KUALA LUMPUR (Nov 8): Quickash Malaysia Sdn Bhd, a wholly owned subsidiary of e-payment solutions provider Managepay Systems Bhd (KL:MPAY), has been appointed as the exclusive peer-to-peer platform operator to facilitate financing between lenders and Chery's authorised dealers for the purchase of Chery vehicles.

In a filing with Bursa Malaysia on Friday, Managepay said Quickash had on Nov 5 entered into an agreement with Chery Auto Malaysia Sdn Bhd for the appointment.

Under the deal, Quickash will be able to charge Chery's dealers fees, interest, and service charges based on the financing terms. These fees will include platform service fees, administrative fees and interest.

"The financing plans, including but not limited to interest rates, loan tenures and any applicable subsidies, for each Chery vehicle model will be determined separately and may be subject to varying terms and conditions. These terms will be negotiated and mutually agreed upon on a case-by-case basis by the parties," it added.

Managepay said the agreement will not have any effect on the group's issued share capital and shareholdings of its substantial shareholders. "However, it is expected to contribute positively towards the group's earnings and net assets per share for the financial year ending June 30, 2025 and onwards," it added.

Managepay shares closed unchanged at 11.5 sen, giving it a market capitalisation of RM118.7 million. The stock has fallen 11.5% so far this year.