Bank Rakyat first to deploy Neurogine n2Tap

Kuala Lumpur, Malaysia, July 7, 2025 - Neurogine Sdn Bhd, a Malaysian innovator in financial payment solutions, announces its flagship product, Neurogine n2Tap, has been adopted by Bank Kerjasama Rakyat Malaysia Berhad as part of the Bank's i-MerchantRAKYAT initiative. This strategic partnership aims to revolutionise the way Micro, Small and Medium-sized Enterprises (MSMEs) in Malaysia conduct business by enabling them to accept cashless and contactless payments using smartphones.

According Neurogine Chief Executive Officer Owen Chen Chee Onn, "We are thrilled to collaborate with Bank Rakyat, the first in Malaysia to leverage Neurogine n2Tap. By empowering MSMEs with the power of mobile cashless and contactless payments, we are contributing towards accelerating the digital transformation of Malaysia's economy and fostering financial inclusion."

Chen said Neurogine n2Tap, especially with its Near Field Communication (NFC) features, would enable Bank Rakyat expand their position as the preferred financial institution to focus and serve the 1.101 million micro merchants in the country, assisting them to transition into larger enterprises.

"The two-phase project with Bank Rakyat saw the successful integration of Neurogine n2Tap as part of i-MerchantRAKYAT app, enabling DuitNow QR system which was rolled out as Phase One in 2023. We have expanded features and capabilities in Phase Two to include NFC capabilities. This means MSMEs supported by Bank Rakyat with the i-MerchantRAKYAT app can accept cashless and contactless NFC payments from cardholders of the bank's MasterCard and MyDebit."

"Bank Rakyat is committed to support MSMEs in their journey towards digitalisation," said Bank Rakyat Chief Executive Officer Ahmad Shahril Mohd Shariff. "By integrating Neurogine n2Tap and its features into our platform, we are providing MSMEs with a convenient and cost-effective solution to accept digital payments and boost their competitiveness by reaching a wider customer base," he said, adding Phase Two was completed late in 2024.

Ahmad Shahril added, "This emphasis is reflected in our unwavering support for MSMEs. For instance, we have disbursed micro financing totaling more than RM100 million to help 3,988 entrepreneurs and MSMEs in 2023 and 2024 to expand their business." He said i-MerchantRAKYAT app is part of Bank Rakyat's broader strategy to support MSMEs by enabling them to effortlessly accept payments using the convenient DuitNow QR system and NFC, while seamlessly track sales and efficiently managing outlets and cashiers.

Integrating Neurogine n2Tap as part of i-MerchantRAKYAT app transforms NFC-enabled smartphones into versatile payment terminals, eliminating the need for bulky traditional Point-Of-Sale (POS) devices. By leveraging this technology, MSMEs can easily accept cashless and contactless payments from various sources like credit cards, debit cards, and mobile wallets. This seamless integration empowers businesses to expand their customer base, enhance operational efficiency, and ultimately drive growth. Neurogine n2Tap is the first Malaysian mobile payment technology with two mobile payment security standard certifications from Payment Card Industry Security Standards Council (PCI SSC) which is PCI Mobile Payments on Commercial Off-The-Shelf (COTS) or PCI MPoC Software and PCI MPoC Solution.

"PCI SSC's recognition and our achievement in passing their stringent tests is a significant milestone for both Malaysia and us," said Chen, adding this certification validates the superior quality and reliability of Neurogine n2Tap, a home grown Malaysian innovation. It also reflects Neurogine's commitment to deliver a secure, interoperable and globally recognised mobile payment experience. Neurogine is also approved by Payments Network Malaysia Sdn Bhd or Paynet, to operate and provide contactless device type. Paynet is the operator of Malaysia's national payments network and shared central infrastructure for Malaysia's financial markets.

The collaborative partnership between Bank Rakyat and Neurogine marks a significant milestone in the adoption of innovative payment technologies in Malaysia. By simplifying the payment process across board, reducing reliance on the traditional infrastructure and eliminating the need for bulky physical terminals with Neurogine n2Tap, Bank Rakyat has leapfrogged its position as a financial hub supporting MSMEs to thrive in the digital age.

Press Contacts:
Bank Kerjasama Rakyat Malaysia Berhad
Menara Kembar Bank Rakyat,
33 Jalan Rakyat, 50470, Kuala Lumpur, Malaysia
Email: Noor Hafizah binti Mohd Mazni (noor.hafizah@bankrakyat.com.my/ +601300805454)

Neurogine Sdn Bhd
3rd Floor, Block C, Sunway Nexis Business Suites,
1 Jalan PJU 5/1, Kota Damansara,
47810 Petaling Jaya, Selangor, Malaysia
Email: Chooi Yew Tzen (dan.chooi@neurogine.com/ +60320274781)

About Neurogine Sdn Bhd
Neurogine Sdn Bhd is a leading financial technology company in Asia Pacific, developing innovative solutions for payment systems, financial market infrastructures (FMIs), digital financial services (DFS) and end-to-end complete Decentralized Finance (DeFi) platform with tokenisation. We are passionate about driving financial inclusion, economic development, and a thriving digital economy across the region. Our Mission is to expand financial inclusion, empowering individuals and businesses to access essential financial services; foster economic development with our solutions to enable efficient and secure financial transactions, fuel regional growth; enable the digital economy by providing the technology backbone for a cashless, interconnected future; and support financial stability by promoting robust and reliable financial systems for the benefit of all. We collaborate with banks, financial institutions, and government bodies throughout Asia Pacific. Together, we build safe, reliable, and efficient domestic and cross-border payment systems, underpinned by sound FMIs.

This release was published on openPR.