ManagePay’s unit gets BNM approval for cross-border remittance business

by TMR/graphic by TMR

MANAGEPAY Systems Bhd’s subsidiary, ManagePay Services Sdn Bhd (MPSB), gets approval from Bank Negara Malaysia (BNM) to cross-sell the financial services offered by QuicKash Malaysia Sdn Bhd on MPay’s e-money platform.

In a filing to Bursa Malaysia, the company said BNM has no objection for MPSB to cross-sell/promote QuicKash on MPay’s e-money platform, namely MPay WALET apps and private label e-Wallets operated by MPSB.

QuicKash is a recognised market operator for peer-to-peer Financing Marketplace licensed by Securities Commission Malaysia. 

QuicKash marketplace allows small and medium-sized enterprises access to lower cost and faster financing options and give retail and institutional investors an alternative asset class that can generate higher returns for as low as RM100 per investment sum (bite-sized investment).

The letter of consent is expected to contribute positively to the revenue, earnings and net assets of the company and its subsidiaries for financial years ending Dec 31, 2022.