ManagePay to procure MVNO licence from MCMC

PETALING JAYA: ManagePay Systems Bhd (MPay) plans to procure mobile virtue network operator (MVNO) licence from the Malaysian Communications and Multimedia Commission (MCMC).
Following that, it will launch and promote self-branded MVNO Starter Pack to all Malaysian and foreigners in Malaysia.
The group told Bursa Malaysia that it had entered into a joint venture (JV) agreement with Contracts Rise Sdn Bhd (CRSB) for the plan.
CRSB will secure a project of 200,000 users for the JV company, while MPay will empower each user with e-Money capabilities via MPay E-Wallet, including but not limited to issuing a MasterCard virtual card number in each MPay Wallet.
"This provides growth and business prospects for MPay in the future," said MPay.
MPay will fund its investment in the JV company through its internally generated funds. MPay and CRSB will own 40% and 60% stake in the JV company respectively.
Barring any unforeseen circumstances, the proposed JV is expected to be completed within the first five years from the date of the JV agreement.
At 4.10pm, MPay shares rose half a sen to 26 sen on some 15.09 million shares done, giving it a market capitalisation of RM184.72 million.