KUALA LUMPUR: CIMB Bank Bhd has partnered with Payments Network Malaysia Sdn Bhd (PayNet) to launch a payment terminal equipped with automated e-invoice capabilities.
According to a joint statement, the initiative aims to streamline invoicing processes and support seamless compliance with the Inland Revenue Board's (IRB) e-invoice mandate, targeting businesses, including small and medium enterprises (SMEs).
The service is currently in pilot testing with selected merchants, with a full rollout planned by the second quarter of 2025 (2Q25).
The terminal simplifies the invoicing process by automating the generation and instant delivery of e-invoices to customers, significantly reducing administrative tasks and minimising manual errors. Fully integrated with CIMB's payment terminals, the solution enhances operational efficiency while improving the customer experience.
Effendy Shahul Hamid, CIMB Group chief executive officer of consumer and digital banking, acknowledged the challenges businesses face in implementing e-invoicing due to the complexity of current accounting systems and compliance requirements.
"To assist our customers, we are pleased to work with PayNet to introduce the first payment terminal with e-invoice capability, driving CIMB's ongoing commitment to integrating digital innovations into unique propositions for our customers.
"This innovative solution is designed to simplify compliance processes for businesses while enhancing customer experience.
"The terminal reflects our dedication to delivering practical and future-ready solutions that support both businesses and customers in a rapidly evolving business landscape," he added.
PayNet senior director of the commercial division Azrul Fakhzan Mainor stated that automating e-invoice generation at the point of sale streamlines operations, minimises errors, lowers costs, and provides customers with instant access to their e-invoices, improving the overall transaction experience.
"It also addresses SMEs' needs and requirements as they scale up their businesses," Azrul said.
The terminal also includes a built-in Point-of-Sale (POS) system, which can function independently or integrate with existing setups via an API, enabling merchants to generate itemized bills for greater transparency.