RHB Bank Berhad signs a memorandum of understanding with SME Corporation Malaysia to drive Malaysian small and medium enterprises (SMEs) towards cashless society. RHB and SME Corp. Malaysia will reach out to SMEs with the aim of migrating them to a more efficient digital payments ecosystem using RHB’s holistic solutions for SMEs.
Datuk Khairussaleh Ramli, Group Managing Director, RHB Banking Group says, “Today’s MoU signifies the collaboration between RHB Bank and SME Corp. Malaysia in empowering SMEs to embrace the cashless environment. This includes RHB Bank collaborating with SME Corp. Malaysia as JomPAY’s strategic partner, the first of such partnership in the country, to champion cashless initiatives amongst SMEs. This collaboration offers SMEs the opportunity to adopt e-payment by leveraging on RHB Bank’s REFLEX Online Cash Management System and other RHB Bank digital enablers. These initiatives and systems are designed to fuel the Government’s efforts in increasing the efficiency of the country’s payment systems.”
Meanwhile, Datuk (Dr.) Hafsah Hashim, Chief Executive Officer, SME Corporation Malaysia says, “SMEs will definitely benefit from going cashless as it will improve their operational efficiency, reduce administrative cost and increase their ability to enjoy faster access to collection proceeds. With this collaboration, SME Corp. Malaysia will work along with RHB Bank and PayNet to create greater awareness of the usage and benefits of going cashless. SMEs will also be able to have direct access to various cashless options via SME Corp. Malaysia’s website which will be updated regularly by both RHB Bank and PayNet”.
Peter Schiesser, Group Chief Executive Officer of PayNet adds, “We are honoured to collaborate with RHB and SME Corp. Malaysia to offer JomPAY as the preferred payment collection service. I trust SMEs will enjoy cost savings, efficiency improvements and greater convenience with JomPAY.”
RHB Bank has successfully grown its SME business with its share of the market rising to 9% last year from 8.7% in 2015 and 7% in 2014. With this collaboration with SME Corp. Malaysia, RHB Bank is targeting to further extend its reach to the SME community and at the same time, grow its SME market share. Malaysia has approximately 1 million SMEs in the industry and out of this, close to 20% (190,000) are customers of RHB. As at February 2018, RHB has 74,000 customers on the REFLEX platform.