Wawasan

Background & History

Launched in May 2023 as the Malaysian operating entity of the Fingular group, Wawasan Cojaya Sdn. Bhd. (company № 1123810-P) acquired a pre-existing KPKT moneylending licence and reactivated a previously dormant shell — upgraded to a digital moneylending licence in April 2024 as one of the first digital licensees in Malaysia. The company operates under the Tambadana brand (short-term and instalment lending) and Ahapay (BNPL, launched Dec 2024), wholly owned by Fingular Pte. Ltd. (Singapore), ultimately held 100% by founder/UBO Vadim Gurinov. Headquartered in Kuala Lumpur with 100+ employees, it has originated over USD 150M in loans since inception entirely through its digital platform and is currently the most profitable operating entity in the Fingular group.

Business Model & Lines of Business

Wawasan runs a fully digital, end-to-end online lending franchise with proprietary IT and 10-second credit decisions. Three product lines: (i) Tambadana Single Payment Loans (30-day terms, MYR 5,000 / ~USD 1,127 max), (ii) Tambadana Instalment Loans (2–3 month terms, MYR 6,000 / ~USD 1,352 max), and (iii) Ahapay BNPL (interest-free, merchant-distributed, launched Dec 2024). Pricing comprises a 25% upfront fee plus 1.5%/month interest, compliant with Malaysia's 18% p.a. interest rate cap for non-bank lenders. Customer acquisition runs via Meta, Google, TikTok, organic referrals and affiliate partnerships. Funding is diversified across Loanch P2P (~61% of external debt), KILDE (drawn SGD 6.0M of a SGD 10M facility) and shareholder/subordinated loans, with KILDE's facility secured by a floating charge over receivables (80% LTV, 5+ DPD replaced quarterly).

Key Milestones

FY2025 revenue reached USD 41.3M (+595% YoY) following USD 5.9M in FY2024 (+1,270% YoY) and USD 0.4M in FY2023 (8 months of operations). Profit before tax expanded from a USD 0.4M loss (FY2023) to USD 0.7M (FY2024) to USD 3.4M (FY2025), with operating profit of USD 13.5M before HQ management fees. Net loan portfolio grew from USD 0.2M to USD 4.9M to USD 26.7M, and total equity expanded to USD 7.4M (including USD 4.5M of subordinated debt reclassified as equity). KILDE financing was onboarded in December 2025 under a SGD 10M secured debt note programme; three tranches totalling SGD 6.0M have been issued (Dec 2025 – Mar 2026) with zero late payments and zero covenant breaches (L/E 1.99x vs <4.0x; CIR 44.9% vs <80%; CAR 25.0% vs >20%). FY2024 audit by SY Lee & Co. (AF 1317) was unqualified; FY2025 audit is pending (expected April/May 2026).

Management Team & Organization

Led at the local level by CEO Harold Chen (since 2023), a 15+ year finance, collections and strategy executive with a CIMA diploma. The Kuala Lumpur team was strengthened in 2025 with senior hires across operations (COO Effi Azraf), finance (CFO Hazeena Maidin, 30+ years), collections (CCO Desmond Khor, 25+ years), marketing (CMO Arisya Razak) and HR (CHRO Hasnaa Hasim). At the group level, Fingular Pte. Ltd. is run by Group CEO Max Chernushchenko, Group CFO Yury German, Group COO Alex Naumov, Group CRO Alex Isaev and Group CIT Officer Vadim Mamaev. 100% ownership rests with founder/UBO Vadim Gurinov, who confirmed in a September 2025 letter his intention to continue providing financing to support group growth. The Malaysian entity has a single statutory director (Khor Chii Khiong) with group-level board oversight; auditor is SY Lee & Co. (AF 1317), reporting under MFRS/IFRS. KPKT-licensed in good standing since the April 2024 digital upgrade.