Bank Muamalat targets RM5bil transactions next year on Visa B2B platform

KUALA LUMPUR: Bank Muamalat Malaysia Bhd is targeting RM5 billion in cross-border transactions by end-2024 after leveraging the Visa Business to Business Connect (Visa B2B Connect) platform.

Chief operation officer Zury Rahimee Zainal Abiden said that by recognising the total value of cross-border transactions in Malaysia, the bank took the opportunity to facilitate the demand for international remittance, offering business opportunities for global expansion and success through seamless transactions.

“For the first eight months this year we have done RM3 billion transactions and by leveraging on this B2B platform, we hope to add RM500 million transactions until year-end,” he told BK after launching the Visa B2B Connect today.

Bank Muamalat announced its strategic partnership with leading global payments technology company Visa.

This collaboration marks a groundbreaking achievement as Bank Muamalat becomes the first bank in Malaysia to implement the innovative Visa B2B Connect platform enabling Bank Muamalat to become a primary channel for cross-border payments, with SWIFT serving as an alternative for customers.

Bank Muamalat’s integration of Visa B2B Connect into its Bank Muamalat Business Platform (iBiz) offers companies, agencies, ministries and businesses an unprecedented opportunity for global expansion and success, placing Bank Mumalat at the forefront of industry innovation.

Zury Rahimee said the funds can be transferred swiftly and securely, directly from the originating bank to the beneficiary bank, at a lower cost.

“This process minimises delays and reduces the complexity of related international transactions.

“Customers are also able to track payment status in near real-time, enhancing accuracy and providing increased visibility as well as predictability in transaction flow,” he added.

Besides, he said with this move, Bank Muamalat joins an esteemed group of financial institutions across 109 countries worldwide, demonstrating its commitment to support the government’s endeavours to stimulate economic growth, foster international trade and promote financial inclusion within the country.

Prioritisation on major currencies such as USD, euro, GBP, JPY, SGD, INR, and IDR ensures seamless payment transactions for businesses operating in the global marketplace.

Additionally, this integration puts a strategic focus on G7 countries namely Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, supporting businesses to capitalise on international opportunities and drive robust global growth.

Meanwhile Visa country manager for Malaysia Ng Kong Boon said as Malaysian businesses continue to expand globally, innovative solutions are emerging that transform how B2B cross-border payments are made.

“Typically, traditional cross-border transactions are archaic, time-consuming and expensive. We believe that it is important to simplify cross-border payments for small and medium businesses and corporates in Malaysia.

“Visa B2B Connect takes on an innovative approach and eliminates friction for cross-border transactions by using distributed ledger technology to enhance the speed, security and reliability of these transactions,” he said. – BK