To this end, the electronic payment solutions provider has proposed to acquire a 24% equity interest in NVBA Petaling Jaya BC Sdn Bhd (PJBC) and 29.17% in Stark Events Sdn Bhd for RM155,000 and RM45,000 respectively.
PJBC’s main activities are sports facilities management, badminton coaching, organising badminton competitions and other related services. Stark Events is engaged in organising, promoting and managing sport events, in particular competitive and communities running program.
MPay said both PJBC and Stark Events had created a strong presence in the country via its strong line-up players while the recent crowning as Malaysian Purple League Badminton Club champion had increased their fan base tremendously.
“The vendors (six individuals including New Vision Badminton Academy & PJ Badminton Club owner/manager Manoj Kumar Ramasamy) bring Stark Events and PJBC to be part of the MPay group as the vendors see the potential of marketing MPay financial products to their fan base selling souvenirs, merchandise, payment of event fees, sports equipment, booking of venues, etc.
In this respect, the proposal offers opportunities for the MPay Group to further expand its presence in Malaysia and is in line with the MPay group’s continuous effort to establish a strong foothold in alternative financial markets, and therefore, is launching more mass market financial products such as MPay Wallet, MPay MasterCard Prepaid Card, QuicKash P2P financial services and etc.
MPay said besides the benefits from the PJBC and Stark Events’ sports individuals, asset and fan base, MPay together with the two other companies, would roll out financial technology mobile app that capitalise on collaborative consumption of sport facilities or equipment in sports industry.
The app will also include the distribution of coaching and exercise content for both badminton and running programmes, allowing users to consume the content on their own schedule and location and allowing MPay to focus on stay-at-home economy.
“Both capabilities of the Sport App will allow MPay to capture the communities who trend healthy living,” it said.
We're sorry, this article is unavailable at the moment. If you wish to read this article, kindly contact our Customer Service team at 1-300-88-7827. Thank you for your patience - we're bringing you a new and improved experience soon!
What do you think of this article?