KUALA LUMPUR (May 16): NetX Holdings Bhd is expected to develop electronic payment services for Pakistan-based Rockville Technologies LLC in the Middle East region.
NetX said its 60%-owned subsidiary Payallz Sdn Bhd had entered into a technology collaboration agreement with Rockville for the deployment of the technical expertise and solution of Payallz to develop electronic data capture payment solution for the Pakistan firm.
In a filing with Bursa Malaysia, NetX said it intends to provide technology expertise for the development of the electronic payment industry in the Middle East region.
Rockville is principally involved in providing value added services and solutions to the information communication industry, through varies communication mediums such as short-messaging system, interactive voice response system, wireless application protocol and media streaming system.
NetX said the collaboration is expected to contribute positively in the next financial year ending June 30, 2017 onwards, but did not disclose any monetary information regarding the agreement.
In a separate statement, NetX said the collaboration provides it an opportunity to tap into the potential market of 7,000 merchants over four years.
“This collaboration will expand the business offering, capabilities and geographical footprint of NetX’s electronic payment solutions,” NetX said.
“The company intends to leverage on the extensive business network of Rockville, combined merging it with the payment solution innovation of NetX to venture into the Greater Middle East region,” NetX added.
NetX fell one sen or 22% to 3.5 sen today, giving it a market capitalisation of RM21.89 million.