Managepay gets nod to lend money

Chew: MPay can do prepaid business now. Next should be personal loans and finally credit cards.

PETALING JAYA: Managepay Systems Bhd has received a letter of approval (LoA) to operate a moneylending business from the Urban Wellbeing, Housing and Local Government Ministry (MHLG).

The LoA confirms that ManagePay Resources Sdn Bhd (MRSB), a wholly owned subsidiary of MPay, had fulfilled the conditions as specified in an earlier letter of approval dated May 12, 2017 and in essence grants the approval to MRSB to operate a money-lending business.