Bank Islam Teams Up with Fintech Players in Cashless Payment Services

Encik Azrin Hadi, Chief Executive Officer, BerryPay (second from left) and Encik Adi Asri Baharom, Head of Treasury, Bank Islam (second from right) after signing the MoU between Bank Islam and BerryPay, witnessed by (left) Dato’ Dr Mohd Daud Bakar, Chairman, BerryPay and Encik Mohd Muazzam Mohamed, CEO of Bank Islam (right).

Bank Islam Malaysia Berhad (“Bank Islam”) recently signed memorandum of understanding with two financial technology (“Fintech”) firms namely BerryPay (M) Sdn. Bhd. (“BerryPay”) and KiplePay Sdn. Bhd. (“KiplePay”) to offer new convenience of financial transaction through mobile remittance and e-wallet platform.

The signing ceremony was witnessed by Encik Mohd Muazzam Mohamed, Chief Executive Officer (“CEO”) of Bank Islam, Dato Dr. Mohd Daud Bakar, Chairman of BerryPay and Encik Tan Kay Yen, CEO of KiplePay.

BerryPay will provide mobile remittance services to serve foreign worker account holders by bridging them through a unique e-banking system of pseudo bank accounts to other banked and non-banked recipients and vice-versa. Partnering with Bank Islam, BerryPay aims to provide end-to-end foreign worker onboarding for plantations, peer to peer fund transfers, as well as cross-border payments for its customers.

Meanwhile, KiplePay is a licensed Bank Negara Malaysia e-wallet issuer where it operates on two fronts, namely a cashless payment gateway for the business and e-wallet for consumers. From this partnership, KiplePay and Bank Islam aim to empower the cashless communities further especially in the education sector and support the huge growth in payments for the e- commerce industry. As a start, KiplePay will introduce a new payment channel for Bank Islam via QR, the ability to do mobile reloads as well in-app marketing to users.

Encik Mohd Muazzam Mohamed said, “These partnership with BerryPay and KiplePay are a testament to the transformation in becoming digital Islamic bank of choice by end 2021. We are creating partnerships that are aimed to enhance customer experience and further drive the country’s cashless society and financial inclusion agenda.”

Mr. Ricky Lew, Head of Business Development, KiplePay (second from left), Encik Mohd Noor Jab, Head of Deposits & Cash Management, Bank Islam (second from right) after signing the MoU between Bank Islam and KiplePay, witnessed by (left) Mr. Tan Kay Yen, Chief Executive Officer of KiplePay and Encik Mohd Muazzam Mohamed, CEO of Bank Islam (right).

BerryPay is a cross-border virtual banking platform that encourages financial inclusion of an otherwise unbanked segment in Indonesia, other south Asian countries and the rest of the world. It aims to be a more accessible platform for remittances and cross-border payments. Through the partnership with Bank Islam, BerryPay envisions to extend its solution capability to users in Malaysia with the need to perform cross-border transactions seamlessly in the palm of their hands.

On the other hand, KiplePay will not just accelerate the cashless ecosystem at the university level but will also support Bank Islam and their online merchants in the B2B space through the enhancement in Bank Islam’s gateway solution, supporting the immense growth within the e- commerce and online transactions industry.

“Leveraging on a modernised payment gateway, Bank Islam’s merchants are able to customise the payment page, have fast and easy settlement while enjoying a multi-tiered rate based on the transaction peaks of their business,” said Encik Tan Kay Yen, CEO of KiplePay.

“Through these partnerships, Bank Islam is expected to increase its focus on growing its fee- based income and illustrating its appetite to work alongside Fintechs. We embrace and welcome Fintechs to provide new and better services to serve our customers.” Encik Muazzam added.