MyEG rises 3.42% on JV with Philippines' Land Bank for online services

MyEG rises 3.42% on JV with Philippines' Land Bank for online services
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KUALA LUMPUR (Nov 21): My E.G. Services Bhd (MyEG) shares rose 4 sen or 3.42% to RM1.21 in morning trades today after it announced that its joint venture (JV) company MyEG Philippines Inc has commenced its online services in partnership with the Philippines' Land Bank yesterday.

At 10.17am, MyEG was traded at RM1.22, with some 27.18 million shares transacted, bringing its market capitalisation to RM4.07 billion.

MyEG said the launch of the service is the realisation of a partnership between MYEG Philippines and Land Bank, which entails the implementation and integration of MYEG Philippines' Electronic Payment and Collection System by Land Bank.

As the official depository bank of the Philippines and a fully government-owned entity, Land Bank has more than 400 enrolled merchants, comprising national government agencies, local government units, as well as private enterprises.

"Filipinos now have the convenience of being able to transact online through MyEG Philippines' portal with Land Bank's enrolled government agencies and merchants and pay through their preferred methods — be it electronically or physically at any of MyEG Philippines' over 40,000 over-the-counter locations," MyEG said.

The commencement of the new service is said to complement its other existing online services and allow the people of Philippines to easily access a broad range of commercial products and services, such as insurance coverage and personal loan.

"With 12 million users per annum and growing, the immense opportunity there means that Philippines is definitely an increasingly important market for us," MyEG group managing director TS Wong said.