RHB Islamic Bank Berhad collaborates with Royal Malaysian Customs Department (JKDM) to introduce “RHB Corporate MyDebit Card” to reduce cash and cheques.
RHB Corporate MyDebit Card is a cashless method for business owners to pay local government agencies, while reducing the usage of cheques and cash for payments. This is in line with Bank Negara Malaysia’s Financial Sector Blueprint 2011-2020, which targets to reduce the use of cheques to 100 million by 2020 from 205 million cheques in 2011.
“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,” said Dato’ Adissadikin Ali, Managing Director, RHB Islamic Bank Berhad.
In 2017, 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.
To apply for an RHB Corporate MyDebit Card, companies will need to open or maintain a current account. 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 without the need for cash or cheques for its custom duty, levy and Goods and Services Tax (GST).
The RHB Corporate MyDebit Card will ease the migration of the traditional payment from cash and cheques for vehicle levy payments at Malaysia-Singapore borders. Levy is currently 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.