[Press Conference] KA$HPLUS Product Launch And Partnership Signing Ceremony! Introduces Co-Branded Prepaid card with IOUPAY !

[Press Conference] KA$HPLUS Product Launch And Partnership Signing Ceremony! Introduces Co-Branded Prepaid card with IOUPAY !

 

Kuala Lumpur, July 2022 - In an effort to modernise payment methods in Malaysia and lower the danger of coming into contact with possible scammers, Virtualflex Sdn Bhd ("Virtualflex") has released its e-wallet platform and prepaid card, KA$Hplus. In conjunction with their introduction, Virtualflex also disclosed a strategic alliance with the fintech firm IOU Pay (Asia) Sdn Bhd ("IOUpay") to create a co-branded prepaid card called the myIOU KA$Hplus Card for myIOU users in Malaysia.

 

Consumers have grown accustomed to utilising their mobile devices for online transactions, purchases, and banking during the previous ten years. To stop the spread of the coronavirus, the Covid-19 pandemic has, nevertheless, greatly increased interest in cashless and contactless payment methods during the past two years. It is inevitable that e-wallet systems will be widely used, and in many respects, this protects users from scammers.

 

A growing number of banking-related scam cases have been reported in Malaysia, wiping out savings from multiple accounts. With their prepaid card solution, KA$Hplus helps combat these problems by removing the possibility that a customer's banking account information will be revealed when making purchases.

 

Credit and debit card details are likewise protected by KA$Hplus since they are never fully displayed within the e-wallet application. Additionally, the prepaid cards provided by the KA$Hplus e-wallet service don't display any card numbers or Card Verification Values (CVV), significantly lowering the risks assumed by users of their platform. With the introduction of KA$Hplus in Malaysia, the company wants to inform customers on how to protect themselves against e-wallet scams by holding awareness campaigns in the Klang Valley in the upcoming months.

 

A three-year exclusive contract between Virtualflex and IOUpay for the two-stage launch of the myIOU KA$Hplus Card was made public during the press conference. MyIOU's existing Buy Now Pay Later (BNPL) customers will receive KA$Hplus cards in the first stage, and the BNPL service will be integrated into the app in the second. Through the integration of BNPL capabilities with the myIOU KA$Hplus prepaid card, this cooperation aims to give users greater freedom when it comes to payment methods.

 

Every KA$Hplus card, including the myIOU KA$Hplus Card, is a reloadable prepaid debit card that supports Visa payment features, enabling users to make purchases anywhere that accepts Visa cards. “The collaboration with Virtualflex to launch the myIOU KA$Hplus Card provides the market with an innovative fintech product and reinforces both companies’ goals in digital payment solutions.” said Ms. Gwen Khor, Head of Marketing at IOUpay.

 

The Perbadanan Perwira Harta Malaysia (PPHM) and KA$Hplus have also teamed up to encourage businesses to use cashless payments as their primary method for daily transactions in an effort to make Malaysia a tech-forward country.

 

The "Ka$Hplus Cashless Campus Program 2022" gives a total of 100 institutions access to free Visa prepaid cards and a portal to manage their accounts in a micro application within the KA$Hplus app itself, at a reasonable price. In addition, the company has made efforts to integrate fully cashless environments within our community, starting with schools, colleges, and universities. By doing this, KA$Hplus hopes to make cashless transactions a part of everyday life and equip Malaysia's next generation to cope with impending technology breakthroughs.

 

"We are committed to contributing and improving the wellbeing of communities with our fintech solutions that offer maximum security, transparency, convenience, and usability. Whether we like it or not, the world is moving toward digital and cashless payments; by launching KA$Hplus and myIOU KA$Hplus Card, we hope to make a massive impact in Malaysia by protecting the consumers against fraudulent activities, at the same time, bringing our country forward as an exemplary nation for modernized fintech implementations.” said Mr. Heng Wa Seng, Chief Executive Officer of Virtualflex Sdn Bhd.

 

A number of VIPs were present to grace the event, these would include - YBhg Dato’ Sri Steven Eng, Advisor of Malaysia Digital Chamber of Commerce; YBhg Datuk Hj Mohd Kamal bin Shukor, Senior Manager of Perbadanan Perwira Harta Malaysia (PPHM); Mr. Ken Phua, Deputy President of Malaysia Retail Chain Association (MRCA); Ms. Carol Fung, Senior Manager of Malaysia Digital Economy Corporation (MDEC); Mr. Kenneth Kuan, Chief Financial Officer of IOUpay; Mr. Wayne Wong, Chief Credit Control Officer of IOUpay; Mr. Lau Teck Huat, Chief Technical Officer of IOUpay; Mr. Yeap Yong Wei, Regional Commercial Officer of IOUpay; along with Key Opinion Leaders (KOLs) – Beatrice Chong, Putera Ameer, and Chuojashni Subramaniam.

 

For the first 100 sign-ups each day from July 14 through July 16, 2022, KA$Hplus will give away RM30 in free credits as part of Virtualflex's participation in the Malaysia International Retail and Franchise Exhibition (MIRF) 2022. The KA$Hplus app is currently accessible through the Apple App Store and Google Play Store. For more information, visit https://main.kashplus.my/.

 

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