Bank Islam Malaysia Berhad (“Bank Islam”) today officially signed memorandum of understanding with two financial technology (“Fintech”) firms namely BerryPay (M) Sdn. Bhd. (“BerryPay”) and KiplePay Sdn. Bhd. (“KiplePay”) to offer new convenience of financial transaction through mobile remittance and e-wallet platform.
The signing ceremony was witnessed by Encik Mohd Muazzam Mohamed, Chief Executive Officer (“CEO”) of Bank Islam, Dato Dr. Mohd Daud Bakar, Chairman of BerryPay and Encik Tan Kay Yen, CEO of KiplePay.
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.
Meanwhile, KiplePay is a licensed Bank Negara Malaysia e-wallet issuer where it operates on two fronts, namely a cashless payment gateway for the business and e-wallet for consumers. From this partnership, KiplePay and Bank Islam aim 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, the ability to do mobile reloads as well in-app marketing to users.
Encik Mohd Muazzam Mohamed said, “These partnership with BerryPay and KiplePay are a testament to the transformation in 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.”