KUALA LUMPUR (Dec 12): Managepay Systems Bhd (KL:MPAY) on Friday announced that it has partnered with Perwira super app developer Taksim Pertama Sdn Bhd to provide Bank Negara Malaysia-approved mobile wallet and prepaid card services to the defence community. They aim to issue at least 500,000 Mastercard prepaid cards within a year.
Taksim has been given the rights by Pertubuhan Perwira Niaga Malaysia (Pernama) Network — which runs retail outlets at military camps nationwide, selling goods, some duty-free, to armed forces members — to develop and manage the Perwira Super App for military personnel and their families. The app will offer financial services, an e-marketplace, discounts and rewards, government services, health and wellness features, and e-learning.
In a bourse filing on Friday, the group said its wholly-owned unit, ManagePay Services Sdn Bhd, signed the agreement with Taksim on Nov 4 to provide the MPay White Label Wallet and a co-branded MPay–Mastercard prepaid card.
MPay said the Perwira Super App is expected to deliver economic benefits to the military community by driving digital transformation for defence personnel, veterans and subsidiaries under the Defence Ministry’s purview.
Under the agreement, Taksim must also complete and secure Pernama’s approval for the Perwira Super App prototype within 30 days of the agreement’s execution.
Both parties plan to brand and launch the wallet and prepaid card within 12 months, subject to agreed conditions.
The agreement carries an initial five-year term, with automatic renewal for another five years on the same terms.
MPay expects the collaboration to contribute positively to its earnings and net assets for the financial year ending June 30, 2026, and beyond.
The deal does not require shareholder or regulatory approval, and no directors or major shareholders have any direct or indirect interest in it.
By Friday’s noon break, MPay shares were down 0.5 sen or 7.1% at 6.5 sen, valuing the group at RM67 million market capitalisation. Year to date, the stock has declined by 35%.