Malaysian fintech platform BayaPay has unveiled BayaFleet, a new all-in-one fleet payments and expense management solution designed to combat the country’s growing fuel fraud problem, estimated at MYR 3.6 billion annually.
Purpose-built for businesses with vehicle fleets, BayaFleet offers programmable payment cards equipped with real-time tracking, fraud alerts, and automated expense management tools. The platform targets fleet operators, SMEs, and financial institutions looking to gain greater visibility and control over fuel and vehicle-related expenses.
The launch follows internal research by BayaPay indicating that approximately 10% of Malaysia’s corporate fuel consumption—valued at MYR 36 billion in 2023—is lost to fraud. This includes siphoning, cash pilferage, and transaction slippages. Supporting the concern, a separate study by Shell found that 70% of drivers have witnessed fuel fraud, while half do not perceive siphoning as fraudulent behaviour. Additionally, 80% of fleet operators in Malaysia consider fuel fraud a serious challenge.
Beyond fraud, BayaFleet aims to address inefficiencies in traditional fleet management systems. These include high administrative costs, manual processes, and lack of real-time data on transactions, vehicle locations, and driver attendance.
“Our mission is to simplify how businesses manage payments and vehicle expenses securely, and we believe BayaFleet is a bold step in that direction,” said KK Low, Founder and CEO of BayaPay. “It gives fleet and finance managers real-time visibility and control, while reducing operational costs and enhancing driver convenience.”
Key features of BayaFleet include:
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Real-time transaction monitoring, reporting, and fraud alerts
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Customisable financial controls via programmable payment cards
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Compatibility with all retailers accepting Visa and MasterCard
KK Low, a veteran of Southeast Asia’s payments industry with over 35 years of experience, previously introduced the region’s first fuel and fleet cards and sold his former company to Edenred SA in 2013. BayaPay builds on his legacy of innovation in the fleet payment space.
The company’s seed funding was led by Silicon Valley-based 500 Global, with participation from prominent angel investors including Steve Kucia (Co-Founder of Curlec), CJ Ang (former PIKOM President), Dato’ ST Lim, and Ashwin Chockalingam.
BayaFleet is now available nationwide.