MyEg’s JV unit to implement electronic payment system in Philippines

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KUALA LUMPUR (Dec 21): My E.G. Services Bhd’s Philippine-based joint venture has signed a memorandum of agreement with the country’s National Bureau of Investigation (NBI) to implement the agency’s electronic payment and collection system (EPCS).

In a filing to Bursa Malaysia, MyEG said the joint venture, comprising I-Pay MYEG Philippines Inc and I-Pay Commerce Ventures Inc (IPCVI), signed the MoA on Dec 17.

It said the MoA is to outline the terms and conditions to be observed by both parties to implement the EPCS, including the installation and operation of the system, as well as other aspects of the project.

“The project has no fixed value, as it is dependent on the number of users opting to use NBI’s EPCS,” MyEG added.

The MoA is expected to be valid for three years.

MyEG’s share price closed up 0.5 sen or 0.61% at 82.5 sen, for a market capitalisation of RM2.89 billion. Some 38.74 million shares were traded.