KUALA LUMPUR (April 21): ManagePay Systems Bhd’s wholly-owned subsidiary, ManagePay Resources Sdn Bhd (MRSB), has received a letter of notification from UnionPay International Co Ltd, on the registration of MRSB as a UnionPay third party service provider.

Upon registration, the electronic payment solutions provider will be responsible for switching and gateway services, system operation and product management of UnionPay card issuance in Malaysia, Myanmar, Thailand, Singapore and Indonesia.

“MRSB is responsible to apply to UnionPay in advance if MRSB desires to expand or change the services type and/or territory other than those listed above,” said ManagePay (fundamental: 1.5; valuation: 0.6) in a filing to the exchange.

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.

ManagePay closed 1.5 sen higher at 32.5 sen, translating to a market capitalisation of RM124.83 million.

(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.)