Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 22): Managepay Systems Bhd plans to partner with Hong Kong-listed Credit China FinTech Holdings Ltd to collaborate on fintech solution, services and business know-how.

In a filing with Bursa Malaysia today, Managepay said it signed a Memorandum of Understanding with Credit China with a focus on online peer-to-peer (P2P) financing and online micro loan, mobile and integrated point of sale (POS), and e-Money and e-Wallet businesses.

They have also agreed to collaborate on MasterCard payment card issuance or acquisition, money remittance with Malaysia to/from Myanmar and China, cyber security, certificate authority and multi-factor authentication, and cross-border e-Commerce/other Internet-related services and solutions.

“The initial phase of co-operation will focus on offering products and services in Malaysia. The co-operation may eventually extend across South East Asia countries.

“Both Credit China and Managepay look to conclude a working relationship not only to “vendor/buyer” relationship, but may enter into potential equity collaboration subject to compliance to local laws and regulations,” it added.

Credit China provides integrated fintech services focusing on financial services to small-medium enterprise and individuals in China through the Internet and mobile Internet.

Its fintech services include online third party payments, peer-to-peer lending and investment platforms and mobile payment platforms.

Managepay expects the cooperation to be fruitful as Credit China is well-experienced in the fintech sector with mature processes and technologies while the former owns various operating licences in Malaysia such as online lending, e-money and money collection.

“The board views the partnership with Credit China as an exciting opportunity. This partnership affirms Managepay’s interconnectivity across South East Asia and servicing expanding cross border payment or financial services market needs of customers,” it said.

Credit China has till March 31, 2017 in relation to the negotiation of the potential equity collaboration between them.

Managepay closed up half sen or 3.03% at 17 sen for a market capitalisation of RM117.2 million.

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