This article first appeared in The Edge Financial Daily on July 26, 2018

KUALA LUMPUR: Cuscapi Bhd has set up a wholly-owned subsidiary with the intention to operate a cryptocurrency exchange in the Philippines, upon obtaining a licence from the Cagayan Economic Zone Authority.

In a filing with Bursa Malaysia yesterday, Cuscapi said its subsidiary Cuscapi Blockchain Sdn Bhd will also conduct other information technology-related businesses.

Cuscapi is primarily involved in the provision of restaurant management solutions. According to its website, its Malaysian clients include prominent food chains such as A&W, Chili’s, Kentucky Fried Chicken, Pizza Hut and Nando’s.

The company has seen some boardroom changes of late. Datuk Jayakumar Paneer Selvam, who is the managing director of MyEG Integrated Networks Sdn Bhd, was appointed chairman of Cuscapi last month after Datuk Mohd Jimmy Wong Abdullah resigned due to a personal matter.

Jayakumar emerged as a substantial shareholder of Cuscapi in March, acquiring a 26.1% stake in the company via his interests in Ultimate Quality Success Sdn Bhd, Rose Vision Sdn Bhd and Rosetta Partners Sdn Bhd.

Mohd Jimmy resigned after two months into the role. He sits on the board of MyEG Services Bhd as an independent non-executive director.

Cuscapi shares closed up 2.5 sen or 8.3% at 32.5 sen yesterday, with a market capitalisation of RM279 million.