Ambank, Merchantrade Asia launch hybrid e-wallet

Malaysia (Oct. 3): A strategic relationship between Ambank (M) Bhd (AmBank) and Merchantrade Asia Sdn Bhd (Merchantrade Asia) has been formed in order to establish a hybrid e-wallet that will give customers access to an Islamic current account with a combined total maximum of RM50,000.

It is currently Malaysia’s largest e-wallet.

With assistance from DuitNow, the AmBank Islamic hybrid current account-i (hCA-i) is integrated with the Merchantrade Money e-wallet.

According to Datuk Sulaiman Mohd Tahir, chief executive officer of AmBank Group, the e-wallet can draw a lot of depositors to AmBank’s services.

“AmBank itself did not previously have its own e-wallet, and thanks to this partnership, we anticipate 10,000 new members to sign up by year’s end.

He added in a press conference on Monday at the formal introduction of the hybrid eWallet at Bangunan AmBank Group, “This will create customer value creation for Ambank and our clients can have more features, aside from the existing benefits of current account that they enjoy” (Oct 3).

Sulaiman said that the alliance has created the first-in-the-market cross-border, multi-currency payment solutions, scaling up the array of cutting-edge digital capabilities for AmBank clients in a joint statement from AmBank and Merchantrade Asia.

This cutting-edge technology will provide us the competitive edge in a fast-paced, highly developing digital-driven banking business, he claimed, with an awareness of the present market and the fast-paced environment we work in today.

Ramasamy K Veeran, the founder and managing director of Merchantrade Asia, claimed that the hybrid eWallet gives consumers access to more e-wallet capabilities.

A fintech company with a focus on operating money services businesses and issuing electronic money is Merchantrade Asia.

“AmBank allows customers to profit as well. It is distinct and transformative for the sector.

Ramasamy added, “The hybrid e-wallet will be the largest in the industry, boosting users’ experiences and delivering new levels of convenience for our retail and commercial customers for online, cross-border, and multi-currency payments.”