AmBank partners Merchantrade Asia in hybrid e-wallet venture


Group chief executive officer, AmBank Group Datuk Sulaiman Mohd Tahir said the partnership with Merchantrade is part of its fintech collaboration agendas to “develop the first in the market cross border, multi-currency payment solutions by leveraging on cutting-edge technology and an innate understanding of the market and fast-paced environment we operate in.”

KUALA LUMPUR: AmBank Group has partnered Merchantrade Asia Sdn Bhd in a hybrid e-wallet venture as part of the banking group’s fintech driven initiatives.

AmBank said in a statement on Thursday with this hybrid e-wallet enablement, Merchantrades’ customers will have a much larger e-wallet capacity while reaping the benefits of the bank’s current account-i.

It said this strategic collaboration will also improve customer experience and ease the hassle of e-wallet top-ups. This implementation, it said, will make it more convenient and cost-effective for the user.

Group chief executive officer, AmBank Group Datuk Sulaiman Mohd Tahir said the partnership with Merchantrade is part of its fintech collaboration agendas to “develop the first in the market cross border, multi-currency payment solutions by leveraging on cutting-edge technology and an innate understanding of the market and fast-paced environment we operate in.”

He said digitalisation is riding on the coattails of the pandemic. With physical distancing and travel restrictions, he said AmBank was working to transform anything that can be done online or virtually.

AmBank Group’s managing director, wholesale banking, Raja Teh Maimunah Raja Abdul Aziz said the banking group was highly committed in supporting the digital transformation of the financial and technology sectors which is in line with Bank Negara Malaysia’s effort to embrace on fintech agenda.

“All these efforts are intended to support the financial services industry accelerate its transition to an age of digitalisation and innovation for the country’s future digital landscape, ” she added.

Merchantrade Asia’s managing director, Ramasamy K. Veeran said Merchantrade always strives to create the best technology, services and solutions as customers are its top priority.

“We pride ourselves on utilising innovative tech solutions to offer a more efficient, frictionless, simple and safe payments experience for our customers.

“The hybrid e-wallet will be the first-of-its-kind and with the largest wallet size of RM50,000, ” he said, adding this would enable Merchantrade to give its loyal customers greater benefits and rewards.

AmBank said it has been actively involved in fintech-driven solutions for the B2B segment. It has secured partnership with industry leaders namely; Rakuten Trade, Finexus Group and MobilityOne.

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