ANNUALLY, a significant amount of coins issued by Bank Negara Malaysia (BNM) are not returned for re-circulation. Its figures have shown that there are presently some RM3.5 bil worth of coins in circulation, with a sizable chunk not going back into the system.
In addition, a recent survey shows that almost every household has coins lying unused somewhere in a drawer or car cup holder.
To address this issue and to bring idle coins back into economic circulation and repurpose them for digital payments, DAPAT Vista (M) Sdn Bhd and Hektar Asset Management Sdn Bhd is collaborating to launch DAPAT Vista’s MyPay Coin Deposit feature.
DAPAT Vista – a portfolio company under Pertama Digital Bhd, which is listed on Bursa Malaysia’s main market – is a homegrown company specialising in mobile technology and digitalisation of government services.
It owns and operates the MyPay mobile application that has enabled the rakyat to access secure, convenient and fast check-and-pay transactions with government agencies.
“We conceptualised and initiated this feature to address a challenge faced every day by many fellow Malaysians when they try to deposit coins into bank accounts,” CEO of DAPAT Vista Amanda Sabri commented.
To get this money “working” again, the initiative will be enabled by a feature in MyPay that empowers the rakyat to deposit coins at thousands of locations, which will be credited by DAPAT Vista into their chosen bank accounts
“The Coin Deposit feature on MyPay is our first step towards democratizing the conversion of cash into digital value, in tandem with the high growth of a cashless lifestyle amongst the rakyat,” Amanda added.
Meanwhile, Hektar is the manager of the Hektar REIT. Its portfolio includes assets in Kedah (Central Square and Kulim Central), Johor (Classic Hotel, Segamat Central and Wetex Parade), Melaka (Mahkota Parade) and Selangor (Subang Parade).
“It’s part of our corporate social responsibility to support the coin recovery objective. We add value by working closely with the local communities around our malls to make this long-term initiative a success,” Hektar’s executive director and CEO Datuk Hisham Othman pointed out.
Hektar is supporting DAPAT Vista’s MyPay Coin Deposit feature by making available locations within its retail premises as coin deposit points.
For the initial roll-out stage, DAPAT Vista and Hektar will be jointly organising a launch ceremony at the pilot coin deposit point at Subang Parade Shopping Mall from January 2021 onwards. – Jan 1, 2021