KUALA LUMPUR: Ambank (M) Bhd and Merchantrade Asia Sdn Bhd today entered into a partnership to launch the first hybrid eWallet in Malaysia, where it aims to have over 10,000 users by year-end.

The Merchantrade Money eWallet will integrate with an AmBank Islamic Hybrid Current Account-i (hCA-i) allowing the user to access an Islamic current account with a total combined limit of RM50,000.

AmBank group CEO Datuk Sulaiman Mohd Tahir said through the partnership, it has developed the first-in-the-market cross-border, multi-currency payment solutions, scaling up its suite of digital offerings for its customers. He added that the e-wallet assist customers to “escape the volatility of the exchange rate” and is convenient to use when travelling.

“The good thing about it, is that it is limited, sometimes when you travel overseas, (you may be) concerned about unlimited access to your funds. For us, (by creating) an account linked to a wallet, that has access to 20 currencies is a good thing. As far as in Malaysia, this would be the largest range of foreign currency,” he told reporters during a press conference at the launch of the hybrid e-wallet.

Meanwhile, Merchantrade Asia managing director and founder Ramasamy K Veeran said the combined limit of RM50,000 and the ability of the hybrid e-wallet to allow users to also earn profit from the AmBank Islamic (hCA-i) make it unique and a game-changer for the industry.

He said the hybrid eWallet will be the largest eWallet in the market, enhancing user experience and providing new levels of convenience. Parents with children studying abroad can easily make payments for their children’s tuition/education fees, or travellers using our multi-currency wallet can enjoy a large enough wallet to store their digital currencies.

“It opens up opportunities for us by giving greater flexibility and innovation in our solutions to both our retail and business customers, and more especially towards addressing the needs of the underserved and unserved segments.

“Now we have just started piloting... more than 1,000 customers have already started coming in. Their transactions (have been) seamless. I believe take-up rate will go on very high,“ he said.

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