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Bank scoops top innovation award thanks to the KAL RTM

KAL’s RTM has secured an innovation award for Malaysia’s Hong Leong Islamic Bank.

The Asset’s Triple A Digital Awards recognise financial institutions and technology firms that have excelled in innovating and developing a unique digital experience for customers across the Asia-Pacific region.

This year’s Most Innovative ATM Project award was given to Hong Leong Islamic Bank for its creative use of KAL’s RTM whereby the bank’s customers use the RTM to make religious charitable payments.

For the first time, Muslims in Malaysia have been able to pay their annual charitable fee - known as Zakat - using a debit card at the RTM, rather than cash. Government organisation Zakat Selangor was previously collecting all of the money in cash, which meant large volumes of cash being held on site. The government’s cashless program has encouraged the organisation to use the RTM to collect these funds via debit cards.

Christopher Martin, of Hong Leong Bank, welcomed the award, saying: “Congratulations to everyone who was involved in the cashless ATM project.”

Online magazine The Asset is Asia’s leading financial publication for issuers and investors.

Sky News Interview

KAL’s Retail Teller Machine (RTM) was recently featured on Sky News Australia, as global interest in the new RTM product soars.

Steve Hensley, Executive Vice President of Global Sales, was invited on to the station’s Technology Behind Business show to explain the ways in which branchless banking will be revolutionised by the cashless ATM.

 

Over the course of the detailed interview, Steve underlined the numerous benefits the technology offers to banks, consumers and retailers. He also emphasised the unprecedented potential banks now have to increase their presence in non-urban areas in a way that would not have been economically feasibly in the past.

This is of particular interest to a country as vast as Australia, with the RTM due to be launched there later this year.