Monday 22 Jul 2024
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KUALA LUMPUR (June 10): E-payment solutions provider Managepay Systems Bhd (KL:MPAY) has secured a five-year contract to develop a SuperApp for the national railway company Keretapi Tanah Melayu Bhd (KTMB). 

The SuperApp is expected to improve user experience and potentially encourage ridership on KTMB's railway network, said the company in a stock exchange filing. 

The group's wholly-owned unit, ManagePay Services Sdn Bhd (MPSB), accepted the contract from KTMB for a five-year period, with an option for a five-year extension, contingent upon MPSB’s satisfactory performance. 

According to Managepay, the minimum viable product of the SuperApp includes essential features such as the payment gateway, KITS and loyalty programmes within the SuperApp, merchant redemption options for passengers, and a range of additional features to enhance user experience.

“The project aims to extend existing railway services into diverse sectors, with a specific emphasis on enhancing transportation services. 

“Anticipated deliverables encompass a feature-rich SuperApp, not only enhancing railway services but also seamlessly integrating with various sectors to provide a holistic and innovative solution,” it added. 

Further, Managepay said the project is expected to contribute positively to the group’s revenue from the next financial year ending June 30, 2025 (FY2025) and onwards. 

The company’s net profit was RM872,000 for the three months ended March 31, 2024 on a revenue of RM4.34 million, contributed by its fintech services. This marks the group's first profit after eight consecutive quarters of net losses. 

Managepay has changed its financial year end from Dec 31 to June 30.

Shares of Managepay closed unchanged at 12 sen on Monday, giving it a market value of RM111.16 million. The counter has fallen over 7% since the start of this year. 

Edited ByKathy Fong
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