In a filing with Bursa Malaysia, Country View said that the acquisition
KUALA LUMPUR: Managepay Systems Bhd
's unit has received the go-ahead from the government to start its money lending business targeting both individuals and businesses.
It said on Monday ManagePay Resources Sdn Bhd had received the letter of approval from the moneylenders and pawnbrokers division of Ministry of Urban Wellbeing, Housing and Local Government.
The money lending business is over and above MPay's Quickash peer-to-peer (P2P) financing platform. Quickash, which targets underserved SMEs segment, but not individual, which was launched in September 2017.
Recall that ManagePay had on Sept 12, 2017 applied for the transfer of its money lending licence granted by the government to ManagePay Resources. The ministry had approved the application
“With these new added lending capabilities, which MPay Group targets to launch in April 2018, it will contribute to both revenue and bottom line of the Company in year 2018,” it said.
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