Bank-Fintech Collaboration Gathers Momentum with Latest Bank Rakyat-Touch ‘n Go eWallet JomPay Bill Payment Enablement
Jun 20, 2023
Bank Rakyat has formed a strategic partnership with Touch ‘n Go eWallet, allowing in-app bill payments via JomPAY. This is the latest bank-fintech collaboration that is set to re-shape the digital payments landscape in this country.
From 19 May 2023 onwards, more than 20 million Touch ‘n Go eWallet’s users can make bill payments to over 10,000 JomPAY billers within the Touch 'n Go eWallet app.
JomPAY is the nation’s bill payment service which is run and operated by Payments Network Malaysia Sdn Bhd or PayNet, the national retail digital payments infrastructure provider in this country. Bank Rakyat is a participant of JomPAY.
Speaking on the latest fintech partnership, Chief Executive Officer of Bank Rakyat, Dr. Mohammad Hanis Osman said, “We are delighted to be partnering with Touch ‘n Go eWallet, as part of the Bank’s digitalisation agenda outlined in its five-year strategic plan, Bank Rakyat 2025 (BR25). This tie-up marks the continuation of Bank Rakyat’s digital transformation journey and ambition to reach new customer segments using e-wallet platforms. More importantly, it reinforces our commitment to bringing new and innovative products to market in this increasingly digital world.
Ultimately, the Bank has always put Great Customer Experience at the forefront of our BR25 strategy and therefore we are creating partnerships that are aimed to further enhance bill payment experience and drive the country’s cashless society and financial inclusion agenda by extending financial services to the unbanked and underserved communities,” he said in a statement.
Additionally, Dr. Mohammad Hanis said, as part of Bank Rakyat’s continued efforts in building better customer value proposition via digital ecosystem partnerships, the Bank continues to explore partnerships with key e-wallet players in the market to enhance its digital payment capabilities.
“The expansion of Bank Rakyat’s JomPAY service on e-wallet platforms will not only create a new spectrum of the Bank’s digital channels via third party service providers but will also expand the access to the Bank’s products and services,” he added.
Alan Ni, Chief Executive Officer of TNG Digital Sdn. Bhd. said, “We see this as an important collaboration that adds JomPAY’s network of over 10,000 billers to our existing bill payment partners. As the first non-banking institution to enable JomPAY, our users now have a comprehensive billing solution for them to make payments securely on a single platform, thus making Touch ‘n Go eWallet the most convenient way to manage monthly expenses. We will continue to work with likeminded partners such as Bank Rakyat and PayNet to bring inclusive digital solutions that will benefit users and businesses alike”.
Meanwhile Farhan Ahmad, Group Chief Executive Officer of Payments Network Malaysia commented, “This is the kind of collaboration that we at PayNet aim to catalyse and proliferate among our ecosystem participants here in Malaysia – one that unlocks immediate value and mutual benefit. Technology works best when it brings people together to serve a common purpose. In this case, it is in elevating customer experience.
The innovation here is in the lens that both these PayNet participants view the collaboration – one that places the customer in the middle, setting aside the usual competitor-focused win-lose perspective. That requires incredible foresight and a pioneering vision,” said Farhan.
“Competitor-focused businesses tend to wait until the competitor does something whereas customer-focused organisations pave the way to seize amazing opportunities by disrupting themselves, by leveraging their own strengths and by leveraging the strengths of others. We have a strong feeling that this is just the beginning of more fintech-traditional bank collaborations, as is the case in other advanced digital payments markets,” he added.
This strategic cooperation is one of the proactive measures to support the country's financial inclusion initiative, especially in the development of innovative products and services which are seen to be in line with one of the core values of Malaysia Madani, which is Innovation.
