Introduction of Coin Conversion service throughout Pos Malaysia branches nationwide
KUALA LUMPUR, 17 OCTOBER 2023 – Pertama Digital Berhad (“Pertama Digital” or “the Company”) announced today the launch of the KOCEK Coin Conversion Service (KOCEK). The Company is expanding KOCEK services in collaboration with Pos Malaysia Berhad (“Pos Malaysia”). This strategic partnership enables KOCEK to offer its innovative coin conversion services at Pos Malaysia branches throughout Malaysia. Currently available at four locations in the Klang Valley, the service is expected to expand to about 30 branches by the end of 2023. The KOCEK services will be proliferated to other states in stages in 2024, with plans to launch 100 locations.
The launch event, graced by YB Datuk Seri Ahmad Maslan, Deputy Minister of Finance 1 who delivered the speech by YAB Dato’ Seri Anwar Bin Ibrahim, Prime Minister of Malaysia, and Encik Abd. Rahman Bin Abu Bakar, Assistant Governor of Bank Negara Malaysia, signifies the significance of this collaboration in revolutionising coin conversion as part of improving the currency circulation and providing convenience to the Rakyat. Representing Pos Malaysia was its Chairman, Y.Bhg. Tan Sri Syed Faisal Albar Syed A.R. Albar and Group Chief Executive Officer, Mr. Charles Brewer.
The innovative KOCEK services was initiated by Pertama Digital to invigorate the recirculation of unused coins among Malaysians. Annually, a significant amount of coins issued by Bank Negara Malaysia (BNM) are not returned for re-circulation, with the estimate of up to 30% or more than 200 million pieces of coins issued every year ends up being kept unused at home, in jars and drawers, as “dead coins”. KOCEK provides an easy access and fast service to help the Rakyat to convert their collection of unused coins into digital cash value, transferred to their bank accounts. This will in return, reduce the need to mint and distribute new coins and help lower the cost of issuing currency for the central bank.
KOCEK, previously known as MyPay Coin Conversion, offers a seamless solution for individuals to exchange their unused coins into digital cash value in their bank accounts. Additionally, merchants and traders can purchase coins for their business needs, addressing the pain-points of both consumers and businesses and enhancing their spending powers.
Chairman of Pertama Digital, Y.Bhg. Datuk Ahmad Nazri Abdullah, expressed his pride in the collaboration with Pos Malaysia, stating, “We are delighted to make our KOCEK product and service easily available to the Rakyat through Pos Malaysia’s extensive network. With their presence in major towns and rural areas, KOCEK can reach more people rapidly and efficiently. In today’s economic environment, every sen counts, and KOCEK aims to generate additional income for everyone.”
Charles Brewer, Group Chief Executive Officer of Pos Malaysia Berhad, added, “We are delighted to join hands with KOCEK. Designed with paramount convenience in mind, KOCEK harmonises seamlessly with Pos Malaysia’s ethos – we are passionate about building trust to connect lives and businesses for a better tomorrow. The introduction of KOCEK service at Pos Malaysia branches is a true testament to our pledge to offer seamless solutions for the everyday needs of our community. KOCEK represents more than mere convenience—it embodies Pos Malaysia’s values of constantly driving innovation and delighting our customers.”
Through this partnership, Pertama Digital will have access to Pos Malaysia branches nationwide, providing KOCEK coin conversion service (KOCEK IN) and coin purchase convenience (KOCEK OUT) for businesses and traders. The KOCEK service is available through the Company’s MyPay application, which enables seamless communication with selected government agencies. Pertama Digital plans to roll out the KOCEK service aggressively across Malaysia in the near future.
“We are grateful to Pos Malaysia for this collaboration, and we believe it will be a win-win
situation for all stakeholders involved. Our ultimate goal is to digitise and reach as many people as possible, and Pos Malaysia branches perfectly complement our efforts. With KOCEK, individuals can effortlessly convert their spare coins into enhanced spending power,” concluded Datuk Ahmad Nazri.
KOCEK is currently operational at three major locations in the Klang Valley, including Subang Parade, Berjaya Times Square and NSK Trade City in Kuchai Lama, in addition to four Pos Malaysia branches, namely Pejabat Pos Besar Kuala Lumpur, Pejabat Pos Besar Shah Alam, Pejabat Pos Kajang 2020 and Pejabat Pos Bandar Baru Bangi.
