MyEG forms JVC in the Philippines

PETALING JAYA: My E.G. Services Bhd (MyEG) has entered into a joint venture agreement with I-Pay Commerce Ventures, Inc (IPCVI) for the development and implementation of electronic government services projects in the Philippines and the provision of other electronic government related services including electronic payment services in the country.
A joint venture company (JVC) will establish its office in Metro Manila.
IPCVI is a payment processing provider and a direct agent of Western Union in the Philippines. It is backed by renowned investors such as leading technology and retail conglomerate IP Ventures Inc, Kaikaku Fund (Softbank affiliated fund), JJ Atencio and Derrick Chiongbian.
“The JVC will enable MyEG to expand its geographical presence in the Asean region and open new frontier where MyEG will be able to offer its expertise to operate government services and government related services through the internet. Furthermore, MyEG will be able to continue to grow its business organically and continue with its expansion plans to offer its services to new market,” MyEG said.
MYEG will have a 40% share in the initial capitalisation of the JVC and will invest up to US$2 million (RM8.9 million) in three tranches subject to the JVC meeting certain targets.