OCBC Bank (Malaysia) Berhad (OCBC Bank) is collaborating with Malaysian fintech firm MOBY Group (MOBY) to enable small and micro merchants with pop up stores or kiosks to widen their payment collections beyond QR pay and cash.

With this, merchants are now able to accept credit and debit card payments through their mobile phones with the SmartPay solution, OCBC Bank said in a statement on Tuesday.

In addition, small and micro merchants who register with MOBY will be able to offer an array of payment options which range from online and offline acceptance of debit, credit cards to Buy Now Pay Later (BNPL) with both conventional and Shariah-compliant options.

According to the statement, the SmartPay solution helps eliminate the use of clunky credit card terminals, empowering small and micro merchants to accept contactless
payments directly through their smartphones.

It works the same way as a contactless transaction on a standard Electronic Data Capture (EDC) credit card terminal by enabling seamless and efficient transactions through
secure contactless transactions using Near-Field Communications (NFC) that accept credit and debit cards bearing the Visa, MasterCard and MyDebit logo.

This simplifies record-keeping and supports environmental, social, and corporate governance (ESG) objectives with e-receipts sent via short message service (SMS) or email.

According to OCBC Bank Managing Director and Head of Consumer Financial Services Anne Leh, the collaboration with MOBY is a game-changer and combines the expertise of a respected and established bank with the approach of a fintech player, revolutionizing the way financial services are delivered to micro businesses.

“We wanted to be inclusive and reach out to the often-neglected micro businesses and are delighted to tie up with MOBY to create yet another option in the secure digital payments ecosystem. This is part of our overarching aim to deliver greater convenience and speed to our merchants,

“We see great opportunities ahead working with fintechs such as MOBY and look forward to future collaborations of this nature as we continue to make payment solutions more seamless and efficient,” she added.

MOBY’s Founder and Chief Executive Officer Rian Philip said the company sees its new value-added payments app as the start of a revolutionary series of products being built to not only assist small and micro merchants in payment collections but also to improve the way financial transactions are carried out by both merchants and consumers.

He said the firm is delighted to partner with OCBC Bank, which is part of the largest banking groups in Southeast Asia, in meeting the demands of its strategic move towards an even more enriched payment ecosystem,

“We are elated to join forces with OCBC Bank in this ground-breaking venture. Together, we are transforming how small and micro merchants transact and manage their finances,

“By introducing innovative products like SmartPay we are bringing unparalleled convenience, speed and efficiency to businesses and individuals alike,” he added.

Moby is a fintech company based in Malaysia. The firm has introduced MOBY ISLAMIC, the first homegrown Shariah-compliant BNPL player in Malaysia to cater to a diverse customer segment and to promote inclusivity in the financial sector.

It has also expanded its offerings beyond BNPL, through its various collaborations with strategic partners.

OCBC is an established Singapore bank formed in 1932 from the merger of three local banks.

The bank is the second largest financial services group in Southeast Asia by assets.

It offers a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services.

The group’s key markets are Singapore, Malaysia, Indonesia and Greater China.

It has more than 410 branches and representative offices in 19 countries and regions.

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