KUALA LUMPUR (May 20): ManagePay Systems Bhd (MPay) said Bank Negara Malaysia (BNM) has no objection for its wholly-owned subsidiary ManagePay Services Sdn Bhd (MPSB) to cross-sell financial services offered by QuicKash Malaysia Sdn Bhd on MPay's e-money platform.
In a bourse filing on Friday (May 20), MPay said it had on Jan 7 received a letter of consent from BNM for the purpose.
"QuicKash is a recognised market operator for peer-to-peer (P2P) financing marketplace licensed by the Securities Commission Malaysia. QuicKash marketplace allows small- and medium-sized enterprises (SMEs) access to lower cost and faster financing options and gives retail and institutional investors an alternative asset class that can generate higher returns for as low as RM100 per investment sum," it added.
MPay said the letter of consent will not have any effect on the company's issued share capital and shareholdings of substantial shareholders, but is expected to contribute positively to the group's revenue, earnings and net assets for the financial year ending Dec 31, 2022.
MPay shares closed up 0.5 sen or 3.57% at 14 sen on Friday, bringing it a market capitalisation of RM129.36 million.