Ria Money Transfer (Ria), a Malaysia-based fintech firm, has been officially approved by the Department of Labor Peninsular Malaysia (JTKSM) for the disbursement of digital wage payments via the Ria Wallet.
The firm said in a statement on last Friday that by streamlining wage distribution through digital means, the Ria Prepaid Card Program, in collaboration with Mastercard, provides an omni-channel solution to employers who may struggle with conventional banking access for their workforce.
The Ria Wallet facilitates various financial activities such as depositing funds, withdrawing cash from ATMs, paying bills, and conducting domestic and international transfers.
Customers will also be able to make payments in millions of locations in Malaysia via QR payment linked to DuitNow.
In addition, the Ria Wallet streamlines payroll management for Malaysia-based companies throughout industries heavily dependent on migrant workers, including construction, agriculture, and manufacturing.
According to the International Organization of Migration (IOM), migrants represent an estimated 15.3 percent of Malaysia’s total workforce, many of whom are unbanked.
The Ria Wallet addresses the challenges faced by both workers and employers in the country’s cash-centric payment landscape.
Ria’s presence in Malaysia since 2001 has positioned Ria as one of the leading players in the money transfer industry.
Leveraging its strong physical network of 624,000 locations worldwide and its presence in nearly 200 countries and territories, Ria aims to provide a diverse and seamless service experience to all customers.
“We understand the challenges employers in Malaysia face when it comes to managing wages for their workers,
“Through the Ria Wallet, companies will be able to benefit from a digital solution that improves transparency and compliance across their operations,” said Espen Kristensen, Ria Money Transfer’s Managing Director Asia Pacific.
In collaboration with Mastercard, the Ria Prepaid Card Program underscores the company’s commitment to driving positive social impact through the financial empowerment of different communities worldwide, said the statement.
Ria Money Transfer, a business segment of Euronet, delivers innovative financial services including fast, secure, and affordable global money transfers.
Bridging the gap between digital and physical spaces, the firm’s omnichannel products and services provide unprecedented consumer choice, including real-time payments, mobile wallets, currency exchange, home delivery, and cardless ATM payouts.
Its global infrastructure, powered by the Dandelion real-time, cross-border payments network, facilitates financial access to customers, agents and partners alike.