Juwai IQI launches bank-grade ‘checkout' feature to protect property buyers, renters from fraud
'Malaysian home buyers and renters finally have a bank-grade 'checkout' button for their purchase and rental booking fees and deposits,' said Juwai IQI co-founder COO and CIO Nabeel Mungaye.
He said they created the system in partnership with payments infrastructure provider FPX, and it works with every major bank in the country, including Maybank, CIMB, Public Bank, RHB Bank and Hong Leong Bank.
'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, he said, adding that this payment integration complies with anti-money laundering rules, safeguards all parties to property transactions and helps prevent property scams.
Mungaye said some 300 people lose more than RM12 million to property fraud every year. The most common scams include fake rental listings, inflated deposits, fees for fake services and even sale of properties that scammers do not own.
'Malaysians transacted 28% more via digital payments in 2024 than in 2023. If every Malaysian goes on to pay their real estate booking fees via a digital payment system like IQI's, that would add RM3.6 billion in value to the country's digital payments. Real estate would boost the RM14.7 billion of annual digital payments by nearly 25%.'
Mungaye believes they are the first to integrate secure payments into buying and renting through an online payments system in partnership with a top provider like FPX.
He said, 'Before, you might have given cash to agents, written a cheque, or transferred funds into an agent's personal bank account. You had to wait to see if your funds made it to their destination. As of now, you just scan a QR code, add your info, and hit the button. The money goes into verified company accounts and is linked to you personally and to your property transaction. The benefits of the new system are a payments log-in you trust, instant receipts, no hidden fees, and 24-7 clearance.'
Juwai IQI co-founder and group CEO Kashif Ansari said, '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.'
He added that they expect steady growth In the second half of the year, which will be supported by construction activity and new supply.
Kashif said innovations like their new secure payments integration will help make property buying and renting simpler and faster, which could result in more deals done.
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