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MyClear Appoints MOLPay as its Acquirer for Online Merchant - Partnership to Promote E-Commerce among Malaysian Businesses
MyClear Appoints MOLPay as its Acquirer for Online Merchant


NewswireToday - /newswire/ - Shah Alam, Selangor, Malaysia, 2012/05/14 - Partnership to Promote E-Commerce among Malaysian Businesses.

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Malaysian Electronic Clearing Corporation Sdn. Bhd. (MyClear), a wholly-owned subsidiary of Bank Negara Malaysia, has appointed MOLPay Sdn. Bhd., a subsidiary of the MOL Global Group as its official online merchant acquirer for MyClear’s Financial Process Exchange (FPX) and Direct Debit services.

FPX is an Internet-based multi-bank payment platform that facilitates online payment for e-commerce transactions. Whereas, Direct Debit is an interbank collection service for regular and recurring payments enabling automated collection directly from a customer’s bank account at multiple banks with a single authorisation.
“The agreement between MyClear and MOLPay is one of MyClear’s efforts to elevate the migration of e-payment in the country. A high take-up of the FPX and Direct Debit services will contribute to building a payment eco-system that is highly efficient in terms of convenience, swiftness, security and cost. A payment system that enables proficient movements of funds is imperative to the financial development and growth of the country’s economy,” said Encik Mohd Suhail Amar Suresh, Managing Director of MyClear.

“FPX is a service that allows online consumers to make purchases at online stores using their banking accounts. FPX will give the consumers another avenue to make the most of their online shopping experience whereas Direct Debit service allows consumers to make recurring payments for insurance premiums, bill payments etc automatically and on schedule,” continued En Suhail.

“In addition, the expediency that the FPX and Direct Debit services offer is not confined to consumers only as it extends to the merchants as well. With FPX, merchants can easily extend their online business especially to non-credit card holders. As all payments are conducted in real time, the merchants are credited online to ensure availability of immediate cash flow to further increase business opportunities. With Direct Debit, merchants can leverage on reduced administrative cost and time to collect recurrent payments from their customers. Merchants will additionally benefit from a more predictable cash flow. FPX and Direct Debit services bring about the simplicity and versatility of cheques in an e-commerce world,” added En Suhail.

MOLPay which was formerly known as NBePay was founded in 2005 and was acquired by the MOL Global group in August 2011. MOLPay presently has more than 2,500 online merchants and is compliant with global security standards including Payment Card Industry: Data Security Standards (PCI DSS), HackerSafe and with the Malaysian Payment Systems Act 2003.
The appointment of MOLPay by MyClear is expected to facilitate e-commerce transactions and further grow Malaysia’s e-commerce merchant base by allowing online merchants to integrate their website easily with FPX via MOLPay. With these services, online merchants will be able to accept payments from the online banking services integrated into the FPX platform.

The integrated central transaction processing channels will enable MOLPay and its merchants to get connected to all the financial institutions in the country and permit efficient e-commerce transactions. MOLPay will establish and maintain all online data processing facility capabilities including merchant approvals and maintenance to support real time payment transaction processing. As a third party acquirer, MOLPay will also implement a risk management system that are capable of detecting, managing and reporting the incidences of fraudulence transactions and unwarranted chargebacks that merchants deal on a daily basis.

“This partnership marks another milestone in the growth of MOL’s payment business. MOL has historically been market leaders in the mobile reload and online game payments as well as social payments business. Our acquisition of NBePay last year was to expand our payments business into the fast growing e-commerce market. MOLPay presently provides global credit card processing. With this partnership, we will be able to provide online banking processing for our merchants at competitive rates. In the next few months, we will also enable MOLPay’s 2,500 merchants with payments through MOL’s network of cash payment channels,” said Ganesh Kumar Bangah, Group Chief Executive Officer of the MOL Global group.

Quoting from a study conducted by Goldman Sachs, Ganesh stated that the worldwide e-commerce sales will reach USD $ 963 billion by 2013, growing at an annual rate of 19.4 per cent. E-commerce has emerged as the most promising industry globally, with Europe being the main contributor all this while, however, the latest trend seen is that Asia Pacific holding the key to the future growth of e-commerce market. In most markets, more than half of internet users are visiting the retail portals and in Malaysia alone, about 46 per cent of the online populations are visiting retail sites which are mainly owned by local and international brands and merchants (ClickZAsia).

However, another trend being observed is that consumers in Asia Pacific are still facing a lack of confidence in conducting secure online transactions. In Malaysia, Government and regulatory bodies are collaborating on a wider platform to ensure e-commerce law, policies and regulations are enforced to provide a guideline for traders to systematically utilise e-commerce and in tandem ensure protection for e-commerce users.

The Agreement was signed by En. Mohd Suhail Amar Suresh, Managing Director of MyClear and Mr. Eng Sheng Guan, Chief Executive Officer of MOLPay. The signing was witnessed by Mr Ganesh Kumar Bangah, Group Chief Executive Officer of MOL Global.

About MyClear
Malaysian Electronic Clearing Corporation Sdn. Bhd. (MyClear) is a wholly-owned subsidiary of Bank Negara Malaysia. Incorporated in October 2008, its main objective is to provide an efficient and reliable infrastructure for e-payments, interbank funds transfer, settlement and securities depository. MyClear provides comprehensive securities services that encompass the issuance, depository, asset servicing and settlement of debt securities denominated in Ringgit Malaysia and other currencies. For payment services, MyClear provides real-time high value interbank funds transfers and operates the national cheque clearing system. For retail services, MyClear provides the e-Debit, Interbank GIRO, Financial Process Exchange (FPX), Direct Debit and MyMobile services.

About MOLPay
MOLPay Sdn Bhd is part of MOL Global Group, one of Southeast Asia’s largest internet companies with offices in Malaysia, Singapore, Indonesia, Philippines, India and Thailand. MOLPay is a leading payment gateway solution in Southeast Asia which offers global payment solutions for online merchants. MOLPay is the first payment gateway in Southeast Asia enabling online purchases to be paid physically with cash at popular retail chains, outlets or via online using global credit cards, debit cards, charge cards, e-banking and e-wallets.

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MyClear Appoints MOLPay as its Acquirer for Online Merchant

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