RHB Bank Berhad partners Asian Business Software Solutions Sdn Bhd (ABBS) and Payments Network Malaysia Sdn Bhd (PayNet) which operates Financio and JomPAY respectively, to offer a zero-cost payment platform to Small and Medium Enterprises (SMEs) in the country.
This partnership will benefit all SMEs using RHB’s e-Solution which provides Financio, a cloud-based accounting software by ABSS. As a component of RHB’s e-Solution, Financio aims at empowering SMEs to optimise business efficiency. RHB SME customers will now be able to conduct payment transactions and receive JomPAY payments from their customers using e-Invoice solution at zero-cost. The zero-cost will benefit all SMEs as e-commerce increasingly grows in Malaysia, and is expected to rise further to more than 20% a year in 2020.
Jeffrey Ng Eow Oo, Head of Group Business & Transaction Banking, RHB Banking Group says, “This strategic collaboration with ABSS and PayNet is a significant milestone in RHB’s aspiration to simplify SMEs’ business journey by offering both financial and technology-based solutions. Through the RHB SME e-Solution, SMEs will be able to enjoy an all-in-one-hassle-free solution that will contribute towards greater productivity and profitability. In 2017, RHB saw a total of 834,000 transactions processed via JomPAY and through this partnership today, we are targeting to increase the participation of SMEs to 2,500 by end of 2018.”
Peter Schiesser, Group Chief Executive Officer of PayNet says “I trust SMEs will enjoy cost savings, efficiency improvements and greater convenience with JomPAY. The Financio e-invoice solution will automatically incorporate the JomPAY Customer Reference Box in the e-invoice to ensure easy activation and convenient acceptance of payments for SMEs through JomPAY.”
Paul Conway, Chief Executive Officer of ABSS adds “We are excited to partner RHB and PayNet to offer SMEs more innovative and cost-effective solutions. SMEs remain a largely underserved segment, even while we recognise they are key drivers of the economy. There is an enormous number of smaller enterprises eager to find business software that is flexible, easy to pick up and use. We believe with the addition of JomPAY to Financio, there is great scope to deliver robust financial management services that can help SMEs grow faster and remove pain points.”
Apart from Financio, RHB SME eSolution also offers Business Current Account, RHB REFLEX an integrated internet banking platform, Kakitangan.com’s Human Resource & Payroll Solution and electronic point-of-sale systems powered by Storehub and ARMS.
JomPAY is Malaysia’s national bill payment scheme, offers an accessible and convenient bill payment eco-system for consumers, banks and billers, open to customers from 40 banks across Malaysia, allowing customers to pay bills via Internet & Mobile Banking or ATMs nationwide. This platform also helps billers to better manage reconciliation of incoming payment and improves cash flow.