KUCHING: Pertama Digital Bhd, an investment holding company listed on Bursa Malaysia’s Main Market, has announced a collaboration between its portfolio company DAPAT Vista (M) Sdn Bhd and Hektar Asset Management Sdn Bhd to launch DAPAT’s MyPay Coin Deposit feature.
DAPAT is a homegrown company specialising in mobile technology and digitalisation of government services.
It owns and operates the MyPay mobile application that has enabled the rakyat to access secure, convenient and fast check-and-pay transactions with government agencies.
At the same time, MyPay offers government agencies a rapid go-to-market channel for rakyat-facing services.
Meanwhile, Hektar is the manager of the Hektar Real Estate Investment Trust, Malaysia’s first retail-focused real estate investment trust.
Its portfolio includes assets in Kedah (Central Square and Kulim Central), Johor (Classic Hotel, Segamat Central and Wetex Parade), Melaka (Mahkota Parade) and Selangor (Subang Parade).
Hektar is supporting DAPAT’s MyPay Coin Deposit feature by making available locations within its retail premises as coin deposit points.
DAPAT Vista chief executive officer Amanda Sabri said: “We conceptualised and initiated this feature to address a challenge faced every day by many fellow Malaysians when they try to deposit coins into bank accounts.
“By facilitating the deposits of coins, we will bring idle coins back into economic circulation and repurpose them for digital payments. Besides supporting Malaysia’s efforts towards becoming a cashless society, the project will also benefit the Pertama Digital Group by driving increased activity on MyPay.”
Annually, a significant amount of coins issued by Bank Negara Malaysia are not returned for re-circulation. Its figures have shown that there are presently some RM3.5 billion worth of coins in circulation, with a sizable chunk not going back into the system.
A recent survey shows that almost every household has coins lying unused somewhere in a drawer or car cup holder.
To get this money “working” again, the initiative will be enabled by a feature in MyPay that empowers the rakyat to deposit coins at thousands of locations, which will be credited by DAPAT into their chosen bank accounts.
“The Coin Deposit feature on MyPay is our first step towards democratizing the conversion of cash into digital value, in tandem with the high growth of a cashless lifestyle amongst the rakyat.
“We welcome more patriotic and forward-thinking partners like Hektar to come forward and take part in this initiative, allowing many Malaysians to come to your locations to make deposits. Please visit www.dapat.com to register as a partner via our signup form,” Amanda added.
For the initial roll-out stage, DAPAT and Hektar will be jointly organising a launch ceremony at the pilot coin deposit point at Subang Parade Shopping Mall from January 2021 onwards.