OpenWay wins Malaysia International Business Award for financial services

Thursday, December 5, 2019

The company developed a new ATM system that allows easy withdrawal for Indonesians in Saudi Arabia.

OpenWay, the leader in digital payments software, bagged the award in the financial services category at the recently concluded Malaysia International Business Awards, presented by Singapore Business Review.

This inaugural award event honours the most outstanding projects and innovations of best practices amongst international companies in Malaysia.

OpenWay was commissioned by Al Rajhi Banking & Investment (Corporation) Malaysia Bhd to develop a new closed loop ATM Switching system enabling millions of Indonesians to use their Indonesian issued card in the Kingdom of Saudi Arabia with a reasonable fee and no hidden charges.

“Indonesia has the largest Muslim population in the world with approximately one million pilgrims going for Hajj & Umrah in a year and we expect the numbers to grow further over the next ten (10) years. Additionally, a growing middle class is also fueling this lucrative Hajj & Umrah market, providing valuable opportunities for Indonesia’s Hajj & Umrah players” said a representative from the bank.

Al Rajhi Banking & Investment (Corporation) Malaysia Bhd saw the need for a systematic plan and arrangement to enable Muslim pilgrims to perform their religious obligation in a cost efficient and safe manner. Al Rajhi Banking & Investment (Corporation) Malaysia Bhd had engaged OpenWay and Information Technology Services Provider, PT Mardhika Citra Prima (MCP) to develop a stress-free solution for travellers.

“The focus is on minimizing the risk of carrying physical cash during the Hajj & Umrah periods by providing a solution that brings ease of mind so that the pilgrims can do their pilgrimage peacefully. By providing the Al Rajhi Banking & Investment (Corporation) Malaysia Bhd closed loop arrangement, the transaction fees is made more competitive as well.” said Irene Yulie, Director at MCP.

The cross border transaction is routed between Al Rajhi Banking & Investment (Corporation) Malaysia Bhd and Indonesia local payment network who will be handled by way of WAY4 Switch technology solution provided by OpenWay.

WAY4 Switch is a universal payment hub software that is used globally by payment processors, National switches, and payment gateways to facilitate local and cross-border real-time payments.

“Our goal is also to help companies around the globe make payments in a simple and convenient manner. We are proud to be a part of this initiative. The WAY4 technology is designed for high-volume transaction processing and was already proven by the leading payment companies,” explained Rudy Gunawan, Director at OpenWay Asia.

The Malaysia International Business Awards, presented by Singapore Business Review, was held on 3 December 2019 at the Shangri-La Hotel in Kuala Lumpur.