AmBank has formed a strategic partnership with Merchantrade Asia, a digital money services business operator and e-money issuer, to enable a hybrid e-wallet as part of its fintech initiatives. This follows a similar partnership to launch Kenanga’s e-wallet back in September 2020.

With this hybrid e-wallet enablement, Merchantrade’s customers will have access to a much larger e-wallet capacity of RM50,000 while reaping the benefits of a current account — which means users will be able to enjoy a small amount of interest.

AmBank said in a statement that this would also improve customer experience and ease the hassle of e-wallet top-ups as this implementation will bring convenience and cost-effective benefits to the user.

Dato’ Sulaiman Mohd Tahir, Group Chief Executive Officer, AmBank Group said,

“We are indeed very pleased to partner with Merchantrade, as part of our fintech collaboration agendas to develop the first in the market cross border, multi-currency payment solutions by leveraging on cutting-edge technology and an innate understanding of the market and fast-paced environment we operate in.

 

Presently, digitalisation is riding on the coattails of the pandemic. With physical distancing and travel restrictions, we are working to transform anything that can be done online or virtually.”

Commenting on the partnership, Ramasamy K. Veeran, Managing Director of Merchantrade Asia said,

“The hybrid e-wallet will be the first-of-its-kind and with the largest wallet size of RM50,000. It will allow us to expand Merchantrade’s offering, giving our loyal customers even greater benefits and rewards than ever before.

 

We’re delighted to be partnering with AmBank to enable us to bring this latest in a long run of Merchantrade innovations.”.

AmBank said that has been actively involved in fintech driven solutions which are tailormade to B2B segment with partnerships with Rakuten Trade, Finexus Group and MobilityOne.