OCBC Bank (Malaysia) has introduced a full suite of statutory payment services for corporations in Malaysia. According to OCBC, it is the first foreign bank in Malaysia to offer employers a one-stop facility for a comprehensive range of statutory payments. OCBC recently launched OCBC Mobile Banking and iOCBC TradeMobile, a banking and trading software application for iPad users in cooperation with OCBC Securities.
The statutory bodies involved with this new payment service include: Lembaga Hasil Dalam Negeri Malaysia (LHDNM), Kumpulan Wang Simpanan Pekerja (KWSP), Pertubuhan Keselamatan Sosial (Perkeso) and Pusat Pungutan Zakat Majlis Agama Islam Wilayah Persekutuan (PPZ).
The payment services will require the use of OCBC’s Easi-Giro payment solution which operates under the bank’s cash management platform. A quarter of a million transactions, with a total value of up to half a billion ringgit, are made through Easi-Giro per month.
“OCBC Bank is committed to getting to know the specific needs of its customers and then striving to provide convenient channels to serve these needs. We are proud to be working with each of these statutory organizations – LHDNM, KWSP, Perkeso and PPZ – for the convenience of all our business partners,” said Jeffrey Chew, OCBC Bank’s chief executive and director, in a statement in a ceremony at Menara OCBC, Kuala Lumpur.
“With this service, we are helping businesses and employers save valuable time and resources as they can now make payments to every statutory body through OCBC. What we do is to execute their payroll and statutory payments when the payment becomes due – whether the payment has to do with income tax returns, EPF [employee’s provident fund] deductions, Socso [social security organisation] deductions or payment of the Muslim tithe zakat,” he added.
In addition, the payment service is extended to OCBC’s Islamic banking subsidiary, OCBC Al-Amin Bank. According to Syed Abdull, OCBC Al-Amin’s chief executive and director who was also at the ceremony, the introduction of the statutory payment services, particularly for zakat payment, now further enhances OCBC Al-Amin’s position as a top foreign Islamic banking entity in Malaysia.
“The introduction of the statutory payment facility for zakat payment represents a high point in the execution of our services as an Islamic bank,” said Abdull in a statement. “It is laudable for all Muslims to pay zakat, and OCBC Al-Amin is pleased to be in the forefront of allowing organisations to fulfil this obligation conveniently for Muslims.”
OCBC was awarded the best cash management bank in Singapore in FinanceAsia’s country awards last year. It also appointed Soon Tit Koon its chief financial officer at the beginning of May this year.
Senior executives from the four statutory bodies involved with the introduction of the payment service were also present at the ceremony in Kuala Lumpur.
