ManagePay gets approval to operate as a money lender

PETALING JAYA: Electronic payment solutions provider ManagePay Systems Bhd has received conditional approval from the government to operate as a money lender.

The company told Bursa Malaysia that the approval was received from the moneylenders and pawnbrokers division of the Urban Wellbeing, Housing and Local Government Ministry for it to operate under the Moneylenders Act 1951.

The company said the approval was subject to conditions to be fulfilled within six months from the letter of approval dated May 12.

The conditional approval will allow the company to seek further approval from various authorities to roll out payment card-based products such as the MPay Mastercard credit card for small and medium enterprises (SMEs) and individuals.

It said this would be over and above the Quickash Peer-to-Peer financing platform scheduled for launch soon targeting SMEs only.

ManagePay , money lending , card