MYEG explores payment processing in the Philippines

PETALING JAYA: MY E.G. Services Bhd (MYEG) is looking to register its associate company I-Pay MYEG Philippines Inc as a financial technology solutions business enterprise license applicant in the Cagayan Special Economic Zone and Freeport.
In a filing with Bursa Malaysia today, MYEG said I-Pay MYEG has entered into a memorandum of understanding (MOU) with Cagayan Economic Zone Authority (CEZA) for this purpose.
Under the MOU, I-Pay MYEG and CEZA will evaluate the terms and conditions to register the former as a financial technology solutions business enterprise license applicant to act as a payment processor and payment gateway business enterprise for offshore transactions within the zone.
The parties will examine the feasibility of the undertaking until such time an approval is to be granted by CEZA.
The approval is conditional upon I-Pay MYEG’s business operations complying with the provisions of the CEZA Financial Technology Solutions and Offshore Virtual Currency Business rules and regulations of 2018.
The MOU is valid until an approval is granted by CEZA and/or a definitive agreement is entered into by the parties.
MYEG’s share price rose 2.04% or 2 sen to close at RM1 with a total of 40.90 million shares traded, making it one of the top active stocks.