ManagePay secures conditional nod for money-lending permit

PETALING JAYA: ManagePay Systems Bhd’s wholly owned subsidiary ManagePay Services Sdn Bhd (MPSB), had on May 24, received a conditional approval for a money lending licence from the Ministry of Urban Wellbeing, Housing and Local Government.

It said in a filing with Bursa Malaysia, that it has received an approval letter dated May 12, from the ministry’s Moneylenders and Pawnbrokers Division to operate as money lender under the Moneylenders Act 1951 [Act 400] subject to the company’s fulfilment of the conditions within six months from the date of the letter.

“The Conditional Approval allows MPSB to seek further approval from various authorities to roll out payment card based credit product such as the issuing of MPay MasterCard credit card for small and medium-sized enterprises (SMEs) and individuals, over and above the MPay’s Quickash Peer-to-Peer financing platform, which also targets under-served SMEs segment but not individuals, and is scheduled to be launched soon,” it said in a Bursa Malaysia announcement.

The conditional approval will not have any effect on the group’s earnings for the financial year ending Dec 31, 2017, it added.