diversity actually reflects the diversity in Southeast Asia," he said.

The Fave platform is also available in Penang, Melaka, Johor, Kuching and Kota Kinabalu.

Moving forward, Joel said FavePay aimed to collaborate with other mobile wallet application to attract more consumers to use cashless payment methods.