Hong Leong Bank Teams Up with Mobile Money to Create Innovation To Payment Industry
Kuala Lumpur, 21 September 2005
Malaysians can soon make a wide range of payments without any cash, credit cards, checkbooks, or having to go online.
All that is required is your mobile phone and you do not even have to be at the point of purchase to pay. You can pay from where you are, whether at the office, in the car, at home or just about anywhere!
Leading local bank, Hong Leong Bank, has teamed-up with a Malaysian company, Mobile Money International Sdn Bhd (Mobile Money International), to introduce this innovative payment system which allows consumers to pay for goods and services for anyone with only a mobile phone, with a security PIN via sms
Hong Leong Bank customers will be the first to enjoy this unique mobile payment service when the bank launches it very soon
Known as “Mobile Money”, it’s an innovative closed loop payment system where a consumer will be informed via sms (short messaging system) each time he/she makes a payment. In short, it brings payments to you instead of you having to go to make payments.
“Mobile Money” is not only convenient but secure and rewarding as well. It is designed with nine levels of protection to enhance security and to minimize fraud. Each transaction will also be rewarded with instant cash rebate and the “e-cash” accumulated can be used to make purchases at any “Mobile Money” retail outlets.
Participating outlets can also run their own loyalty programmes and offer bonus points to their customers who are “Mobile Money” members, further enhancing the benefits of paying via this mobile payment system.
“Mobile Money” complies with Bank Negara Malaysia requirements and has a worldwide patent pending.
Hong Leong Bank and Mobile Money International today signed an agreement for the latter to provide its proprietary “Mobile Money” payment system to allow the bank’s customers to pay via their mobile phones. Transacted amounts are charged to customer’s credit card accounts and in a second phase, to their savings and cheque accounts.
The bank was represented by Peter England, Chief Operating Officer, Personal Financial Services, while signing for Mobile Money International was its Managing Director, Lee Eng Sia.
“With more than 15 million cell phone subscribers in the country and many more joining them every year, it is a brilliant way to use the mobile phone as a device to make payments. Now, there is no need to carry extra cash or worry about fraudulent use of credit cards,” said Hong Leong Bank’s Card Services General Manager, Mr. Tham Kah Fook at the signing ceremony.
“What is outstanding about “Mobile Money” is that you can pay and authorize payment from wherever you are. There is no queuing, no running around from one place to the other to make payments nor do you have to be physically present at a shop to make a purchase,” added Tham who also said that the bank is proud to be the first to introduce “Mobile Money” as part of its continuing efforts to provide convenience to its customers.
Meanwhile Mobile Money International’s Lee said the system is very secure as it is a closed loop system developed with nine levels of security features to minimize misuse and fraud.
“This technology is the first of its kind in the world. It combines the latest in telecommunications technology with IT as well as innovations in the banking area. To the consumers, it will be a seamless payment process.
“We believe that Malaysians are ready for “Mobile Money” and the time has come to move commercial transactions up to the next level,” he said.
An aggressive recruitment drive to sign up participating merchants is currently underway.
Press Release - 21/9/2005
