Malaysian fintech platform fave has exited the Indonesian market, as confirmed by the company to MARKETING-INTERATIVE. The exit took effect on 1 April 2023.
According to fave, it ceased business in the Indonesia market after careful consideration of its long-term strategic goals. "While this decision was not easy, we believe it is the best course of action for fave's future growth and expansion. Our focus remains on delighting our customers, merchants, and stakeholders while streamlining our business processes strategically," a spokesperson for fave told MARKETING-INTERACTIVE.
Fave will be focusing on its other core markets in Singapore, Malaysia and India. These include expanding the use of flexible payment acceptance and processing for online merchants, enabling fave to better serve existing partners and attract new ones.
The company stated that it is also deepening partnerships with leading fintech players and merchants across the region, while constantly innovating to add value through cashback loyalty programs, personalised experiences, and exciting deals.
Fave will continue to support its merchants through its sister brand QwikCilver, which provides B2B gift card solutions, as well as through other services provided by its parent company, Pine Labs.
A check by MARKETING-INTERACTIVE saw mixed reactions to the news on its official Instagram page.
Some complained the company did not announce the news in an official statement while others noted that they had bought vouchers from fave from time to time and that they are sad to see it go. On fave’s official website, deals and vouchers can no longer be found across all regions in Indonesia.
MARKETING-INTERACTIVE has reached out to fave for more information.
Don't miss: fave co-founder Joel Neoh to depart from company
The news comes shortly after fave’s co-founder Joel Neoh’s departed from the company back in March 2023. The team was then led by the company’s other co-founder, Yeoh Chen Chow, along with general managers, Avantika Jain and Aik Kuang Hen, who sit in Singapore and Malaysia respectively. As the most recent senior hire, Aik Kuang has held senior leadership roles in organisations such as iflix and WeTV SEA prior to joining fave.
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