KUALA LUMPUR (May 3): RHB Bank Bhd will collaborate with SME Corp Malaysia to advance cashless payments for small and medium enterprises (SMEs).

RHB Bank and SME Corp today signed a memorandum of understanding (MOU) that will see RHB appointed as the first strategic partner of JomPAY, Malaysia’s national bill payment scheme established and operated by Payments Network Malaysia Sdn Bhd (PayNet).

“Together with SME Corp, we are ready to assist SMEs in simplifying and digitalising transactions using RHB Bank’s REFLEX Online Cash Management system, JomPAY and other available solutions,” said RHB Bank group managing director Datuk Khairussaleh Ramli at the signing of the MOU today.

Meanwhile, the collaboration is expected to accelerate SME Corp’s target of getting 100,000 SMEs to adopt cashless transactions this year.

According to SME Corp chief executive officer Datuk Hafsah Hashim, SMEs will definitely benefit from going cashless, as it will improve their operational efficiency, reduce administrative costs and enable them to enjoy fast access to collection proceeds.

Separately, Khairussaleh said RHB Bank aims to grow its SME loans by 9.6% this year and raise its SME market share to 9.2%, from 9% currently.

SME contributions to the banking group have totalled 16.8% in 2018 so far and is expected to grow at a rate of 10% this year, Khairussaleh shared.