Kuala Lumpur, 9 September 2011 – Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear); a subsidiary of Bank Negara Malaysia; and Malaysian Electronic Payment System Sdn Bhd (MEPS); Malaysia’s leading payment network provider; today announced that they have signed an agreement for MyClear to acquire MEPS’ e-Payment services, with effect from 16 September 2011.

The acquisition encompasses the services of e-Debit, MEPS Interbank GIRO, MEPS Financial Process Exchange, MEPS Direct Debit and Mobile Banking. This move is in line with the Government’s Economic Transformation Programme (ETP) to evolve Malaysia’s financial services sector to serve the needs of businesses and consumers through creating an integrated payment eco-system.

“The acquisition of MEPS’ e-Payment services is a positive step towards expanding MyClear’s role in driving the acceptance of e-Payment. The acquired systems will complement the three existing systems operated by MyClear, which are Sistem Penjelasan Informasi Cek Kebangsaan Secara Elektronik (eSPICK), Real Time Electronic Transfer of Funds and Securities (RENTAS) and Fully Automated System for Issuing/Tendering (FAST). This integrated payment network infrastructure will enable MyClear to foster greater efficiency and innovation in the market and enhance collaboration with industry players to achieve new levels of excellence in service standards and accessibility,” said Dato’ Ooi Sang Kuang, Chairman of MyClear.

MEPS’ Chairman, Dato’ Sri Abdul Wahid Omar, said that for over a decade, MEPS has been building the nation’s network infrastructure and offering multiple interbank services. In addition to operating the Shared ATM Network, MEPS has successfully developed and offered various e-payment services. More recently, MEPS’ has completed the development of a mobile banking solution which is scheduled to be launched in September 2011. Although significant progress has been achieved, the total volume of e-payments is still low compared to paper-based and cash related transactions.

“MEPS’ is committed to supporting the strategic objectives of increasing the adoption of e-payments and has thus agreed to divest its e-payment services to MyClear. Upon completion of the divestment, MEPS will focus on strategically expanding the Shared ATM Network as outlined in the ETP. MEPS will increase its partnership with high cross-border inbound and outbound traffic countries within Asia and amongst others, the Gulf Cooperation Council countries. To date, MEPS has established partnerships with our neighbouring countries such as China, Indonesia, South Korea, Singapore, Thailand and Vietnam.”


From left: Mohd Suhail Amar Suresh - MEPS Group Managing Director, Dato’ Ooi Sang Kuang - MyClear Chairman, Dato’ Sri Abdul Wahid Omar - MEPS Chairman and Datuk Mohamed Azmi Mahmood - MEPS Board of Director