KUALA LUMPUR (Jan 5): ManagePay Systems Bhd (MPay) said its wholly-owned unit, ManagePay Services Sdn Bhd (MPSB), has been appointed by Indonesian digital payment service provider PT Finnet Indonesia to provide white label services for its e-wallet and mobile application.

White label services refer to the rebranding that companies (the marketers) do to the products or services produced by another company (the producer) to make it appear as if they made it. 

Called Finpay Money Migrant, the app will feature e-wallets in ringgit (powered by MPSB) and rupiah (powered by Finnet), said MPay in a bourse filing.

"Finpay Money Migrant currently has more than one million customers in Indonesia. Finnet will on a revenue sharing basis reciprocate this white label e-wallet co-operation by powering MPay to issue white label MPay e-wallet in Indonesia," said the group.

"Finnet will also facilitate the outbound remittance of funds from the parents of Indonesian students studying in Malaysia to their Finpay Money Migrant e-wallet or their HomeRemit mobile application," added MPay.

Other functions include facilitating contributions by Indonesian migrant workers in Malaysia from the Finpay Money Migrant mobile app to the Social Security Administrative Body of Indonesia (BPJS TK), and payment of e-compensation claims to the mobile app of Indonesian migrant workers in Malaysia from BPJS TK.

Finnet is owned 60% by Indonesia's state-owned telecommunications network PT Telekomunikasi Indonesia and 40% by Mekar Prana Indah, the employee welfare foundation of the Central Bank of Indonesia.

Shares in MPay closed 0.5 sen or 4% lower to 12 sen, giving the group a market capitalisation of RM99.97 million.