Malaysia-based RHB Bank and RHB Islamic Bank have rolled out a new debit card designed to meet the cashless payment needs of corporate clients.

The card, known as RHB Corporate MyDebit Card, has been designed to support business payments executed to local government agencies.

The banks are planning to issue the debit card to 5% of their 300,000 SME and corporate customers this year.

Available for both conventional and Islamic payments, the debit card can be availed by businesses by opening a current account with the bank.

The new card supports cashless transactions to government agencies such as Inland Revenue Board, Social Security Organisation (SOCSO), Employees Provident Fund and Royal Malaysian Customs Department, and Inland Revenue Board (IRB).

RHB Bank group managing director Datuk Khairussaleh Ramli said: “The RHB banking group, being a key solutions provider for payment and collection, is here to help facilitate fast, efficient and seamless flow of funds for government agencies.”

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By GlobalData

The launch of RHB Corporate MyDebit Card is in line with the government-led initiative to promote digital payments in the country and within the financial sector.

The banks said that the launch of corporate debit card also aligns with the Bank Negara Malaysia’s Financial Sector Blueprint 2011-2020’s target to slash the use of cheques to 100 million by 2020 from 205 million cheques in 2011.