(From left) Christopher Yap, Managing Director of Business Banking, AmBank Group, Yeow Swee Yun, Head of Commercial Banking 1, AmBank Group, Brian Liew Yu Hoe, Group Chief Operation Officer of Ramssol Group Berhad, and Datuk Seri Ts Cllement Tan Chee Seng, Group CEO and Managing Director of Ramssol Group Berhad at the signing ceremony.
The “Pay Day Now” Platform offers flexibility to employees of subscribing companies or organisations to access their earned wages prior to the regular payday, at a capped amount
AmBank Group has inked a strategic collaboration with Ramssol Group Bhd’s wholly-owned subsidiary, RAMS Fintech Sdn. Bhd. (“RAMS FINTECH”), a renowned leader in human capital management and digital transformation solutions to offer earned wage access (“EWA”) to its customer’s employees via RAMS FINTECH’s online platform known as “Pay Day Now” (“Platform”). This collaboration allows employees to access their earned wages before the regular payday, enhancing financial stability and flexibility, without the burden of interest, as the platform only charges a fixed processing fee, making it a more accessible and cost-effective option for employees.
Through this collaboration, both parties are set to explore opportunities to introduce their respective products to new audiences, leveraging each other’s clientele to expand their reach and foster growth within 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.
AmBank is committed to support its clients that uses the bank’s Payroll Solutions the necessary convenience and facility without additional financial burden to the employers. For the employees, they can access their earned wages, as short as weekly, in time of unforeseen emergency financial needs for a fraction of processing fee.
Christopher Yap, Managing Director, Business Banking, AmBank Group said, “This collaboration with Ramssol Group marks a significant step forward in AmBank’s mission to provide innovative solutions that drive towards the 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.”
Datuk Seri Cllement Tan Chee Seng, Group Managing Director and Chief Executive Officer of Ramssol, expressed enthusiasm about the MoU. "This collaboration with AmBank to provide EWA signifies our commitment to bolster our PeopleTech’s business pillar in support of our additional human capital mamnagement sectors. The potential of growth in this market is substantial. According to Department of Statistics of Malaysia, there are approximately 16.6 million in the labour force with only 39% of Malaysians can obtain 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 wellbeing 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.”
