Business

Wednesday March 18, 2009

New solution to help T-Melmax capture 5% of SME market


KUALA LUMPUR: T-Melmax Sdn Bhd wants its latest e-payment product, the MaxPaygate Link Microsoft Excel (MXL), to capture 5% of the small and medium enterprises (SMEs) market. There are about 500,000 SMEs in the country.

“Most SMEs are familiar with Microsoft Windows and Excel, so developing an e-payment solution makes a lot of business sense to our customers,” chief executive officer Abdul Mushir Che Chik told reporters at the launch of the product yesterday.

“Due to the hassle-free and cost-saving features of the solution, customer volume is expected to grow,” he said

MXL comes in the form of a plug-in and runs on Microsoft Excel 2007. The software enables companies to make payments to staff and suppliers via the Internet.

The MXL software was jointly developed by the company and Microsoft, with T-Melmax investing RM1mil in its development, according to Mushir.

“SMEs will be able to download the plug-in from our website for free. The usage fee is RM99 for annual subscription and RM1 per transaction,” Mushir said, adding that he expected the product to result in a 30% cost reduction for SMEs.

The company will be expanding to regional markets like Thailand, Singapore and Bangladesh in the second half of this year. “We are planning to venture into China and the Middle East in the future as well,” Mushir said.

T-Melmax is an investee company of Malaysia Venture Capital Management Bhd. Its core business is providing online payment services as well as bulk payment and collection solutions.

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