This article first appeared in The Edge Malaysia Weekly on March 16, 2026 - March 22, 2026

For all its promise of being at the forefront of technology, Green Packet Bhd (KL:GPACKET) has failed to deliver. It was a leader in the 4G-LTE telco segment more than 10 years ago, a factor that drew the interest of Telekom Malaysia Bhd (KL:TM).

TM acquired GPacket’s telco business for RM350 million in 2014, yielding a hefty profit for the latter. Since then, GPacket has not seen daylight, losing more money on providing digital payment solutions, which have proved hard to scale up due to competition.

Most recently, GPacket — whose major shareholder is Bestinet Sdn Bhd chief financial officer Kunal Thayal — proposed to acquire a 75% stake in A Tech Insure Sdn Bhd for RM9.98 million. A Tech operates a digital platform for takaful and insurance providers such as Takaful Malaysia, Etiqa, Zurich and Takaful Ikhlas. Its business model entails a 10% insurance commission and marketing incentives from underwriters.

According to GPacket’s announcement, A Tech has a link-up with Angkatan Koperasi Kebangsaan Malaysia Bhd that allows deductions from civil servants. Under the arrangement, A Tech pays the full premium to insurers and takes monthly deductions from civil servants who buy insurance through its platform.

A Tech is also a licensed money lender. GPacket says the acquisition will strengthen its position in the fintech ecosystem and complement its existing offerings through Kiplepay Sdn Bhd and Packet Interactive Sdn Bhd.

Based on a discounted cash flow model using a discount rate of 25%, as well as projected financial performance between 2024 and 2028, A Tech is valued at RM17.09 million to RM21.28 million.

On paper, its business model appears attractive. But if that is the case, why did it fail to make a profit in 2024 and the first 11 months of 2025? The company, which was registered in 2020, is in a net liability position with RM5 million in borrowings.

Will GPacket’s bet on what it describes as a “profitable” fintech play bear fruit?

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