KUALA LUMPUR: Pertama Digital Bhd, through portfolio company Dapat Vista (M) Sdn Bhd, has partnered with Hektar Asset Management Sdn Bhd to launch Dapat's MyPay coin deposit feature.
Pertama Digital, which is listed on Bursa Malaysia's Main Market, said the feature was conceptualised and initiated to address a challenge faced every day by many fellow Malaysians when trying to deposit coins into bank accounts.
Dapat Vista chief executive officer Amanda Sabri said by facilitating the deposits of coins, it would 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," Amanda said in a statement today.
Pertama Digital said annually, a significant amount of coins issued by Bank Negara Malaysia were 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," it said.
Amanda said the coin deposit feature on MyPay was Dapat Vista's first step towards democratising the conversion of cash into digital value, in tandem with the high growth of a cashless lifestyle among 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.
Hektar executive director and chief executive officer Datuk Hisham Othman said it was supporting Dapat's initiative by making available locations within its retail premises as coin deposit points.
"It's part of our corporate social responsibility to support the coin recovery objective.We add value by working closely with the local communities around our malls to make this long-term initiative a success," said Hisham.
Dapat Vista and Hektar will launch the pilot coin deposit point at Subang Parade Shopping Mall in January 2021.