KUALA LUMPUR: ManagePay Systems Bhd (MPay) has teamed up with Contracts Rise Sdn Bhd to procure a mobile virtual network operator (MVNO) licence from the Malaysian Communications And Multimedia Commission (MCMC), and to launch its self-branded MVNO starter pack in the country.
In a filing with Bursa Malaysia, MPay said it is setting up a joint-venture (JV) company in which it will hold a 40% stake and Contracts Rise the other 60%.
Contracts Rise would secure a project of 200,000 users for the JV company, while MPay would enable each user with e-money capabilities via the MPay E-Wallet, including issuing a MasterCard virtual card number for each MPay Wallet.
MPay said this provides growth and business prospects for the company in the future.
It added that it would fund its investment in the venture through internally generated funds.