Industry News

Wirecard and Malaysia’s Affin Bank Berhad expand existing collaboration to drive…

Sep 09, 2019

  • In addition to retail banking solutions for private customers, Wirecard also enables banks in Asia to offer comprehensive transaction banking services for corporate clients and is market leader in Indonesia in this area
  • Wirecard can develop and scale its flexible platform-based ecosystem around payment and banking both internationally and locally

Wirecard, the global innovation leader in digital financial technology, and Affin Bank Berhad (“AFFINBANK”) today announced an extension of their collaboration focused on revolutionizing internet banking for consumers in Malaysia. Through this partnership, over 300,000 AFFINBANK customers are already benefitting from an array of services such as e-commerce and mobile payment powered by Wirecard technology. By leveraging more of Wirecard’s platform, AFFINBANK is able to launch a complete internet banking solution which will drive customer growth and retention and boost e-banking usage.

AFFINBANK is a financial institution listed on the Main Market of Bursa Malaysia (KLSE: 5185) and currently has a network of 110 branches across Malaysia. The Bank provides a suite of financial products and services tailored to both retail and corporate customers.

Together with local banks, Wirecard is capitalizing on the strong trend in Asia Pacific for internet banking with 77% of consumers preferring to bank digitally, as well as local banks’ preference to outsource technology development to third party experts.

Based on the company’s international expertise, Wirecard has developed specific solutions, tailored to the needs of banks in Asia who want to provide digital banking services to corporate or private clients. Leveraging Wirecard technology, banks are able to offer their corporate clients holistic transaction banking solutions such as cash management, liquidity management and invoice payment services. In Indonesia, Wirecard is already market leader in corporate transaction banking software solutions with more than 50% market share. For private clients, banks, such as AFFINBANK, can offer the complete range of digital banking functionality from money transfers and investment management to loans through Wirecard’s white-label software complemented with a corresponding app.

Group Chief Executive Officer of AFFINBANK, Kamarul Ariffin Mohd Jamil said, “We are pleased to partner with Wirecard and announce the enhanced Retail Internet Banking solution for our customers. The solution is a key product in the consumer segment and the expanded platform will help us to serve our customers better and provide an even better digital banking experience. As cashless payments continue to grow strongly in Malaysia, we look forward to working with Wirecard to provide more value-added services for our customers.”

“Customers today expect to perform their financial tasks with ease, and this means having access to banking services that are simple, intuitive and seamlessly connected across multiple channels including mobile and web,” said Chan Chun Fee, General Manager and Country Head of Wirecard Malaysia. “We are thrilled to continue to strengthen our relationship with AFFINBANK as their technology partner to address the needs of consumers who demand convenience and value, and a personalized experience.”

Since 2017, Wirecard has been enabling AFFINBANK to provide e-commerce and mobile payment services to its customers. Furthermore, AFFINBANK has been leveraging Wirecard’s digital financial commerce platform to enable merchants to accept online payments as well as credit and debit card payments via Wirecard’s point-of-sale terminals.

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