KUALA LUMPUR, July 18 — Bank Islam Malaysia Bhd aims to offer customers the convenience of doing financial transactions through mobile remittance and e-wallet platforms provided by two financial technology (fintech) firms.
In a statement, the country’s first Islamic bank said it inked memoranda of understanding (MoUs) today with these fintech players, namely mobile payment provider BerryPay (M) Sdn Bhd and licensed e-money issuer KiplePay Sdn Bhd.
BerryPay will provide mobile remittance services to serve foreign worker account holders by bridging them through a unique e-banking system of pseudo bank accounts to other banked and non-banked recipients, and vice-versa.
“Partnering with Bank Islam, BerryPay aims to provide end-to-end foreign worker onboarding for plantations, peer-to-peer fund transfers, as well as cross-border payments for its customers,” Bank Islam said.
Meanwhile, KiplePay Sdn Bhd is a Green Packet Bhd subsidiary that operates a cashless payment gateway for businesses and an e-wallet for consumers.
Bank Islam is teaming up with KiplePay to empower the cashless communities further, especially in the education sector, and support the huge growth in payments for the e-commerce industry.
“As a start, KiplePay will introduce a new payment channel for Bank Islam via QR (quick response), which gives the ability to do mobile reloads as well as in-app marketing to users,” the bank said.
Bank Islam chief executive officer Mohd Muazzam Mohamed said the partnerships with BerryPay and KiplePay are a testament to its transformation towards becoming digital Islamic bank of choice by end-2021.
“We are creating partnerships that are aimed to enhance customer experience and further drive the country’s cashless society and financial inclusion agenda,” he said. — Bernama
