Pertama Digital Bhd, in collaboration with Pos Malaysia Berhad, has officially launched the Kocek coin conversion service held at General Post Office, Pos Malaysia Headquarters Kuala Lumpur on October 17, 2023.
The partnership will enable Kocek to offer its innovative coin conversion services at Pos Malaysia branches nationwide.
Previously known as MyPay Coin Conversion, Kocek offers a seamless solution for individuals to convert their unused coins into digital cash value in their bank accounts.
Datuk Seri Ahmad Maslan, the Deputy Minister of Finance 1 stated during the launch event: “This collaboration represents a significant milestone in revolutionising coin conversion as part of improving the currency circulation and providing convenience to the rakyat.”
Pertama Digital chairman Datuk Ahmad Nazri Abdullah said they are delighted to make its 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,” he said.
Also present at the event were Bank Negara Malaysia (BNM) assistant governor Abd. Rahman Abu Bakar, Pos Malaysia chairman Tan Sri Syed Faisal Albar Syed A.R. Albar and group chief executive officer Charles Brewer.
The Kocek service is currently available at four Pos Malaysia branches in the Klang Valley, and is expected to expand to about 30 branches by the end of 2023, and will be proliferated to other states in stages in 2024, with plans to launch 100 locations.
Meanwhile, Pos Malaysia Berhad group chief executive officer Charles Brewer said the introduction of Kocek at Pos Malaysia branches is a true testament to its pledge to offer seamless solutions for the everyday needs of the community.
“Kocek represents more than mere convenience and embodies Pos Malaysia’s values of constantly driving innovation and delighting our customers,” he said.
The 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 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 public 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.
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.
Through the 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.
