Tuesday 06 Jun 2023
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KUALA LUMPUR (Jan 9): Managepay Systems Bhd, which recently received conditional approval from the Malaysian government to operate as an online money lender, plans to cooperate with Hong Kong-based Eddid Financial Holdings Ltd to launch and market Eddid Financial's internet-based securities trading mobile application in Malaysia.

In a Bursa Malaysia filing, Managepay said it inked a memorandum of understanding with Eddid Financial on Dec 28 for the planned cooperation. Eddid Financial is involved in securities and futures trading, foreign exchange trading, asset management and financial technology.

"The intention of the MOU is to formally establish the partnership in Malaysia for Eddid ONE International version, a securities trading application developed by Eddid Financial, to be launched and marketed in Malaysia with the technical, regulatory compliance and marketing collaboration with Managepay," the filing read.

According to Managepay, the aim of the MOU is to empower Eddid ONE International to digitally onboard investors using ManagePay's artificial intelligence and deep machine learning-powered eKYC (electronic know-your-customer) solutions, and cross-link the app to ManagePay's fintech apps "as the channel for Malaysian users or international users with valid passports or identity cards" to obtain Eddid ONE International trading accounts with Eddid Financial's subsidiaries.

The collaboration will also provide remittance services for clients to channel funds into or out of Eddid ONE International via ManagePay's HomeRemit cross-border remittance application.

With the MOU, Managepay and Eddid Financial will proceed with further negotiation to enter into a formal and binding agreement in respect of the possible collaboration within 360 days from the date of the MOU.

The latest announcement came just four days after Managepay said on Thursday that it had obtained the conditional approval for it to operate as an online money lender from the Ministry of Local Government Development. The group first ventured into the money lending business in April 2018.

Managepay shares closed half a sen higher at 13 sen on Monday, giving it a market capitalisation of RM107.67 million.

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