KUALA LUMPUR (March 2): AmBank Group has partnered with Merchantrade Asia Sdn Bhd in a hybrid e-wallet venture as part of its fintech-driven initiatives.

According to AmBank, with the enablement of the hybrid e-wallet, Merchantrade's customers will be able to enjoy a much larger e-wallet capacity while reaping the benefits of its Current Account-i.

This would also improve customer experience and ease the hassle of e-wallet top-ups, the group said.

Commenting on the partnership, AmBank Group chief executive officer Datuk Sulaiman Mohd Tahir said digitalisation is riding on the coat-tails of the pandemic and the group is working to transform anything that can be done online or virtually.

"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 the fast-paced environment we operate in," Sulaiman said.

AmBank Group Wholesale Banking managing director Raja Teh Maimunah Raja Abdul Aziz said the banking group is highly committed to supporting the digital transformation of the financial and technology sectors, which is in line with Bank Negara Malaysia's effort to embrace the fintech agenda.

"All these efforts are intended to support the financial services industry and accelerate its transition to an age of digitalisation and innovation for the country's future digital landscape," she said.

Merchantrade Asia's managing director Ramasamy K Veeran 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. The commitment of our two organisations to use financial technology and service innovation to deliver real benefits to our customers and the complementary nature of our businesses make this a great partnership," he said.