KUALA LUMPUR, 25 OCTOBER 2010 -- As a result of an exclusive deal, customers of Malaysia's RHB Banking Bank can now shop the world as well as send money with online payment platform PayPal. RHB is the first bank in the Asia Pacific to allow real time payments to any PayPal e-mail address, it said.
"The exclusive agreement provides RHB customers with two new innovative payment services in Malaysia," said RHB Bank chairman Tan Sri Azlan Zainol. "RHB is the first bank in Malaysia to allow its customers to use their bank account to instantly top up their PayPal account for simpler, safer online shopping. RHB is also the first bank in the Asia Pacific to let its customers send real-time payments from their bank accounts to any e-mail address via PayPal's open platform."
"Both new services are accessible via RHB's Internet banking site - the Top-Up service is available today while the Send Money service will be available starting on 26 October 2010," said Azlan.
"We are making Internet banking simpler for our customers with these two new payment services and the experience of the PayPal team was profoundly beneficial to the RHB team," he said. "The journey has only just begun once we realised that there is so much more coming that will change the landscape of the banking industry and the e-commerce market in Malaysia."
The RHB Banking Group is the fourth largest fully integrated financial services group in Malaysia. PayPal is headquartered in San Jose, California, US, and its international headquarters is located in Singapore.
Visionary approach to the future of money
"As our first bank alliance in Malaysia, I'd like to congratulate RHB for taking a visionary approach to the future of money, a leading regional position in the virtual wallet revolution and a first-mover advantage for safer, easier online shopping with PayPal," said PayPal vice president and general manager, Asia Pacific, Farhad Irani. "By using PayPal's online payment platform to provide faster, more convenient payment services to its banking customers, RHB benefits by increasing its customer engagement, lowering its operational costs, and participating in the fast-growing e-commerce market."
RHB's Azlan said the first new service, 'Top-Up', allowed customers to top up their PayPal accounts via RHB Internet banking. "RHB customers can then use their PayPal accounts to shop around the world and get great online deals with more than eight million merchants in 190 markets that accept PayPal as a payment method. RHB customers can have a simpler, safer online shopping experience as PayPal offers express checkout as no credit card details need to be entered and provides built-in privacy as no financial information is shared with the merchants."
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