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CARDS & PAYMENTS | Staff Reporter, Malaysia

RHB Islamic Bank Berhad unveils corporate debit card to slash cash and cheque use

It acts as an alternative for businesses to pay local government agencies.

RHB Islamic Bank Berhad has teamed up with the Royal Malaysian Customs Department to introduce a corporate debit card aiming to reduce cash and cheque usage.

RHB Corporate MyDebit Card serves as a cashless method for various payments made by small businesses to local government agencies, according to a press release.

The launch is in line with the central bank’s Financial Sector Blueprint 2011-2020 which targets to bring down the use of cheques from 205m in 2011 to 100m by 2020.

“RHB Corporate MyDebit Card was launched early this year, to reduce cheque and cash payments by agencies such as JKDM, Inland Revenue Board, Employees Provident Fund and Social Security Organisation,” said Dato’ Adissadikin Ali, Managing Director, RHB Islamic Bank Berhad. “We have achieved a 16% decreased in cash and cheques received at RHB branches in 2017 and we are confident that we will be able to further reduced cash and cheques usage by year end.”

To apply for the card, companies need to open or maintain a current account. The card is made then made available to RHB’s corporate customers.

RHB Corporate MyDebit Card also aims to increase the number of transactions made online especially with the customs department without the need for cash or cheques for custom duty, levy and GST.

Levy is imposed on vehicle and lorry carrying goods from Malaysia to Singapore and vice-versa. The RHB Corporate MyDebit Card can also be used to make payments for GST at any RHB Branches nationwide, without the need for the traditional methods of cash or cheques.

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