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Instapay Technologies and Reachful Malaysia Sign MOU to Explore Strategic Collaboration on Cash Recycling Machine Services

Kuala Lumpur, July 2026 – Instapay Technologies Sdn. Bhd. (“Instapay”) and Reachful Malaysia Sdn. Bhd (“Reachful”), have signed a Memorandum of Understanding (“MOU”) to explore a strategic collaboration aimed at expanding convenient cash-in and cash-out access for Instapay e-wallet customers through Reachful’s Cash Recycling Machine (“CRM”) network in Malaysia.

Under the MOU, the parties will work together to enable Instapay customers to:

  • Deposit cash into their Instapay wallets through Reachful’s CRM network;
  • Perform cardless cash withdrawals from their Instapay wallets through Reachful’s CRM network; and
  • Explore the opportunity for the CRMs to act as a physical access point for other financial transactions designed to improve everyday convenience.

This collaboration reflects a shared interest in strengthening financial access by combining Instapay’s digital payment capabilities with Reachful’s growing self-service cash infrastructure.

“We are pleased to enter into this MOU with Reachful, as the ability to connect digital wallet services with physical cash access points creates very significant value for our users,” said Rajnish Kumar, Co-founder and CEO of Instapay Technologies. “The ability to convert cash to digit payments remains vital for financial inclusion, serving unbanked, rural, and lower-income populations who lack access to digital infrastructure. The vast footprint of Reachful CRMs, in easy to access locations will make it easier for our customers to load their Instapay digital wallet, thus accelerating the adoption of digital payments.”

Jin Sudo, CEO of Reachful Malaysia said “This MOU reflects our intention to explore ways to make cash access more accessible through non-traditional ATM transactions, for consumers in Malaysia. By combining Reachful’s CRM network with Instapay’s wallet ecosystem, we see strong potential to enhance convenience and support broader financial accessibility.”

A commemorative ceremony was held for the signing of the MOU.  The signing ceremony was graced by the attendance of Masaaki Matsuhashi, President and Representative Director of Seven Bank Ltd., the Japanese parent company of Reachful Malaysia.

About Reachful Malaysia Sdn. Bhd.
Reachful Malaysia Sdn. Bhd. is a joint venture company established by Seven Bank, Ltd., 7-Eleven Services Sdn. Bhd., HQZ Credit Sdn. Bhd., and SMRT Holdings Berhad. Since commencing operations in January 2025, Reachful has been dedicated to delivering a secure, reliable, and accessible banking experience through the deployment and expansion of its Cash Recycling Machine network that provide both cash deposits and withdrawals in one user-friendly unit.  By leveraging strategic partnerships across the financial, retail, and IT sectors, Reachful is committed to enhancing customer convenience through innovative service offerings, while striving to establish itself as a critical financial infrastructure provider in Malaysia.For more information check out the website https://reachful-my.com/

About Instapay Technologies
Instapay is a BNM licensed pure digital payment platform which reduces the cost of transactions and improves accessibility to formal payment channels of the underbanked segments in Malaysia.

Instapay Technologies, started its market operations in Malaysia in 2019 as a banking alternative for low-income workers, providing e-wallet and Mastercard to unbanked migrant workers as a Payroll Solution. Founded with a vision to provide financial inclusion to the underserved customer segments, Instapay has grown rapidly and today services hundreds of corporates for payroll accounts for their migrant workers. It enables corporates to pay salary digitally to their workers’ Instapay e-wallet. Instapay has seen rapid customer adoption in its target segment and continues to be amongst the highest rated e-wallet apps in Malaysia.

Instapay e-wallet enables workers to do digital cross border remittance, DuitNow payments and transfers, bill payments, mobile top-ups etc. Instapay Mastercard is accepted globally at millions of Mastercard merchants and can be used for purchases as well as for ATM cash withdrawals. Instapay is one of the leading digital remittance platforms in Southeast Asia and the largest pre-paid Mastercard issuer in Malaysia.For more information check out the website https://www.instapaytech.com/

Reachful Malaysia Communications Contact
Ravi Krishnan Kandasamy , +60165615024
ravi@atmi-my.com

Instapay Technologies Communications Contact
Sujata Dutta, +60114201471
sujata@instapaytech.com

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Department : Corporate Sales Manager
Location : Penang Area Only

Responsibilities
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workers.
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