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RHB partners ABSS, PayNet to offer SMEs Zero-cost Payment Platform
Last update: 26/07/2018

KUALA LUMPUR, July 26 (Bernama) -- RHB Bank Bhd has partnered Asian Business Software Solutions Sdn Bhd (ABSS) and Payments Network Malaysia Sdn Bhd (PayNet) which operate Financio and JomPAY, respectively, to offer a zero-cost payment platform to small and medium enterprises (SMEs) in the country.

In a statement today, RHB said the partnership would benefit all SMEs using the bank's e-Solution which provides Financio, a cloud-based accounting software, aimed at empowering SMEs to optimise business efficiency.

Meanwhile, JomPAY is Malaysia's national bill payment scheme, under the auspices of Bank Negara Malaysia with the participation of banks and large billers, offering an accessible and convenient bill payment ecosystem.

"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," it said.

Effective yesterday, the zero-cost would benefit all SMEs as e-commerce was increasingly growing in Malaysia and was expected to rise further to more than 20 per cent a year in 2020, RHB said.

RHB Banking Group Head of Business and Transaction Banking Jeffrey Ng said SMEs would 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," he added.

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