MPay to provide fintech solutions for Asean Cooperative Organisation community

PETALING JAYA: Managepay Systems Bhd (MPay) will be providing fintech products and services, on a joint venture basis with MyANGKASA Holdings Sdn Bhd, for the Asean Cooperative Organization (ACO) which totals 60 million individual cooperative members.

In a filing with Bursa Malaysia, MPay said ACO formally accepted its proposal for an ACO Digital Economy EcoSystem in the development of cashless community for the entire ACO’s cooperative communities.

The proposal is subject to a formal joint venture (JV) agreement to be agreed upon and executed by between MPay's unit MPay Mobile Sdn Bhd and MyANGKASA Holdings Sdn Bhd.

MPay said the JV business will become the driving force for the group to roll out MPay complete fintech products and services to Malaysian cooperative communities as well as provide exposure and eventual export of its fintech solutions to the other nine Asean countries.

Some of the MPay fintech products and services to be adopted by ACO include private label MPay wallet, MPay co-branded MasterCard prepaid virtual card number that comes with every wallet, MPay powered lending platform, MPay pro card and mobile payment acceptance system for the ACO business communities, MPay co-branded mobile SIM pack and BuyMalaysia.com powered marketplace for ACO.

The proposal is expected to contribute to the company’s revenue and bottom line for year 2018.

MPay’s share price closed unchanged at 20 sen with a total of 2.10 million shares traded.