The Ministry of Entrepreneur Development and Cooperatives confirms Pay Day Now is a private initiative by Ramssol and AmBank, not a government scheme.
PETALING JAYA: The Entrepreneur Development and Cooperatives Ministry (Kuskop) has clarified that Pay Day Now is a private sector initiative offered voluntarily to participating employers and eligible employees, and is not a government programme or policy.
In a statement today, the ministry said Pay Day Now only involves employers that choose to participate and eligible employees, subject to the terms and conditions set by the service provider.
“The facility is not mandatory and does not involve all employers or employees in Malaysia.
“Pay Day Now is not a policy, initiative or programme of the government or the ministry,” it said.
The ministry added that the service was developed entirely by Ramssol Group in collaboration with AmBank, while Kuskop Minister Steven Sim Chee Keong attended yesterday’s launch event by invitation as a witness to the signing of a Memorandum of Agreement between the two parties.
It advised members of the public seeking further information on the service’s implementation, eligibility criteria, participation requirements or features to contact Ramssol Group or AmBank directly.
Yesterday, AmBank and Ramssol Group launched Pay Day Now, a platform that allows employees to access part of their earned wages before their official payday.
The platform, developed through Ramssol’s indirectly wholly owned subsidiary, RAMS Fintech Sdn Bhd, enables employers to offer Earned Wage Access (EWA) facilities, allowing eligible employees to withdraw up to 25% of their salary each week before payday.
The initiative aims to provide employees with greater financial flexibility while helping businesses improve employees’ financial well-being.
Pay Day Now is designed to help workers manage short-term cash flow needs, reduce reliance on high-cost loans and encourage better financial management practices.
The solution is available to organisations of various sizes, including public sector agencies, small and medium enterprises (SMEs), corporations and public-listed companies.
Ramssol Group managing director and chief executive officer Datuk Ts. Clement Tan said Pay Day Now is Malaysia’s first solution of its kind, designed to meet the needs of the modern workforce.
He said the platform gives employees greater control over their earned income while helping employers strengthen employee engagement and retention.
