RHB Corporate MyDebit Card, a collaboration between RHB Islamic Bank with the Royal Malaysian Customs Department (JKDM) aims to reduce the usage of cash and cheques for payments.
The cashless method for business owners to pay local government agencies, is in line with Bank Negara Malaysia’s Financial Sector Blueprint 2011-2020 which aims to reduce the use of cheques to 100 million by 2020 from 205 million cheques in 2011.
Dato’ Adissadikin Ali, Managing Director, RHB Islamic Bank Berhad says, “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. 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.”
RHB received a total of 1.5 million cash and cheque transactions intended for government service payments, of which 236,749 transactions were from JKDM in 2017.
To apply for an RHB Corporate MyDebit Card, companies will need to open or maintain a current account with RHB. The card is made available to RHB’s corporate customers, who can make payments via the Bank’s 210 branches nationwide.
JKDM’s main aim is to increase the number of transactions made online with the department for its custom duty, levy and Goods and Services Tax (GST).
The debit card will ease the migration of the traditional payment for vehicle levy payments at Malaysia-Singapore borders. The RHB Corporate MyDebit Card can also be used to make payments for GST at any RHB Branches nationwide.