Fintech start-up to push for lower cheque processing fee at global summit

Rajasuriya Letchumanan with Communications and Multimedia Minister Gobind Singh Deo at the launch of Paymatic Solution on Jan 29. (Bernama pic)

PETALING JAYA: Fintech start-up Paymatic (M) Sdn Bhd has been selected as one of the companies to represent Malaysia at a global tech summit in Thailand where it hopes to promote a solution that would drastically reduce the cost of processing cheques.

The programme, known as Paymatic Solution, is expected to reduce the cheque processing cost from RM4 currently to an estimated RM0.50.

According to Bank Negara Malaysia, the cheque processing cost is likely to increase to about RM6.80 by 2020.

Paymatic Solution will be one of the start-up entries at the Techsauce Global Summit 2019, to be held in Bangkok from June 19 to 20.

Techsauce is the largest global tech conference in Southeast Asia.

The two start-ups with the most likes and shares on Facebook will automatically move to the semifinal stage as crowd favourites.

“Both the UK and the US have been at the forefront of deploying cheque depositing solutions via mobile, but Paymatic has taken this innovation a step further by providing end-to-end hybrid business e-payment solutions,” Paymatic managing director Rajasuriya Letchumanan told FMT.

Paymatic Solution is also expected to accelerate the adoption rate among SMEs and enable cheques to be processed in almost real time in a secure environment via the SME internet banking platform.

This, in turn, will lead to a reduction in cost of doing business for SMEs.