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MNC Kapital and Bank Rakyat Partnering to Enhance Banking Transaction Services for Indonesian Migrant Workers

21 October 2023

Jakarta, October 21, 2023 – Today, PT MNC Kapital Indonesia Tbk (IDX: BCAP) and Bank Kerjasama Rakyat Malaysia Berhad (Bank Rakyat) have agreed on a significant collaboration to provide Islamic financing facilities as well as banking and remittance services to Indonesian Migrant Workers (IMW) in Malaysia.

The Memorandum of Understanding was signed by the President Director of PT MNC Kapital Indonesia Tbk, Yudi Hamka and Chief Executive Officer of Bank Rakyat, Dato’ Dr. Mohammad Hanis Osman, witnessed by Minister of Entrepreneur Development and Cooperatives of Malaysia, Datuk Ewon Benedick; Minister of Cooperatives and SMEs of the Republic of Indonesia, Drs. Teten Masduki; Acting Chairman of Bank Rakyat, Datuk Mohd Irwan Mohd Mubarak together with Executive Chairman of MNC Group, Hary Tanoesoedibjo; in the presence of Ambassador of Malaysia to the Republic of Indonesia, His Excellency Dato’ Syed Mohamad Hasrin Tengku Hussin.

This collaboration establishes banking and remittance services for IMW to obtain sharia financing before going abroad, as capital for administration procedures before departure, and to provide funds for the family back at home country. Bank Rakyat will act as a banking services partner for IMW in Malaysia to perform automatic deduction from the salaries received while working in Malaysia, directly to MotionBank accounts, the digital banking application owned by MNC Kapital.