KUALA LUMPUR: ManagePay
Systems Bhd (MPay) has entered into a joint venture agreement (JV) with Contracts Rise Sdn Bhd to procure mobile virtual network operator (MVNO) licence from the Malaysian Communication And Multimedia Commission (MCMC) and to launch and promote self-branded MVNO starter pack in Malaysia.
According to the filing with Bursa Malaysia Wednesday, MPay will hold a 40% stake in the JV company while Contract Rise will hold the remaining 60%.
MPay said Contract Rise would secure a project size up to 200,000 users for the JV company, while MPay would enable each user with e-Money capabilities via MPay E-Wallet, including issuing a MasterCard Virtual Card Number in each MPay Wallet.
The company said this provides growth and business prospects for MPay in the future.
“The company will fund its investment in the JVC through its internally generated funds,” MPay said.