KUALA LUMPUR: RHB Bank Bhd has signed a memorandum of understanding (MoU) with the Social Security Organisation (Socso) for online payment and collection through FPX (Financial Process Exchange) in conjunction with the three-day Kedah Financial Carnival which ended today.
RHB Bank has been appointed for the management of contribution payments, late payment contributions (FCLBs) and compounds through the Socso ASSIST (Automated Socso Integrated System) portal, said the bank in a statement today.
Employers can access the payment facilities through the FPX, as well as submit records of contributions using the portal without any additional charges. All payments and collections accounts for Socso will be channelled via RHB account.
“This collaboration is part of RHB’s digital transformation programme which is aimed at accelerating digital banking solutions to drive greater economic efficiency, in line with Bank Negara Malaysia’s (BNM) thrust towards digitisation.
“Through this platform, we are able to expand our reach to employers and provide them with agile and innovative services,” said Datuk Adissadikin Ali, managing director, RHB Islamic Bank Bhd.
The initiative supports BNM’s emphasis in driving Malaysians towards electronic payments and accelerating the migration to electronic payments, as part of the nine focus areas under the Financial Sector Blueprint 2011-2020 released by the central bank in December 2011.
FPX, which is operated by Payments Network Malaysia (PayNet), is Malaysia’s Internet payment gateway which facilitates real-time online payments and e-commerce purchases using funds drawn from customers’ savings account, current account and card accounts at 29 banks across Malaysia.
BNM is PayNet's single largest shareholder, with 11 Malaysian financial institutions, including RHB Bank, as joint shareholders.