KUALA LUMPUR (Oct 23): Revenue Group Bhd said its unit has received approval from the Local Government Development Ministry (KPKT) for an online moneylending licence.

With this newly acquired licence, wholly-owned Revenue Harvest Sdn Bhd is poised to provide innovative e-lending services customised to meet the evolving needs of Malaysian businesses, the group said in a bourse filing.

The new licence is effective Oct 12, 2023 until March 31, 2025 and is renewable every two years.

Revenue Group executive director Teh Chee Hoe said the new venture "opens up a world of possibilities" for the group in the digital lending landscape, addressing the pressing financial needs of micro, small and medium enterprises which have traditionally faced challenges in securing funds through conventional financial institutions.

“Revenue Group's expertise extends beyond digital lending, standing out in the realm of e-payment solutions and e-KYC (know your customer) services. These capabilities allow the group to offer a comprehensive, end-to-end solution, along with alternative scoring options based on a risk-based approach,” added Teh in a statement.  

The group, which is principally engaged in the business of electronic data capture terminals and electronic transaction processing, said Revenue Harvest's notable strengths is its existing database of more than 100,000 terminal merchants.

These merchants will have the opportunity to seamlessly opt for daily repayment through an auto-reduction mechanism, utilising the funds they receive via Revenue's payment terminals, known as RevPay Plus platforms.

Revenue Group's share price closed unchanged at 21 sen, giving the group a market capitalisation of RM116 million.