AmBank Group has announced a strategic collaboration with RAMS Fintech Sdn. Bhd., a subsidiary of Ramssol Group Bhd, to provide Earned Wage Access (EWA) through the platform "Pay Day Now."
This partnership will enable employees to access their earned wages before the regular payday, promoting financial stability and flexibility without incurring interest charges. Instead, the platform will only apply a fixed processing fee, making it a cost-effective option for users.
The collaboration aims to expand the reach of both parties by introducing their products to new audiences and leveraging each other's clientele.
Initially targeting civil service and public listed companies, the platform seeks to improve financial wellness by offering accessible financing solutions through AmBank's Payroll Solutions.
Christopher Yap, Managing Director of Business Banking at AmBank Group, highlighted that this collaboration represents a significant advancement in the bank's mission to provide innovative solutions that support social sustainability. He emphasised the importance of RAMS Fintech's expertise in human capital management and digital solutions in empowering businesses.
Datuk Seri Cllement Tan Chee Seng, Group Managing Director and CEO of Ramssol, expressed excitement about the partnership, stating that EWA will help bridge the gap for the 55% of underbanked adults in Malaysia.
He noted that by giving employees greater control over their earnings, the program alleviates financial pressure between paychecks, enhancing overall financial wellbeing and productivity in the workforce. This initiative is positioned to benefit both employers and employees by promoting financial inclusion and satisfaction.
