ManagePay in active trade after UnionPay announcement

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KUALA LUMPUR (Apr 22): Electronic payment service provider ManagePay Systems Bhd was among the top actives on the exchange this morning after it announced the registration of its unit, ManagePay Resources Sdn Bhd (MRSB), as China-based UnionPay International Co Ltd’s third party service provider.

At 10.32am ManagePay was up 1.5 sen or 4.6% at 34 sen, with some 44.3 million shares exchanged. The counter earlier gained as much as 2.5 sen or 7.7% to reach a high of 35 sen.

In a filing yesterday, ManagePay (fundamental: 1.5; valuation: 0.6) said it will be responsible for switching and gateway services, system operation and product management of UnionPay card issuance in Malaysia, Myanmar, Thailand, Singapore and Indonesia, upon registration as a service provider.

“MRSB is responsible for applying to UnionPay in advance if MRSB desires to expand or change the services type and/or territory other than those listed above,” said the company.

UnionPay is a bankcard association based in the People’s Republic of China.

Deemed as China’s own version of Visa and MasterCard, UnionPay card is most widely used in the mainland and among Chinese tourists.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)