KiplePay partners Bank Islam to offer cashless payment services

  • (From left) KiplePay CEO Tan Kay Yen; KiplePay Business Development director Ricky Lew; Bank Islam head of Deposit and Cash Management Mohd Noor Jab; and Bank Islam CEO Mohd Muazzam Mohamed

KIPLEPAY Sdn Bhd, a wholly-owned subsidiary of Green Packet Bhd has entered into a strategic collaboration with Islam Malaysia Bhd to empower communities, particularly in the education sector, and support the huge growth in payments for the e-commerce industry.

The Memorandum of Understanding (MoU) was witnessed by KiplePay chief executive officer Tan Kay Yen and Bank Islam chief executive officer Mohd Muazzam Mohamed.

In this collaboration, KiplePay is a fintech innovation partner to Bank Islam in providing a better user experience to its customers through new technology initiatives.

As a start, KiplePay will introduce a new payment channel for Bank Islam via QR, the ability to do mobile reloads as well as in-app marketing to users.

“Since our inception in the year of 2017, we have expanded our footprints in the B2B2C space such as the education sector by assisting universities in their transformation journey to e-payments and empowering communities to go cashless via e-wallets.

“We started by being the first to launch a cashless community in University Utara Malaysia (UUM) and there are more to come. By end of this year, we are going to have another three to five universities onboard,” said Tan.

By using an e-wallet in a fully-unified cashless ecosystem, students, lecturers, university administrators and merchants can perform many transactions such as purchasing items at in-campus retail stores, zakat fund disbursements and facilities booking.

Tan added, “We are not only accelerating the cashless ecosystem at the university level but also supporting Bank Islam and its online merchants in the B2B space through the enhancement in Bank Islam's gateway solution, spurring the immense growth within the e-commerce and online transactions industry.”

Over the next few months, KiplePay will build features that are both innovative and mobile-first to meet the business demands of today.

Leveraging on a modernised payment gateway, Bank Islam's merchants will be 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.

Mohd Muazzam said “This partnership is testament to our transformation in becoming a digital Islamic bank of choice by end 2021. From this collaboration, Bank Islam is expected to increase its focus on growing its fee-based income and illustrate its appetite to work alongside financial technologies.

Ultimately, we are creating partnerships that are aimed to enhance customer experience and further drive the country's cashless society and financial inclusion agenda.”

KiplePay is a licensed Bank Negara Malaysia e-wallet issuer where it operates on two fronts, a cashless payment gateway for the business and e-wallet for the consumers. Since its inception in 2017, kiplePay has reached more than 515,000 users all over Malaysia.

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