PUC Founder teams up with China’s Internet finance group

KUALA LUMPUR: PUC Founder (MSC) Bhd’s unit EPP Solution Sdn Bhd has been appointed as the sole authorised agent in Malaysia for China’s Internet financial services group, Lakala Payment Co Ltd.

The Ace Market-listed e-payment services company said EPP and Lakala would jointly set up a cross-border financial platform to offer bilateral customers online financial and payment services.

Beijing-based Lakala provides its customers with diversified financial services and e-commerce services, including credit checks, credit, finance services, fee payment, repayment and shopping. It has strategic partnerships with UnionPay and various banks in China.

In a statement to Bursa Malaysia, PUC Founder said Lakala’s customer base included about 100 million personal users and more than 3 million corporate users.

Last year, Lakala recorded more than 1.8 trillion yuan (RM1.19 trillion) in payment transactions. It is a subsidiary of Legend Holdings Corp, which is one of the largest diversified conglomerates in China.

EPP chief executive officer Kenneth Hiew said the main beneficiaries would be merchants in Malaysia and China UnionPay (CUP) cardholders as they would have more online payment options with the addition of CUP.

“As we broaden the acceptance of the system with Malaysia’s merchants, CUP cardholders can conveniently make their online transaction payments,” he said.

The agreement is effective for one year on signing and sealing date and is automatically renewed every year unless both parties agree to terminate it.

PUC Founder is 41.8% owned by advertising media broker RedHot Media International Ltd, according to Bloomberg data.

PUC Founder shares closed unchanged at 11.5 sen with 3.45 million shares changing hands.