GHL obtains moneylending licences in Malaysia, Thailand

This article first appeared in The Edge Financial Daily, on August 14, 2019.
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KUALA LUMPUR: Payment systems provider GHL Systems Bhd said it had obtained operating licences from the respective regulators to commence moneylending services in both Malaysia and Thailand.

In a statement yesterday, GHL said its Malaysian unit GHL Payments Sdn Bhd had received the Money Lending Licence from the housing and local government ministry under the Moneylenders Act 1951, while its Thailand unit GHL (Thailand) Co Ltd was issued the Nano Finance Licence by the Bank of Thailand.

The licences permit moneylending services to both individuals as well as businesses, GHL said.

“This marks a significant milestone in GHL’s strategy in offering more value-added services to its small merchant base in terms of aiding the latter in their cash flow needs,” it said.

“The offering of moneylending services not only creates better transactional value for merchants, but also increases GHL’s relevancy to its customers,” GHL added, pointing to its transaction payment acquisition merchants which stand at 87,600 points in Malaysia and Thailand.

GHL chief executive officer Danny Leong said the development is timely as GHL seeks to roll out complementary services, in addition to payment solutions, for its merchant base.

“The granting of these licences by the two regulators is also recognition of GHL’s proven track record in the payments space. The expanded service offering will further strengthen our position as the leading e-payment solutions provider in the region and preferred choice by merchants. We are hopeful of securing another similar licence in the Philippines which is currently in progress,” he added.

GHL shares slipped three sen or 2.27% to close at RM1.29 yesterday, with a market capitalisation of RM966.48 million. Year to date, the stock has fallen over 18% from when it was trading at RM1.58.