From left: AmBank Group business banking managing director Christopher Yap, AmBank head of commercial banking 1 Yeow Swee Yun, Ramssol group chief operating officer Brian Liew Yu Hoe and Ramssol group CEO and managing director Datuk Seri Cllement Tan Chee Seng.
KUALA LUMPUR: AmBank Group has inked a strategic collaboration with Ramssol Group Bhd
’s wholly-owned subsidiary, RAMS Fintech Sdn Bhd, to offer earned wage access (EWA) to its customers’ employees via RAMS FINTECH’s online platform, ‘Pay Day Now’."
In a statement, the bank said the collaboration enables employees to access their earned wages before the regular payday, thereby improving financial stability and flexibility.
The platform charges only a fixed processing fee, avoiding interest costs, which makes it a more accessible and cost-effective option for employees.
AmBank said that this collaboration will allow both parties to explore opportunities to introduce their products to new audiences. By leveraging each other’s clientele, they aim to expand their reach and drive growth within the financial services sector, all while adhering to applicable terms and conditions.
The platform is set to launch with an initial target market from the civil service to public listed companies, aiming to improve the financial wellness for employees by offering accessible financing solutions through the bank.
“This collaboration with Ramssol Group marks a significant step forward in AmBank’s mission to provide innovative solutions that drive towards social sustainability for our customers. Their deep expertise in human capital management and digital solutions aligns with the group’s vision of empowering businesses to thrive in a rapidly changing environment. Together, we aim to offer unparalleled value to our customers as they navigate digital transformation,” AmBank Group managing director, business banking Christopher Yap said.
Meanwhile, Ramssol group managing director and chief executive officer Datuk Seri Cllement Tan Chee Seng said the collaboration with AmBank to provide EWA signifies its commitment to bolster its PeopleTech’s business pillar in support of our additional human capital management sectors.
He noted that the potential for growth in this market is substantial.
According to the Department of Statistics of Malaysia, there are approximately 16.6 million in the labour force with only 39% of Malaysians obtaining bank loans, while the underbanked adult populations stand at 55%.
“EWA can help bridge this gap by giving employees with greater control over their earnings, alleviating financial pressure between paychecks. This program not only supports financial well-being but also aligns with our ESG objectives, particularly in the social aspect.
“A financially secure workforce is more productive and satisfied, and through EWA, we are taking a significant step forward in providing innovative financial solutions that promote greater financial inclusion in the workforce. This initiative will significantly benefit both employers' and employees’ welfare and satisfaction.”
