Digital Lending App Icon PayEx Provides Easy, Hassle-free, and Accessible Loans to Empower Young Malaysians

Last month, I was invited to witness the launch of a new digital lending mobile app called Icon PayEx which took place at Malaysia International Trade and Exhibition Centre (MITEC) in Kuala Lumpur on the 4th of October, 2023. With its innovative digital lending platform, Icon PayEx, created by Icon Venture Capital (IVC), Malaysia's financial scene is poised for growth. The B40 population in the nation will benefit from easily accessible, reasonably priced, and hassle-free microloans.

The newly launched mobile app by Icon Venture Capital (IVC) aims to financially empower B40 youth with accessible financial assistance.

Rising living expenses and inflation have posed significant obstacles for people with varying income levels in recent decades. But these difficulties can be particularly painful for those with lower incomes, as even the most well-thought-out financial plans can be derailed by one unforeseen expense because they often cannot receive loans or other forms of help from regular banks, vulnerable populations face extra challenges. A survey conducted by Google, Temasek, and Bain & Company indicates that approximately 55% of Malaysians do not have access to a bank account or are underbanked, meaning they do not have access to financial services beyond opening an account.

Yvonne Chai, Managing Director of Icon Venture Capital -  introducing Icon PayEx, an  innovative platform offering accessible, affordable and hassle-free microloans for young Malaysians

Icon PayEx represents a purposeful solution to address the financial challenges commonly faced by young adults and B40 earners in Malaysia, a demographic often underserved by conventional banking and loan services. This platform disrupts the status quo by offering microloans through a user-friendly mobile lending platform, streamlining the application process to a few simple taps on a mobile device. This accessibility extends to any time and place, ensuring that users, even those with limited credit histories, can securely sign up whenever they require support.

Icon PayEx does not stop at accessibility; it actively seeks to enrich the lives of its users by offering a platform where loans can seamlessly transition into purchases with participating merchants. The convenience and ease of this feature highlight Icon PayEx's commitment to providing users with the financial tools they need exactly when they need them.

"During the pandemic, we witnessed how people across the globe were confronted with unforeseen circumstances and financial setbacks. Furthermore, the aftermath of the pandemic has ushered in significant lifestyle changes for individuals and communities alike. It became clear that while this financial impact touched everyone on a global scale, its repercussions were particularly severe for the B40 community. It was considering these challenges that the Icon PayEx platform was conceived,” said Yvonne Chai, Managing Director of Icon Venture Capital.

Yvonne further underscored the organisation’s commitment to financial empowerment and inclusivity, highlighting that Icon PayEx is a natural extension of their established professional services. “Our deliberate focus on young individuals stems from their distinct need for additional support as they embark on their journey toward financial stability. We firmly believe that one's potential goes far beyond their credit score. Whether it involves acquiring a laptop to boost their career prospects or addressing unforeseen expenses, our aim is to equip young people with the financial security they need.”

Icon PayEx offers flexible personal loans of up to RM5,000 at competitive interest rates for those aged 18 and above, including those who do not own a credit card. Loan tenures can go up to five years, with repayment rates as low as RM150 per month. Icon PayEx is fully licensed and approved by Malaysia’s Ministry of Local Government Development.

In the interests of transparency, Icon PayEx features a clean and easy-to-navigate user interface that offers a clear snapshot of users’ loan options and status. The app’s dashboard includes a loan calculator, repayment schedule, as well as details such as interest due and late payment fees, so that users are able to keep track of their payments.

From left: Yvonne Chai, Managing Director of Icon Venture Capital; Muhammad Ziyad Izdihar, Ketua Penolong Setiausaha Kanan of the Ministry of Local Government Development and Tan Sri Datuk Chai Kin Kong, Chairman of Icon Venture Capital Sdn Bhd officiating the launch of Icon PayEx

Loan approvals can be expected in as little as 48 hours and require only the most basic personal information from applicants. Icon PayEx uses a virtual interview as part of its review process in place of just credit scores to assess an applicant's appropriateness. The software itself makes it simple for applicants to book this session during a time that works for them. In order to assist users in managing their money, the loan procedure also includes expert advice. Prior to digitally signing their loan agreement, customers have the option to arrange a live virtual briefing with an ICV staff member.

From left: Yvonne Chai, Managing Director of Icon Venture Capital; Tan Sri Datuk Chai Kin Kong, Chairman of Icon Venture Capital Sdn Bhd and Muhammad Ziyad Izdihar, Ketua Penolong Setiausaha Kanan of the Ministry of Local Government Development 

Users can immediately make the necessary purchase with any of Icon PayEx's participating merchants by scanning the QR code produced by the app when their loans have been approved. Any remaining amount of the loan left after the purchase will be credited into users’ bank accounts.

If you're interested to check out this new digital lending mobile app, you can download Icon PayEx from Google Play, Apple App Store, or Huawei AppGallery. For more info, head on to their website at


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