ManagePay partners MyAngkasa to develop ACO digital economy ecosystem

KUALA LUMPUR: ManagePay BuyMalaysia Sdn Bhd, a sub-subsidiary of ManagePay Systems Bhd, has entered into a partnership with MyAngkasa Holdings Sdn Bhd to develop a ditial economy ecosystem for the Asean Cooperative Organisation (ACO).

This comes following ManagePay's March 12 announcement that it was collaborating with ACO for the provision of an end-to-end digital economy ecosystem, which will enable a cashless community for ACO's cooperative communities.

ManagePay said in a stock exchange filing that its joint venture with MyAngkasa will leverage on MPay Affiliates' skill, expertise and know-how to develop the ecosystem, which will include a mobile wallet coupled with a cobranded MasterCard prepaid VCN, a lending platform, an MPay Pro payment acceptance system, MPay co-branded mobile SIM pack and a marketplace.

The two companies will incorporate a joint venture company with a total issued share capital of RM100,000 whereby BuyMalaysia will have a 90% share of the JV while MyAngkasa will own the remaining 10%.

"The Proposed JV is not expected to have any material effect on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholding of the Company and its subsidiaries for the financial year ending 31 December 2018," said ManagePay.

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