KUALA LUMPUR, June 27 — The RHB Banking Group (RHB) has waived fund transfer fees for its instant transfer service on the RHB Now online banking platform.

In a statement today, the group said the move was in line with Bank Negara Malaysia’s (BNM) efforts to boost cashless payment systems.

BNM recently announced that the instant transfer fee of 50 sen would be waived for payments of up to RM5,000 per transaction by individuals and small and medium enterprises, effective July 1, 2018.

Acting Head for Group Retail Banking, Nazri Othman said the group was confident that the move would encourage more consumers and sole proprietor businesses to opt for digital payments, creating an agile and digitally-driven economy in Malaysia.

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“With this in place, we also hope to offer customers more value-added interactions and deliver superior customer experience,” he said, adding that over the last two years, the bank had recorded a 70 per cent increase in instant transfer transactions.

RHB said with more than three million customers and RM76.3 billion in total assets, its Group Retail Banking was its biggest business division and the largest contributor to the group’s top and bottom lines.

It said for the financial year ended Dec 31, 2017, the segment recorded robust loans and deposits growth of nine per cent and 7.6 per cent, respectively, which outpaced the industry. — Bernama

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