MREM - Press Releases

KUALA LUMPUR, Dec 18 (Bernama) -- CIMB Bank Berhad (“CIMB” or “the Bank”), in partnership with Payments Network Malaysia Sdn Bhd (“PayNet”), introduced Malaysia’s first payment terminal with automated e-invoice capability (“the terminal”). This innovation aims to streamline invoicing processes and ensure seamless compliance with the Inland Revenue Board’s (“LHDN”) e-invoice mandate for businesses, including small and medium enterprises (“SME”). The Bank is currently piloting the service with select merchants and plans a full rollout by Q2 2025. Designed with an intuitive interface, the terminal simplifies operations for both merchants and customers, enhancing the overall customer experience whilst reducing the risk of manual errors.

The system is integrated into CIMB’s payment terminals for merchants, fully automating the invoicing process – from creation to instant delivery of e-invoices to customers – significantly reducing administrative tasks. More than just a payment acceptance device, this terminal features a built-in Point-Of-Sale (“POS”) functionality, which also serves as a standalone POS system or be easily integrated with existing POS setups via Application Programming Interface (“API”). It also allows merchants to generate itemised billing for customers, encouraging further transparency. In addition, the terminal provides real-time voice alerts for both card and QR code transactions, which help to improve security and provide added convenience.

Effendy Shahul Hamid, Chief Executive Officer, Group Consumer and Digital Banking, CIMB Group said, “At CIMB, we understand that implementing e-invoicing can be a challenge due to the complexity of businesses' current accounting systems and compliance requirements. To assist our customers, we are pleased to work with PayNet to introduce the first payment terminal with e-invoice capability, driving CIMB’s ongoing commitment to integrating digital innovations into unique propositions for our customers. This innovative solution is designed to simplify compliance processes for businesses while enhancing customer experience. By streamlining operations, we empower businesses to focus on growth and services, while ensuring they meet regulatory requirements with ease. The terminal reflects our dedication to delivering practical and future-ready solutions that support both businesses and customers in a rapidly evolving business landscape.”

Azrul Fakhzan Mainor, Senior Director of the Commercial Division at PayNet, stated, “The collaboration between PayNet and CIMB represents a significant milestone in the advancement of Malaysia’s payments infrastructure. By automating e-invoice generation at the point of sale, operations are streamlined, errors are minimised, costs are reduced and customers are able to immediately access their e-invoices, enhancing the overall transaction experience. It also addresses SMEs’ needs and requirements as they scale up their businesses. This partnership underscores PayNet’s own commitment to driving Malaysia’s digital transformation, enabling both businesses and consumers to navigate the future of payments with efficiency and confidence.”

With the focus on bridging the end-to-end experience from payment to e-invoicing, the terminal sets a new benchmark in customer-focused business tools. Through automating e-invoicing processes and integrating essential features, the payment terminal addresses the diverse needs of businesses while supporting Bank Negara Malaysia’s fraud prevention initiatives, providing an added layer of protection for both merchants and consumers.

About CIMB

CIMB is one of ASEAN’s leading banking groups and Malaysia’s second largest financial services provider, by assets. Listed on Bursa Malaysia via CIMB Group Holdings Berhad, it had a market capitalisation of approximately RM86.3 billion as at 30 September 2024. It offers consumer banking, commercial banking, wholesale banking, transaction banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in eight ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Vietnam, Myanmar and Philippines).

Beyond ASEAN, the Group has market presence in China, Hong Kong and UK. CIMB has one of the most extensive retail branch networks in ASEAN with 592 branches and over 33,000 employees as at 30 September 2024. CIMB’s investment banking arm is one of the largest Asia Pacific-based investment banks, which together with its award-winning treasury & markets and corporate banking units comprise the Group’s leading wholesale banking franchise. CIMB is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.

About PayNet

Payments Network Malaysia Sdn Bhd (PayNet) is Malaysia’s national payments network with a mission to accelerate the country’s payment flows by making the digital payment infrastructure more accessible, widespread, and secure. Our comprehensive retail payments suite—including DuitNow (QR and Transfer), JomPAY (Bill Payments), FPX (Online), MyDebit (Domestic Debit), MEPS, and IBG (Interbank GIRO)— provides extensive coverage across the nation, forming a core part of daily life in Malaysia. In 2023, this ecosystem enabled a total transaction value of USD 1.4 trillion, equivalent to 3.3x of Malaysia’s GDP.

Additionally, PayNet’s real-time retail QR payments network, DuitNow, is interoperable with domestic schemes in Singapore, Thailand, and Indonesia, facilitating seamless cross-border transactions with these countries. PayNet is committed to promoting a secure, efficient, and innovative payments ecosystem in Malaysia and works closely with its stakeholders to develop new products and services that meet the evolving needs of consumers and businesses. For further details, please visit our website: www.paynet.my.

Source: CIMB Bank Berhad

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Anis Azharuddin / Kelvin Jude Muthu
Group Corporate Communications
CIMB Group Holdings Berhad
Email: anis.azharuddin@cimb.com / kelvinjude.muthu@cimb.com

Name: Adli Abdul Karim / Anwar Mahbob
Payments Network Malaysia Sdn Bhd (PayNet)
Email: adli.abdulkarim@paynet.my / anwar.mahbob@paynet.my

--BERNAMA