Ancom partners MPay to promote e-payment service

PETALING JAYA: Ancom Bhd is partnering with ManagePay Systems Bhd (MPay) to set up a joint venture (JV) company to acquire cross border electronic payment services in Malaysia for the promotion of the Malaysian tourism industry to Chinese tourists.
Ancom and MPay are expressing their intention to collaborate for the set-up of a JV company for the proposal of leveraging on MPay’s subsidiaries’ capabilities to operate electronic payment system and merchant aggregator business consented by various authorities, which is capable of providing merchant acquisition services nationwide, deploy quick response (QR) code scanner or two-in-one smart point-of-sales (POS) terminal, and provide support services to merchants.
MPay, as a merchant aggregator, also possesses the necessary electronic commerce market place development technology and capability to power a business-to-business-to-consumer (B2B2C) travel portal for the Malaysian travel and entertainment industry, inclusive but not limited to travel related products and services or tour packages targeting all tourists, in particular Chinese tourists from China.
“The proposal will enable the company to expand its earning base and diversify into new business,” Ancom said in a stock exchange filing yesterday.
Upon signing the term sheet, the parties will proceed to define and agree on the detailed program mechanics, implementation work plan and incorporating technology implementation phase. Next it will finalise and sign the contractual JV agreement for the proposal, followed by deploying resources and commence implementation to launch services within a timeframe to be agreed upon.
In the event that both parties do not execute a JV agreement by the expiry of the initial term or extended term, this term sheet will lapse.