KUALA LUMPUR (Feb 27): E-payment solutions provider Managepay Systems Bhd (MPay) said its subsidiary has received approval from the Housing and Local Government Ministry to operate an online money lending business.
The letter of approval confirmed that MPay's wholly owned unit ManagePay Resources Sdn Bhd (MRSB) has fulfilled the conditions as specified in an earlier letter of conditional approval, said Mpay in an exchange filing on Tuesday.
"MPay group is now able to start the online money lending business targeting both individuals and businesses," the group said, adding that the business will complement MPay’s Quickash Peer-to-Peer (P2P) financing platform, which targets the small and medium enterprise segment but not individuals.
MPay expects the new business venture to contribute positively to the group’s revenue for the financial year 2025 onwards.
MPay first launched into the money lending business in April 2018.
In January 2023, the group received the conditional approval to operate as an online money lender. The conditional approval was given in response to an application in August 2022 by MRSB for an online money lending licence. The approval given then was subject to conditions being fulfilled by MRSB within six months.
MPay shares closed unchanged at 13 sen on Tuesday, giving the group a market capitalisation of RM112.63 million.