Ambank, Merchantrade Asia launch hybrid e-wallet

KUALA LUMPUR (Oct 3): Ambank (M) Bhd (AmBank) and Merchantrade Asia Sdn Bhd (Merchantrade Asia) have entered into a strategic partnership to launch a hybrid e-wallet, allowing users the benefit from an Islamic current account with a total combined limit of RM50,000.

It is the biggest e-wallet so far in Malaysia.

The integration is where the AmBank Islamic hybrid current account-i (hCA-i) integrates with the Merchantrade Money e-wallet, with support from DuitNow.

AmBank Group chief executive officer Datuk Sulaiman Mohd Tahir said the e-wallet can attract many depositors to AmBank’s services.

“AmBank itself did not have its own e-wallet so far, and with this cooperation, we expect to have 10,000 new customers sign up by year-end.

“This will create customer value creation for Ambank and our customers can have more features, apart from the existing benefits of current account that they enjoy,” he said during the press conference at the official launching of hybrid eWallet at Bangunan AmBank Group on Monday (Oct 3).

In a joint statement between AmBank and Merchantrade Asia, Sulaiman also said that the partnership has developed first-in-the-market cross-border, multi-currency payment solutions, scaling up the suite of innovative digital offerings for Ambank customers.

“With an understanding of the current market and the fast-paced environment we operate in today, this cutting-edge technology will give us the competitive edge in a fast-paced, highly evolving digital-driven banking industry,” he said.

Meanwhile, Merchantrade Asia managing director and founder Ramasamy K Veeran said that the hybrid eWallet allows users to have more e-wallet features.

Merchantrade Asia is a fintech company, specialising as a money services business operator and e-money issuer.

“Users can also earn profit from AmBank. It is unique and a game-changer for the industry.

“The hybrid e-wallet will be the largest in the market, enhancing users’ experience and providing new levels of convenience for online, cross-border and multi-currency payments for our retail and business customers," Ramasamy said.