Revenue Group eyes more local bank partnerships in FY20

Revenue Group eyes more local bank partnerships in FY20
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KUALA LUMPUR (Dec 2): Cashless payment solutions provider Revenue Group Bhd, which delivered a more than 50% net profit growth in its first quarter, does not plan to rest on its laurels as it eyes more partnerships with financial institutions in the current financial year ending June 30, 2020 (FY20).

This is in line with its focus to deploy more electronic data capture (EDC) terminals, which will help boost transaction processing volume.

According to Revenue's managing director cum group chief executive officer Eddie Ng Chee Siong, the group is now eyeing more partnerships with financial institutions including local banks AmBank, RHB Bank, CIMB Bank, and Affin Bank.

"Our focus has never changed. In FY20, we will continue to focus on growing terminal deployments. The more terminals we deploy, the more transactions we'll get.

"We will also continue to consider and look for mergers and acquisitions (M&As) for IT services companies with margins based on the profit of services just like Anypay Sdn Bhd and Buymall Services Sdn Bhd," he said, however, adding that there are "no right candidates" so far.

Eddie was speaking to reporters after the group's annual general meeting here today alongside chief financial officer Ng Kuan Horng, when he shared that the group has deployed a total of 1,600 units of the rented smart terminals to OCBC Bank (Malaysia) Bhd since inking the partnership two weeks ago.

"OCBC is not the only one and we are not going to stop there. There are a few more in the pipeline up until next year. In terms of business growth, definitely, it is there because once we have more terminals outside, that is where we bring in the electronic transaction processing [business].

"We have to capture the market and let people know about these smart terminals. Once more people get used to it, banks would then want to move towards that direction," Kuan Horng added.

At the noon break, shares of Revenue settled five sen higher at RM1.80 on Bursa Malaysia's ACE Market, valuing the group at RM420.56 million.

Read more:
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