TFP Solutions in deal to provide fintech services

TFP Solutions in deal to provide fintech services
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KUALA LUMPUR (April 9): TFP Solutions Bhd has signed memorandums of understanding with two firms to provide fintech services.

In a bourse filing, the group said the MoUs signed by its wholly-owned subsidiary OneCent Sdn Bhd, with Bumijez Sdn Bhd and Vearich International Sdn Bhd, are effective for 10 years, and are expected to positively contribute to its earnings for the financial year ending Dec 31, 2021.

Under both MoUs, TFP will be a fintech service provider, covering online payment gateway, e-Wallet, merchant, marketplace, sim card, bill payments, cashless terminal, “SmartHR” and e-Remittance. It will also serve as a training coordinator and provide a digital entrepreneur course to the two companies.

Bumijez provides systemic management for cashless funerals based on shariah principles. It has a network of over 1,000 funeral directors across Malaysia.

Vearich is a subsidiary of Agrotech Holdings Sdn Bhd, which produces biotechnology-based products, namely health products. They have over 200 entrepreneurs producing their products with them.

Shares in TFP closed unchanged at 17.5 sen today, valuing the group at RM84.58 million. The counter saw 802,500 shares traded.

S Kanagaraju