ManagePay aims to launch money-lending business in April

PETALING JAYA: ManagePay Systems Bhd (MPay) is targeting to launch its money-lending business in April after receiving approval from the government.
The group told Bursa Malaysia today that its wholly owned subsidiary ManagePay Resources Sdn Bhd (MRSB) had on Jan 19 received a letter of approval (LoA) dated Jan 17 from the Moneylenders and Pawnbrokers Division of the Ministry of Urban Wellbeing, Housing and Local Government.
MPay said with the receipt of the LoA and after six months of preparation for fulfilling the requirements as specified in the conditional approval letter issued by the ministry, the group is now able to start the money-lending business targeting both individuals and businesses, over and above MPay’s Quickash Peer-to-Peer (P2P) financing platform, which was launched in September 2017.
“With these new added lending capabilities, which MPay targets to launch in April 2018, it will contribute to both revenue and bottom line of the company in year 2018.”
MPay’s share price jumped 11.9% to close at 23.5 sen today on some 7.8 million shares done.