MBSB Bank, PREC ink pact to drive cashless business transactions among SMEs

SHAH ALAM, March 3 (Bernama) -- MBSB Bank Bhd and PKNS Real Estate Sdn Bhd (PREC) have inked a memorandum of understanding (MoU) to collaborate in driving cashless business to empower small and medium enterprises (SMEs).

The MoU was signed by MBSB Bank group chief executive officer Datuk Nor Azam M Taib and Prec chief executive officer Fakru Radzi Ab Ghani, here today.

Nor Azam said the collaboration would provide opportunities for merchants operating in Prec-owned buildings, namely SACC Mall and PKNS Complex in Shah Alam and Bangi, to enhance their business through the use of real-time retail payment platforms (RPP) like the DuitNow application.

“Cashless transactions offered through RPP can save operational costs and help improve a more efficient financial management process, in addition to being available at all times.

“The digitisation of Prec premises can also attract more customers because digital payment is easier, safer and a mode of choice for today’s users,” he said.

Meanwhile, Fakru Razi said that the initiative would be implemented at the Selangor Ramadan Festival 2023, which is scheduled to take place at SACC Mall, and PKNS Complex in Shah Alam and Bangi, from March 5 to April 21, 2023.

He said a total of 1,000 merchants, who are expected to participate in the sales festival, would benefit from the initiative by opening their accounts with MBSB Bank and using its digital banking services for business transactions.

Fakru Radzi said that with a total of 2.5 million visitors expected to flock to the festival this year, site rental prices would range from RM1,000 to RM15,000 depending on location.

“Previously, we only had about 700 merchants but it has increased this year as more merchants are interested in renting booths.

“In terms of booth provision, 50 per cent of the booths are located at the PKNS Complex in Shah Alam, 30 per cent in SACC Mall, and the remaining booths are at the PKNS Complex in Bangi,” he added.

-- BERNAMA