Kuala Lumpur: 7-Eleven Malaysia Holdings Bhd is set to see more customers this year following a strategic move by Japan-based Seven Bank Ltd to install 100 cash recycling machines (CRMs) in 7-Eleven stores this year.
Executive director and co-CEO Tan Yu-ming said that as Malaysia continues to adopt digital payment methods, demand for physical cash remains significant, especially in non-urban areas and among certain demographics.
He said factors such as financial inclusion, reliability and accessibility contribute to the enduring relevance of cash in Malaysia’s payments landscape.
“Cash is playing a vital role in the economy and social structure, serving as a universal and trusted form of payment. We are proud and confident of our joint venture with Seven Bank, which aims to enhance convenience and expand access to financial services.
“This initiative is designed to benefit not only our 7-Eleven customers but also Malaysians across the country,” he said at the launch of Seven Bank’s Automated Teller Machines (ATMs) across Malaysia today. “Meets the growing needs of consumers while supporting the financial ecosystem.”
Seven Bank, the banking business of 7-Eleven Group, installed its first CRM in Rawang, Selangor earlier this month. The bank plans to deploy an initial 100 CRMs in 7-Eleven stores in Kuala Lumpur, Selangor, Penang and Johor. There are plans to expand to Sabah and Sarawak in 2026.
The initiative focuses on suburban areas, aiming to provide greater access to banking services for residents with limited options.
Seven Bank holds a majority stake of 50.1% in the joint venture company Reachful Malaysia Sdn Bhd (RMSB). Meanwhile, 7-Eleven Services Sdn Bhd holds 24.9%, HQZ Credit, a subsidiary of Berjaya Corporation Bhd, holds 20% and Bursa Malaysia-listed SMRT Holdings Bhd holds the remaining 5%.
According to a presentation by RMSB, Malaysia’s strong market dynamism makes it an attractive destination for innovative financial solutions. The country presents a strong economic base with a growing population of 34.1 million and a GDP growth rate of 5.3% by the third quarter of 2024.
Additionally, high currency circulation, widespread presence of 7-Eleven stores and increasing reliance on ATMs highlight the growing cashless trend as well as the continued relevance of cash transactions.
Furthermore, RMSB data showed that with approximately 2,600 stores nationwide, 7-Eleven Malaysia plays a key role in increasing financial access.
The expansion strategy includes advanced CRM installation, offering expanded services such as cardless transactions, branding partnerships with banks and a rewards program associated with 7-Eleven.
RMSB noted that by integrating retail and financial services, the initiative positions itself as a critical infrastructure supporting Malaysia’s evolving payments landscape.
“We have established a new brand name, Reachful, as part of a strong debut in Malaysia and the continued growth of our overseas business,” said Masaaki Matsuhashi, President and Representative Director of Seven Bank.
“By collaborating with our partner companies to deploy ATM services in 7-Eleven stores in Malaysia, we hope to enrich the lives of Malaysians and contribute to further social development and economic growth,” he said.
Wong Wai Keong, Executive Director and Co-Chief Executive Officer of SEM, stressed the importance of leveraging data and customer interactions to gain valuable insights in terms of financial access.
He said the company should deepen its understanding through active engagement and meaningful exchanges with its customers.
“Over time, we will need to identify the best sites to be able to deploy the next batches of CRM. So perhaps we have to give priority to those places where more resources are needed. So I guess it’s in the works.
“I think, we have plans being worked on. I think we’ll share more when the time comes. However, there are plans to easily deploy these in stores up to Sabah and Sarawak,” he said.
Wong said the idea behind operating convenience stores is to improve the customer experience by providing a variety of services, including shopping and financial services, in one place that is accessible even at midnight.
The aim of this approach, he said, is to significantly increase foot traffic, which, while beneficial, will also put additional pressure on stores.
