KUALA LUMPUR (Jan 9): Technology company Green Packet Bhd (KL:GPACKET) said its wholly owned Packet Interactive Sdn Bhd (PISB) has obtained a digital lending licence from the Ministry of Housing and Local Government.
In a filing with Bursa Malaysia, Green Packet said the licence will enable PISB to expand its range of financial products and services. Same as PISB's existing money-lending licence, the new digital lending licence is valid until Aug 15, 2026.
PISB's digital lending solutions are expected to introduce features such as flexible loan options, competitive interest rates, and enhanced security measures, to provide customers with a seamless borrowing experience while improving user satisfaction.
"With demand for flexible funding options on the rise in the digital economy, PISB is well positioned to play an impactful role in providing innovative access to lending options tailored for SMEs (small and medium enterprises)," said Green Packet.
As of March 2024, PISB had extended about RM32.2 million in loans to eight borrowers operating across various sectors, including investment holding and food and beverage, Green Packet's annual report showed.
Green Packet's largest shareholder is Kunal Tayal, who holds an 18.71% stake in the group through his investment vehicle, Authentic Design Resources Sdn Bhd. He also serves as the chief financial officer of Bestinet Sdn Bhd, an IT systems provider responsible for Malaysia's Foreign Workers Centralised Management System.
Green Packet's share price dropped 14.29% or half a sen to close at three sen on Thursday, valuing the group at RM80.2 million.