Curlec vs Fiuu: Fees, features & verdict for Malaysia (2026)

Key Takeaways:

• Curlec starts at RM0 setup with T+2 settlement and stands out for recurring payments and subscriptions. Fiuu waives its signup fee, settles weekly, and offers stronger in-person payment capabilities across Southeast Asia.

• Both handle domestic Malaysian payments well, but neither offers multi-currency settlement or like-for-like FX — gaps that matter once you sell internationally.

• Airwallex combines a payment gateway with multi-currency accounts and interbank FX rates, letting you accept 160+ local payment methods and settle in 20+ currencies from one platform.

Curlec vs Fiuu is one of the most common payment gateway comparisons for Malaysian businesses. Both are homegrown, regulated by Bank Negara Malaysia (BNM), and built for the local market. But they take different approaches to pricing, features, and the types of businesses they serve best.

This guide compares the two side by side — fees, features, settlement speed, and payment methods. You'll also find where both fall short, and how Airwallex can help if you need multi-currency capabilities or plan to sell internationally.

What is Curlec?

Curlec (now branded Razorpay Curlec) is a Malaysian fintech company. It started as a direct debit and recurring payments platform before expanding into a full-stack payment gateway.

Razorpay, India's leading payments platform, acquired a majority stake in Curlec in 2022¹. The company is regulated by BNM, is 100% PCI DSS compliant, and is a member of PayNet (Payments Network Malaysia)¹.

Curlec's product suite includes a payment gateway, payment links, payment pages, subscription billing, and invoicing³. Its direct debit engine — which automates bank-to-bank collections via e-Mandate — remains a core differentiator.

For a deeper look at Curlec's features, see our Curlec review (2026).

What is Fiuu?

Fiuu is a Southeast Asian payment gateway founded in 2005². You may know it by its previous names: MOLPay (until 2018) and Razer Merchant Services (until its rebrand to Fiuu).

The company became part of Razer Inc. in 2018 and now operates across multiple SEA markets. In FY2024, Fiuu processed a total payment volume of over US$9.8 billion. It has more than 100 engineers and supports over 110 payment methods across the region².

Fiuu offers both online and in-person payment capabilities, including cash-over-the-counter (OTC) collections through outlets like 7-Eleven via its Fiuu Cash network. It is PCI DSS Level 1 certified and ISO 27001:2022 compliant, and operates under the Malaysian Financial Services Act 2013.

Curlec vs Fiuu at a glance

The information in this table has been reviewed to be accurate as of 13 April 2026.

The two gateways serve different sweet spots. Curlec is built around recurring billing and fast settlement — if your business runs on subscriptions or memberships, its direct debit engine is a genuine differentiator.

Fiuu covers more ground: it supports both online and offline payments, processes cash at physical outlets, and operates across multiple SEA markets.

For businesses that only sell online within Malaysia, either gateway works — but your decision will likely come down to pricing (which only Curlec makes public) and whether you need in-person or regional capabilities.

Curlec vs Fiuu: Pricing comparison

One of the first differences you'll notice between Curlec and Fiuu is pricing transparency.

Curlec publishes its full fee schedule on its website. Fiuu does not, so you'll need to contact their sales team or register through their merchant portal to receive a quote.

Curlec's published pricing

Curlec offers three tiers: Basic, Premium, and Enterprise.

Basic is the zero-cost entry point — no setup fee, no annual fee, just per-transaction charges. Premium costs RM999 upfront but brings lower rates across every payment method. For businesses processing over RM1 million per month, the Enterprise tier offers custom volume-based pricing³.

All three tiers include access to Curlec's Payment Links, Payment Pages, Payment Buttons, and Invoicing tools at no extra cost³.

Worth knowing: Curlec's FAQ states that the Basic plan charges a "minimal setup fee of RM99"³, which conflicts with the RM0 shown on the same pricing page. Confirm the current setup fee when you sign up.

Fiuu's pricing

Fiuu does not publicly list its transaction fees, setup costs, or annual charges on its website. Its main pricing page (fiuu.com/pricing/) was unavailable at the time of writing, and no alternative fee schedule appears elsewhere on the site.

To get a quote, you'll need to register through Fiuu's merchant portal (booster.fiuu.com) or contact their sales team directly. Rates are likely to vary based on your business type, expected transaction volume, and which payment channels you need.

Curlec vs Fiuu: Features comparison

Beyond pricing, the two gateways differ in what they can actually do. This section covers payment method breadth, recurring billing tools, offline coverage, and developer experience.

Payment methods and channels

Both gateways cover the core Malaysian payment methods: FPX, major e-wallets, cards, and BNPL. But Fiuu goes wider.

Fiuu supports over 110 payment methods across Southeast Asia², including Apple Pay, Google Pay, Alipay+, DuitNow QR, and cryptocurrency payments². It also supports FPX B2B — a variant designed for business-to-business transactions with higher limits². Curlec covers FPX, credit and debit cards, and local e-wallets.

Where Fiuu pulls ahead is cross-border payment acceptance. Its Alipay+ integration lets Malaysian merchants accept payments from multiple regional wallets through a single channel. Curlec doesn't currently offer this kind of cross-border payment method coverage.

Recurring payments and subscriptions

This is Curlec's strongest area. Its subscription billing engine is purpose-built for businesses that collect payments on a recurring basis — gyms, tuition centres, SaaS companies, property managers, and professional services firms.

Curlec supports automated direct debit via e-Mandate (through PayNet), scheduled card billing, and usage-based billing models¹. The system handles edge cases like card expiry, failed payment retries, plan upgrades and downgrades with proration, trial periods, and upfront charges³. Merchants can manage all of this through a dashboard or via API, with webhook notifications for every state change³.

Fiuu also offers a recurring payment feature², but it's not the platform's primary focus. There's less public documentation on how it handles failed payments, plan changes, or mandate management compared to Curlec.

If recurring revenue is central to your business model, Curlec has the more developed toolset.

In-person payments

This is where Fiuu leads, and where Curlec has no offering.

Fiuu operates an in-person payment network that includes physical payment terminals, a Virtual Terminal app (which turns a mobile device into a payment terminal), and Tap to Pay on iPhone². Its Fiuu Cash service lets customers pay for online purchases with cash at physical retail outlets like 7-Eleven — useful for reaching unbanked or cash-preferring customers².

Fiuu also supports offline e-wallet payments, bill payments, gift cards, and mobile reloads through its retail network².

Curlec is online-only. It does not offer POS terminals, cash collection, or any offline payment capability. If your business operates physical locations or needs to serve customers who pay in cash, Fiuu is the only option between the two.

Integration and developer tools

Both gateways offer API-based integration, but the developer experience differs.

Curlec provides developer documentation, an API reference, and a test (sandbox) mode for simulating transactions before going live¹. Its product suite — Payment Links, Payment Pages, and Payment Buttons — also offers no-code and low-code options for businesses that don't have a development team³.

Fiuu offers a single API that connects merchants to its full payment network across SEA². It also provides a Mobile XDK (cross-platform development kit) for native mobile app integration, and supports tokenisation for returning customers². Fiuu lists integrations with major eCommerce shopping carts on its merchant portal.

Both platforms support standard integration with platforms like Shopify and WooCommerce. Curlec's documentation is more publicly accessible; Fiuu's developer resources are less visible on its main site but available through its merchant portal.

Settlement and payouts

Curlec settles funds to your bank account in T+2 (two business days).

Fiuu's timeline depends on the payment method:

• Domestic e-wallets settle on a T+2 cycle

• Everything else — FPX, cards, BNPL, and DuitNow — settles weekly on Thursdays⁴.

Note that Fiuu also requires a minimum balance of RM100 before it processes a payout.

If cash flow speed matters to your business, this is a meaningful difference. A Monday FPX payment reaches your account by Wednesday with Curlec. With Fiuu, that same payment may not arrive until the following Thursday.

How to choose between Curlec and Fiuu

The right gateway depends on how your business operates and where it's heading.

Choose Curlec if:

• You run a subscription, membership, or recurring billing model. Curlec's direct debit engine and subscription management tools are purpose-built for this.

• Fast settlement matters. T+2 payouts give you more control over cash flow than weekly cycles.

• You want to see pricing upfront. Curlec publishes its full fee schedule, so you can model your costs before signing up.

Choose Fiuu if:

• You need both online and offline payments. Fiuu's terminal network, Tap to Pay on iPhone, and Fiuu Cash OTC give you coverage that Curlec doesn't offer.

• You sell across Southeast Asia. Fiuu operates in multiple SEA markets and supports cross-border payment methods like Alipay+.

• You serve customers who prefer paying in cash. Fiuu Cash lets customers complete online purchases at 7-Eleven and other retail outlets.

What both gateways are missing

Curlec and Fiuu are strong domestic gateways, but they share the same limitations once your business starts selling internationally.

No multi-currency settlement

Both gateways process and settle in MYR only. If a customer pays you in USD or SGD, the funds are converted to ringgit before they reach your account. You don't get to hold, manage, or pay out in the original currency.

No like-for-like FX

Because settlement is MYR-only, you can't avoid currency conversion. If you regularly pay overseas suppliers in USD or run ad spend in foreign currencies, you're converting twice — once when you receive funds, and again when you pay out. Each conversion carries a spread.

No multi-currency accounts

Neither provider offers the ability to open and hold balances in foreign currencies. You can't receive USD into a USD account, hold it, and use it later to pay a US supplier directly.

For businesses focused entirely on the Malaysian market, these gaps may not matter today. But if you're already selling cross-border — or planning to — they become expensive limitations.

Why Malaysia businesses choose Airwallex over Curlec and Fiuu

Curlec and Fiuu handle domestic payments well. But if your business accepts international payments, pays overseas suppliers, or operates in multiple currencies, you'll hit their limits quickly.

Airwallex is built for this. It combines a payment gateway with multi-currency accounts, interbank FX, and global payouts — all in one platform.

Here's what you get with Airwallex that neither Curlec nor Fiuu offers:

• 160+ local payment methods. Accept FPX, DuitNow, GrabPay, Touch 'n Go, cards, and more — alongside international methods like Alipay, Apple Pay, and Google Pay.

• Like-for-like settlement in 20+ currencies. If a customer pays in USD, you receive USD. No forced conversion to MYR.

• Multi-currency Global Accounts. Hold, manage, and pay out in multiple currencies from a single account. Pay overseas suppliers directly in their currency without converting back and forth.

• Interbank FX rates. Convert currencies between 0.4% to 0.6% above interbank, which saves you up to 80% in FX fees compared to traditional bank spreads.

• Beyond payments. Corporate Cards, Expense Management, Bill Pay, invoicing, and subscription billing are all built into the same platform.

Applecrumby, a Malaysian baby care brand expanding across Asia, reduced its payment gateway fees by 0.5% after switching to Airwallex — saving around RM100 on every international transaction.

Frequently asked questions (FAQs)

Is Curlec the same as Razorpay?

Curlec is now officially branded as Razorpay Curlec. The company is part of the Razorpay group, India's leading payments and banking platform¹. It operates independently in Malaysia but uses Razorpay's technology infrastructure.

Is Fiuu the same as Razer Merchant Services?

Yes. Fiuu was previously known as Razer Merchant Services (RMS) and before that, MOLPay. It rebranded to Fiuu while remaining part of Razer Inc.²

Does Fiuu publish its pricing?

No. Fiuu does not list transaction fees on its website. You'll need to register through the Fiuu merchant portal or contact their sales team to receive a quote. By contrast, Curlec publishes its full fee schedule at curlec.com/pricing.

Can I use Curlec or Fiuu for international payments?

Both gateways process and settle in MYR only. They can accept foreign cards, but funds are converted to ringgit before reaching your account. If you need to hold, manage, or pay out in foreign currencies, you'll need a platform like Airwallex that supports multi-currency settlement.

Which gateway is better for subscription businesses?

Curlec is the stronger option. Its direct debit engine supports automated bank-to-bank collections via e-Mandate, scheduled card billing, smart payment retries, and plan management with proration³. Fiuu offers a recurring payment feature, but it's less developed.

How long does it take to get paid with Curlec vs Fiuu?

Curlec settles to your bank account in T+2 (two business days)³. Fiuu settles domestic e-wallet payments on T+2, but all other methods — FPX, cards, BNPL — settle weekly on Thursdays⁴.

Sources:

1. curlec.com/about/

2. fiuu.com/about-us/

3. curlec.com/pricing/

4. booster.fiuu.com

This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [email protected]. Airwallex (Malaysia) Sdn Bhd is licensed in Malaysia as a MSB Class B (remittance business only) licensee and is regulated by Bank Negara Malaysia (licence number 00318).