PayPal to close offices in Malaysia
It’s not a relentless advance and tale of fintech energy after all because payments titan PayPal will close its offices in Malaysia.
Amanz revealed images of VSS (Voluntary Separation Scheme) documents. This redundancy process will take place from April to August this year.
In a statement, PayPal confirmed the news: “We have made the difficult decision to close PayPal’s Operations Centre in Malaysia by the end of this year. The work currently being delivered at our Operations Centre in Malaysia will gradually move to other locations. This internal reorganisation does not affect our customers in Malaysia, who can continue to use our products and services as normal.”
That operations centre – located in the capital Kuala Lumpur – was opened in 2011.
All PayPal Malaysia employees will be affected by this closure, but the company says it will help their employees find new jobs through various exercises that will increase their likelihood of finding jobs. Not a lot of consolation.
Elsewhere in the region, PayPal has other offices, such as China, India and the Philippines.
Naturally, apart from trying to make cost savings, US firm PayPal doesn’t reveal why it closed these Malaysian offices.
However, it is up against a lot of other competition. Asia has produced plenty of its own payments talent that can match PayPal – examples include China’s Ant Financial and WeChat; and Line in Japan.