KUALA LUMPUR (Feb 20): Green Packet Bhd said on Tuesday that it has teamed up with another Malaysian firm to develop a tourism digital platform for Sri Lanka, with an initial investment of up to RM13 million.

The IT company said its wholly-owned subsidiary Kiplepay Sdn Bhd has entered into a joint venture agreement with Tass Tech International Sdn Bhd, which was awarded the project to develop and maintain the digital platform by the Sri Lankan government in May 2019.
 
Kiplepay will provide a multi-currency e-wallet system which will form part of the digital platform, said Green Packet, adding that the deal is in line with Kiplepay's business direction to increase its market share in e-wallet and payment gateway.

"This is a good opportunity for Kiplepay to expand its market footprint beyond Malaysia, with Sri Lanka to be its first international market," said Green Packet in a bourse filing.

It added that Kiplepay will contribute the initial working capital of up to RM13 million, which is expected to be financed via fundraising exercises and internally-generated funds.

Upon successful development and implementation of the digital platform, Tass Tech is entitled to the revenue generated from the project. The parties have agreed to decide on the revenue sharing portion at a later date, said Green Packet.

Shares in Green Packet, which has fallen 25% over the past year, settled unchanged at 4.5 sen on Tuesday, valuing the group at RM90.12 million.