Managepay announces application for digital banking licence

Managepay announces application for digital banking licence
-A +A

KUALA LUMPUR (July 1): Managepay Systems Bhd's wholly-owned subsidiary ManagePay Services Sdn Bhd (MPSB) has applied to Bank Negara Malaysia yesterday for a digital banking licence, said the group in a bourse filing.

It noted that it is supported by three local strategic partners, namely Bumiputera-controlled entities, which have expressed their interest in investing an aggregate of 45% in MPSB should the application be successful and prior regulatory approval.

"A formal agreement shall only be executed upon a date to be agreed between the strategic partners and the company in the event the application is successful.

"The application will not have any effect on the issued share capital and shareholdings of the substantial shareholders of the company. The application is not expected to have any material effect on the net assets, earnings and gearing of the company and its subsidiaries (group) for the financial year ending Dec 31, 2021," it said.

The group’s board is of the view that the application is in the group’s best interests.

According to its website, Managepay offers payment solutions, e-commerce solutions and an e-wallet.

At noon market close, shares in Managepay settled 2.08% or half a sen higher at 24.5 sen, valuing it RM195.01 million.

Lam Jian Wyn